Can you get life insurance if you take psychedelics?
It’s probably going to be harder for a person who uses psychedelics to take out a life insurance policy—at least for now
If you use psychedelics to regulate your mental health, you’re probably well aware of the benefits these substances might offer. However, you might not be aware of the difficulties you’ll experience when you try to apply for a life insurance policy as a psychedelic user.
Many life insurers are wary of accepting people who use psychedelics, even if the drugs in question have been prescribed by a medical professional. The long-term effects of regular psychedelic use are still relatively unknown, whether you’re considering natural hallucinogens such as psilocybin mushrooms or synthetic compounds such as LSD or MDMA. And this makes it more difficult for life insurers to underwrite life insurance policies for psychedelic users. However, this might change as psychedelic use becomes more prevalent and the risks and benefits are more widely understood.
As of this writing, Haven Life does not offer life insurance to individuals who use psychedelics. “Currently we do not insure individuals who use psychedelics,” says Nicole Simpson, Head of Medical at Haven Life. “As scientific understanding evolves, we will take these factors into consideration.”
Here’s what you need to know about applying for life insurance when you take psychedelics, and why it might be difficult for you to find a life insurance company that is willing to offer you a policy.
In this article:
Can you get life insurance if you take psychedelics?
In most cases, it will be difficult to get life insurance if you take psychedelics.
“Despite advances in psychedelic research, there are still uncertainties with the long-term health effects as well as a potential increase in accidental deaths associated with use,” Simpson explains. “In addition, there are legal considerations at play.”
Since psychedelics and hallucinogenic drugs are illegal in most states (and federal law forbids recreational use), life insurers have a good reason to avoid offering life insurance policies to people who take psychedelics and hallucinogens. Even individuals who take legally prescribed psychedelics might have trouble getting accepted for a life insurance policy, as the risks of long-term psychedelic use are still relatively unknown.
Will life insurers be more likely to offer insurance to people who take psychedelics in the future?
If research into psychedelic drugs proves that the long-term medical benefits outweigh the health risks, life insurance companies might be more likely to insure people who take psychedelics.
This is what happened with marijuana, after all. At first, life insurers were hesitant to offer policies to people who used marijuana, whether recreationally or medicinally—but after marijuana became legal in many states and the effects of regular marijuana use became more widely known, many life insurance companies became more comfortable with the idea of offering life insurance policies to marijuana users.
On the other hand, if psychedelic drug use reveals more risks than benefits and medical professionals become less interested in prescribing psychedelics to treat physical and mental health issues, life insurance companies may never offer policies to people who take psychedelics.
You might also see some kind of middle ground, in which life insurers offer policies to people who use psychedelics but charge higher monthly premiums.
Should you reveal your psychedelic use on your life insurance application?
Since people who use psychedelics often find it harder to get life insurance, you might be tempted to apply for life insurance without mentioning your psychedelic use. This is a bad idea.
“It is the responsibility of the potential insured to reveal all medications and supplements they are using because they can affect life and health,” says Simpson. This includes psychedelics and hallucinogens, whether you take these substances as part of a legally prescribed treatment plan or purchase them through illegal sources.
If you lie on your life insurance application, your life insurer could cancel your policy without refunding any of your previous monthly premium payments—and if your life insurance issuer discovers your psychedelic use after your death, your loved ones might not receive the life insurance policy payout they were expecting.
If you depend on psychedelics to regulate your mental health, there are other ways to provide for your loved ones. You could put money into a 529 Plan and help your children pay for college, for example—or you could work with parents and siblings to create a generational wealth plan that can help leave a legacy for the people who matter most. You might even consider sustainable investing, especially if you’re interested in creating the kind of financial impact that benefits the planet.
Life insurance is one of the best ways to help your loved ones maintain long-term financial stability, but it isn’t the only option—so keep that in mind if you’re worried about whether you’ll be able to get life insurance if you take psychedelics.
About Nicole Dieker
Nicole Dieker has been a full-time freelance writer since 2012, with a focus on personal finance and habit formation. In addition to Haven Life, her work regularly appears at Lifehacker, Bankrate, CreditCards.com, and Vox. Dieker spent five years as a writer and editor for The Billfold, a personal finance blog where people had honest conversations about money, and is the author of Frugal and the Beast: And Other Financial Fairy Tales.Read more by Nicole Dieker
Our editorial policy
Haven Life is a customer-centric life insurance agency that’s backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual). We believe navigating decisions about life insurance, your personal finances and overall wellness can be refreshingly simple.
Our editorial policy
Haven Life is a customer centric life insurance agency that’s backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual). We believe navigating decisions about life insurance, your personal finances and overall wellness can be refreshingly simple.
Our content is created for educational purposes only. Haven Life does not endorse the companies, products, services or strategies discussed here, but we hope they can make your life a little less hard if they are a fit for your situation.
Haven Life is not authorized to give tax, legal or investment advice. This material is not intended to provide, and should not be relied on for tax, legal, or investment advice. Individuals are encouraged to seed advice from their own tax or legal counsel.
Haven Term is a Term Life Insurance Policy (DTC and ICC17DTC in certain states, including NC) issued by Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001 and offered exclusively through Haven Life Insurance Agency, LLC. In NY, Haven Term is DTC-NY 1017. In CA, Haven Term is DTC-CA 042017. Haven Term Simplified is a Simplified Issue Term Life Insurance Policy (ICC19PCM-SI 0819 in certain states, including NC) issued by the C.M. Life Insurance Company, Enfield, CT 06082. Policy and rider form numbers and features may vary by state and may not be available in all states. Our Agency license number in California is OK71922 and in Arkansas 100139527.
MassMutual is rated by A.M. Best Company as A++ (Superior; Top category of 15). The rating is as of Aril 1, 2020 and is subject to change. MassMutual has received different ratings from other rating agencies.
Haven Life Plus (Plus) is the marketing name for the Plus rider, which is included as part of the Haven Term policy and offers access to additional services and benefits at no cost or at a discount. The rider is not available in every state and is subject to change at any time. Neither Haven Life nor MassMutual are responsible for the provision of the benefits and services made accessible under the Plus Rider, which are provided by third party vendors (partners). For more information about Haven Life Plus, please visit: https://havenlife.com/plus
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