One of the questions that CBD oil users might have would be, ‘Does insurance cover CBD oil users?’. CBD oil users can claim burial insurance if they have a prescription for the use of medical marijuana. The claim for burial insurance is not affected by CBD oil even if the person has other ailments and health issues.
CBD oil consumers also qualify to get life insurance. There is an increase in the leniency seen in the insurance industry about CBD oil use since the legalization of medical marijuana products in various states of the U.S. Even in the states where marijuana use is not legalized; insurance coverages are available.
To avail the insurance, it is essential to know the right life insurance company to apply to (Funeral agencies can help find the companies that provide the best insurance policies for CBD oil consumers).
This article highlights how insurance companies view marijuana use for medical purposes. It also provides insight on the question, is CBT oil covered by insurance? If yes, how does one get affordable CBD oil insurance?
Do CBD Oil Users Quality for Life Insurance?
Yes! CBD oil users can qualify for life insurance, final expense insurance, and burial insurance regardless of why they use it. The key is to look for a life insurance company that favours covering insurance for CBT oil consumers.
Insurance companies have been conservative with providing insurance for marijuana or CBD oil users, and some still do decline them. But now, burial insurance companies look at the consumers of marijuana by-products and medical marijuana differently. Many insurance providers are now more accepting of CBD oil and medical marijuana users and are more favourable about providing insurance. This change is due to the legalization of the medicinal and recreational use of marijuana in many U.S. states.
The best thing to note is that medical examinations do not mandate most CBD oil users to qualify for burial insurance. Specifically, there are some companies that don’t even question the use of marijuana in their questionnaire on the applicant’s health conditions. If one needs information on which specific companies do not ask this, it can be found out by contacting said company’s insurance broker.
Why does the use of CBD Oil Matter for Obtaining Insurance?
It is common knowledge that cannabidiol or CBD, which is the main component of CBD oil, is a natural compound that is obtained from the marijuana plant or cannabis. Life insurance companies know about it. However, cannabidiol is the least psychoactive component of marijuana as it does not give the user a high. This is one of the main reasons why CBD is used medically.
Research shows that CBD oil proves beneficial for medical treatments. It is beneficial to reduce the pain and the symptoms of diseases and injuries. CBD oil is packed in different forms for the consumers’ convenience, from capsules, balms, vapes, and lotions to tinctures.
Common health conditions that CBD oil can help to treat:
1) Insomnia or improper sleeping
2) Reduce the anxiety and symptoms caused by PTSD
3) Slower the progression of symptoms of Alzheimer’s.
4) Offering pain relief for Crohn’s disease and Lupus
5) Help reduce the stiffness and control severe spasms caused due to multiple sclerosis.
6) Help keep the tremors under control for those with Parkinson’s disease.
7) Minimize and control seizures for people suffering from Lennox-Gastaut Syndrome, Epilepsy and Dravet
8) Providing nerve pain relief for people with spinal cord injuries, diabetes and other nerve-related medical conditions.
9) Reduces nausea for AIDS and cancer patients providing them relief.
10) Relief from the chronic pain caused by back injuries, headaches and arthritis.
11) Relief from intense episodes of anxiety for people suffering from anxiety disorders.
There are many more uses of CBD oil, and upcoming research studies would provide more insight into how they can treat other symptoms.
There are regulations regarding the insurance policies provided to people suffering from chronic or fatal conditions like high blood pressure, arthritis, epilepsy, cancer and other diseases. So, if a person has one or more of these symptoms, he or she has to check if they qualify for life insurance or burial insurance with the underlying condition. This has to be done along with the use of CBD oil that has been medically prescribed to treat those symptoms.
The more concerning aspect that insurance companies would look into is the underlying health issue that might result in poor life expectancy. The presence of cancerous symptoms in the person would be rated higher than the use of CBD oil while they consider providing insurance. The insurance companies would take into account the nature of the health condition prior to deciding about approving the application for life insurance.
