Life insurance providers undergo research when it comes to new medications, but they will deny your applications if they notice any source of abuse. In the past years, psychedelic drugs have been approved as a legal treatment for mental issues like depression and chronic pain. Despite its benefits to control your mental health when consumed, you may not be aware if it’s possible to get life insurance when you take psychedelics.
Generally, it will be very difficult to get life insurance if you take psychedelics. Despite the advancement in research on psychedelics, there are no certain answers about the long-term health effects of this drug and the rise in accidents due to it. However, legal considerations are involved.
Since most states prohibit the use of these drugs, life insurance providers also have a good justification for denying life insurance to people who take psychedelics. In other words, getting approval for the life insurance policy may be difficult for anyone using psychedelics since the risks are unknown.
What are Psychedelics?
Psychedelics, or psychedelic drugs, are a subdivision of a wide class of drugs that is commonly referred to as hallucinogenic drugs. It changes the perception of one’s thinking. They make a patient feel, see, and hear things that are not real.
Psychedelic drugs have gained rising acceptance in the legal and medical industries as drugs for mental treatments. It is used in treating conditions like depression and chronic pain.
Can I Qualify for Life Insurance If I Take Psychedelics?
Yes, you can qualify for life insurance if you take psychedelics. While it may be difficult to qualify because you are recovering from an addiction, not every life insurance company rejects offering coverage.
Every life insurance company offers different conditions and abstinence time limits. While shopping for life insurance coverage, you can find some companies willing to offer coverage. However, life insurance companies that offer coverage to those taking psychedelics require two to three years of abstinence without a recurrence.
When Will Life Insurance Decline Me Coverage if I Take Psychedelic?
While some insurance companies offer coverage for patients under this treatment and others do not, once a sign of abuse is noticed, you will be denied coverage. Life insurance companies generally do not quickly offer coverage for this due to the risks it poses.
Also, if you take this drug without a doctor’s prescription, chances are that you will be denied coverage. This is because, during the application, you will be required to provide a doctor’s prescription.
Should I Reveal My Psychedelic Use During My Life Insurance Application?
Because people who take psychedelics hardly qualify for life insurance, you may be tempted to not mention your treatment during your application process. While this seems like a good idea, it is not. It is important to reveal all medications and medical conditions to your insurance company to properly evaluate how much coverage you need.
Whether you are taking psychedelic drugs as part of your legally prescribed treatment plan or illegally, it is important to inform your life insurance company. Not telling the truth during your application can lead to legal penalties. Your insurer can cancel your policy and not refund your paid premiums.
If it is discovered after your death, the insurance company will not payout to your beneficiaries up to the expected amount. If you depend on psychedelics to control your mental health, there are several ways you can provide for your loved ones. You can put money in a 529 plan or “help your children pay for college.” You can consider a sustainable investment plan.
Will Life Insurance Companies Offer Insurance If I Take Psychedelics in the Future?
If the long-term advantage of consuming psychedelic drugs is greater than the health risks, life insurance providers might offer coverage to them. For instance, in the case of marijuana, most life insurance providers do not provide coverage to customers until the effect of consuming it was discovered by researchers.
However, if there are greater risks of consuming psychedelics and medical experts are ignorant about it, life insurance providers would reject applications of individuals who take psychedelics.
