Psychedelic drugs have gained legitimacy as treatments for mental health issues like depression and chronic pain during the last six years. Drugs like psilocybin and DMT were recently decriminalized in Colorado, and California might do the same. However, do life insurance companies offer coverage to individuals that take psychedelics?
Generally, using psychedelics will make it difficult to obtain life insurance. Many insurance providers observe research on new drugs and may deny applications if there is any indication of abuse. In other words, they might not be as quick to accept psychedelics. Furthermore, people that use psychedelics while applying for life insurance should be especially concerned about this.
What are Psychedelics
Psychedelics, another name for hallucinogens, are psychoactive drugs that change mood, perception, and thought processes. They have an impact on all senses, changing emotions, time, and thought processes. They may result in hallucinations, where people see or hear things that are distorted or unreal. Psychedelics are in different forms, including tablets, blotter paper, dried mushrooms, powders, and crystalline powders. Also, it can be found in plants, seeds, fungi, or lab settings.
When Will Life Insurance Decline My Application if I Take Psychedelic
When you apply for coverage, life insurance companies ask specific questions about your use of psychedelics. Additionally, as part of the application process, you will undergo blood and urine tests as part of the medical exam. If you are currently abusing illegal drugs, your conventional term or whole life insurance application will be automatically denied.
Before you can obtain traditional coverage, you must prove that you have been drug-free for at least five years (the precise duration varies by insurer). Even longer, typically ten years or more will pass before you are eligible for the best rates offered by an insurer.
Should You Reveal Your Psychedelic Use on Your Life Insurance Application
Since psychedelics and hallucinogens can have a negative impact on health and life, it is important to disclose all medications and supplements that they take. Insurers have the right to cancel a life insurance policy without returning past premiums if applicants lie on their applications.
Loved ones might not get the anticipated compensation if the discovery is made after death. Investing in a 529 plan, assisting children with college expenses, or setting up a generational wealth plan are other options for providing for loved ones. For those who want to make a difference financially, sustainable investing may also be an option.
Can I Be Qualified to Get Life Insurance If I Take Psychedelics in the Future
If studies demonstrate that the long-term health benefits of psychedelic drug use outweigh the risks, life insurance companies may be more inclined to insure users. This was the situation with marijuana, where life insurers at first refused to provide coverage to users. However, life insurance companies might never provide policies to psychedelic users. This is when the risks of using these drugs outweigh the benefit, and doctors stop prescribing them for mental and physical health conditions. Also, psychedelic users may also be eligible for policies from life insurers, although the monthly premiums will be higher.