It often happens that CBD oil users forget to take into account the reason why they are prescribed CBD oil when applying for burial insurance. This could curb their excitement if the application is not approved because of other underlying medical conditions. Therefore, all the things have to be considered, and the insurance company has to be chosen appropriately to obtain life or burial insurance successfully.
What Information do the Insurance Companies ask for about the use of CBD Oil?
It is critical that those who want to apply for insurance truthfully disclose all their health conditions to the company. This information helps the insurance provider understand the applicant’s current health condition and allows them to access the right insurance options for the person with accurate quotations.
Even though the main question that insurance applicants have in their minds is if CBD oil is covered by insurance, it would be crucial to ask the questions below and have factual answers for them.
Here are some questions that the insurance companies ask about the use of CBD oil and the medical condition of the applicant:
1) What is the health condition that has resulted in the prescription and use of CBD oil?
2) When was this medical condition diagnosed, and what is the prognosis?
3) How long has the person been using CBD oil?
4) How often does the person use CBD oil?
5) Does the person use any other drugs?
6) Has the person been hospitalized for the use or overuse of illegal drugs?
7) Does the person use tobacco-based products?
Answering these questions accurately will allow the insurance broker to know more about the condition and the use of CBD oil and help them get the right insurance company that would potentially approve the insurance application. It would also help them to find the best company that provides the policy at their best price.
Underwriting Final Expense Insurance for CBD Oil Consumers
Will insurance cover CBD oil? The insurance application process includes the burial insurance company obtaining information about the applicant’s medical history and prescription history to verify their health condition.
An example of the kind of question that insurance companies would ask about CBD oil or marijuana use to applicants:
Apart from a physician’s prescriptions, has the applicant used stimulants, marijuana, hallucinogens, narcotics, or other prescription drugs?
Usually, the question about CBD oil use is not asked directly. So, CBD oil users will have to answer ‘yes’ for the questions about marijuana use and prescription medication along with the name of the CBD oil, the amount, frequency, the length of the service and the time when it was last used.
CBD oil users need not worry about disclosing their use while applying for life insurance or burial insurance. They are protected under the Health Insurance Portability and Accountability Act of 1996 or the HIPPA laws. Therefore, they would not be handed over to law enforcement or public officials.
The HIPPA law makes sure that the information disclosed by the insurance applicant stays strictly private and confidential.
How will the use of CBD Oil affect the users’ eligibility for Life Insurance?
Does health insurance cover CBD oil? Will insurance pay for CBD oil users?
Yes. CBD oil is a legal medication that is used to treat symptoms of various physical and psychological conditions. Getting insurance isn’t impossible, but the insurance companies may ask questions about using prescribed marijuana use to gather information about the person’s medical condition.
Like mentioned before, the condition that has resulted in the use of CBD oil plays a significant part in the underwriting taken. The premium amount paid for the insurance depends on the medical condition that the person has. Chronic diseases like diabetes, obesity and high blood pressure can also impact how the application is assessed.
Applying to a CBD oil insurance company gives CBD oil users the best chance to get approved for life insurance at the best rates. Consulting independent life insurance companies that represent different companies would be the best way to go to find the insurance policy best suited to their needs.
Do the Applicants need to Disclose the use of CBD Oil?
There is no obligation to disclose the use of CBD oil if the insurance company has not explicitly asked for it. Most of the insurance companies don’t ask questions focusing on CBD oil. They generally ask questions about different medical conditions, the use of marijuana and prescribed drugs.
However, if the insurance companies do ask questions about CBD oil use, the applicant must answer them honestly and provide the details. It is advised not to lie about it. Information about the name, amount and frequency of the CBD oil usage must be provided. CBD users applying for insurance need not worry about any negative repercussions from mentioning its use. They are protected by the law.
But lying on an insurance application by not mentioning the use of CBD oil can be considered FRAUD. This could result in the applicant losing the benefits.
Five things that CBD oil users need to know about burial life insurance:
1) Is CBD covered by insurance? Can CBD oil users get approved?
