Are life insurance plans without a medical exam better for smokers?
Some smokers choose to purchase their life insurance policy from a company that does not require a medical exam. It is important to realize that life insurance policies that don’t require medical exams can be just as expensive as those that do, and can sometimes be more expensive.
If you select a life insurance policy that doesn’t require a medical exam, you should still disclose your tobacco use. Otherwise, your life insurance company could deny the claim if you die from tobacco-related causes.
Otherwise, your life insurance company could deny the claim if you die from tobacco-related causes. Also, remember that lying on your application is considered insurance fraud.
People who smoke but are otherwise healthy can undergo a medical exam to prove their good health and may qualify for a preferred smoker’s rate.
If you don’t undergo a medical exam, the life insurance company may charge you the standard rate for smokers, which is usually higher.
Does smoking marijuana affect my life insurance rate?
Many states in the US have legalized marijuana for medicinal purposes, and some states have even legalized it for recreational use. Today, life insurance companies are dealing with more and more applicants who have used or currently use marijuana.
As with tobacco, it’s important to be honest about how often and how much you use marijuana. Also similar to tobacco use, how your marijuana use influences your life insurance coverage varies from one life insurance company to the next.
Some life insurance companies deny anyone who uses marijuana for non-medical reasons. They can do that because non-medical marijuana is still illegal and therefore considered a dangerous and risky habit.
If you are smoking marijuana for certain serious medical conditions, like cancer or glaucoma, these conditions, not the marijuana use, may cause the life insurance company to deny you coverage or charge you a much higher rate.
For people who are otherwise in good health but take medical marijuana for reasons like back pain or insomnia, a life insurance company may offer them coverage at the smoker’s rate, which can be two to four times more than the rate for someone who does not smoke.