Yes. Suppose a person uses CBD oil or medical marijuana that is prescribed. In that case, they qualify for burial life insurance even if they have other medical conditions regardless of the CBD oil use.
2) Which is the best plan available?
If the CBD oil user is otherwise healthy, then they can get first-day coverage with the best rates and without a 2-year waiting period if they are using it to treat minor health issues.
3) Are there other options?
CBD oil users who use it to treat severe medical conditions can be approved for guaranteed issue burial insurance.
4) What are the underwriting considerations?
The type of plan that CBD oil users qualify for depends on the medical condition that they are being treated for.
5) Is there a medical exam to undergo?
CBD oil users need not take a medical examination to qualify for burial life insurance. To get the best rates, they need to answer a few simple questions.
6) Can CBD oil users get same-day approval?
Many companies provide same-day approval for insurance, and funeral agencies can help people get their insurances approved immediately over the phone.
What is the Insurance Options for CBD Oil Users?
Will insurance pay for CBD oil? It varies greatly depending on the condition that the CBD oil users are being treated for, it is essential to understand that they might be approved for a death insurance level. If the CBD oil users are using it to treat minor issues and are otherwise healthy, they qualify for a level death benefit.
LEVEL DEATH BENEFIT
In burial insurance, a level death benefit is the best rated one. It is excellent because the approved applicant will only have to pay the lowest premium, and their insurance coverage starts from day one. There will be no waiting period for their plan. If they pass away for any reason, their beneficiaries will get the full benefit from the plan.
Each company decides whether they approve a CBD oil user to qualify for a level death benefit based on their underwriting requirement. Independent life insurance agencies provide professional consultation about making decisions in these cases.
Guaranteed Issue Burial Insurance
Traditional life insurance policies might not be a viable option for people who use CBD oil to treat a severe medical condition like cancer or epilepsy. But there is always the option of guaranteed burial insurance that they can apply and get approval for.
Guaranteed issue insurance doesn’t have any underwriting about CBD oil use or the existing medical conditions. It may be a little more expensive than a level death benefit plan, but the CBD oil user can get approval for insurance within 15 minutes.
U.S. citizens who are between 50 to85 years old also qualify for this plan. GI may be risky for people who are in good health conditions but do not want to undergo a health exam.
It is important to note that GI policy has a two-year waiting period for death due to natural causes. The insurance pays the beneficiaries if the applicant passes away due to accidental death during the waiting period. After the waiting period, the full benefit is paid for any cause of death.
If the applicant passes away due to medical conditions during the waiting period, the beneficiaries will get the premium amount and 10% interest.
Features to avoid in advertised GI insurance
1) Escalating Premium- Many insurance companies offer policies where the premium amount increases every five years. An authentic guaranteed issue of burial insurance does not have increasing premiums as they stay the same throughout the policy.
2) Termination of the Policy at 80- Some insurances, unlike guaranteed life insurance or whole life insurance, terminate when the person turns 80. GI insurance lasts a lifetime.
3) 3-year waiting period- Top GI insurances have only a two-year waiting period. Therefore, it is vital to consult insurance agencies and avoid being tricked into buying guaranteed life insurance with a 3-year waiting period.
How can Funeral Agencies Provide Assistance for CBD Oil Users?
Consulting an independent insurance agency can make the tedious process of finding an insurance policy for CBD oil users.
Agencies help people who have a medical health history and CBD oil use to find the best insurance plans that satisfy their needs. They assist them at each step by assessing their situation, searching for multiple companies’ right policies, providing options, and deciding on their best one.
The A+ rated insurance agents who specialize in covering high-risk clients will shop for the right policy from different insurance carriers and get the best price available.
They assist in securing coverage that fits the applicant’s budget and the applicant’s financial requirements at an affordable rate. Funeral agencies helps those who question, ‘will insurance pay for CBD oil?’ with providing consultations. It also allows people looking for CBD oil users life insurance, CBD oil users burial insurance, or CBD oil users funeral insurance.
To get an accurate quotation, fill out the quote form given on this website or give a call at 1-800-400-8319.