Life Insurance for Marijuana Smokers
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Life Insurance and Marijuana
The problem with underwriting marijuana life insurance use is that each company assesses risk differently. Before its legalization, marijuana users were considered high risk clients because they were engaging in criminal activity, which could correlate with other risky behaviors.
However, most companies were willing to insure occasional smokers – provided they did not have an arrest record.
Regarding life insurance and marijuana, most companies are willing to offer marijuana users – medical or recreation – the rates of smokers, but it is not completely unheard of for a recreational smoker to obtain a preferred non-smoker rate!
Underwriting Marijuana Use
With over 20 million Americans using pot at least once a year, it’s no surprise that marijuana is at the forefront of new underwriting criteria for life insurance companies. If you use marijuana recreationally or occasionally, you will need to know how underwriters might assess your risk.
Typically, risk is divided into four categories: Preferred, Standard, Substandard and Declined. For cigarette smokers, risk is defined in much the same way; however, occasionally life insurance companies will offer a “Preferred-Plus” rating for non-smokers.
Marijuana: Quick Health Facts
• Marijuana is the most commonly useddrug in the United States.
• A study conducted by the National Health and Nutrition Examination Surveysfound that individuals who smoked one joint/day had little to no difference in expiratory lung volume – or the amount of air one can forcibly exhale – compared to those who did not smoke marijuana.
• According to a study by Brown University, it is virtually impossible to overdose on marijuana; however, marijuana does increase a user’s heart rate, which may have detrimental impacts on an individual with heart problems.
• Marijuana use may aggravate the presence of mental illness in younger individuals, according to a study published by the British Medical Journal.
• Some studiesshow that the cannabinoids in marijuana have antioxidant, neuroprotective and anti-carcinogenic properties.
• Marijuana may decrease the riskof automobile accidents
• Marijuana may help lower blood pressure.
Important Reminder Regarding Marijuana Life Insurance
The important thing to remember when applying for life insurance – as a marijuana user and a standard applicant – is to BE HONEST on your life insurance application and with your agent. Your agent will almost always be able to get you excellent rates, regardless of your situation. Lying on your medical exam can result in insurance fraud or declines.
Marijuana use does not have to prevent you from obtaining life insurance, more does it mean you will pay the astronomical prices of a cigarette smoker. There are plenty of carriers who will insure you – it’s simply a matter of finding your best fit.
More for Their Life Insurance Coverage, But What About Pot Smokers?
With the rapid push to legalize marijuana in the United States, life insurance carriers may be facing a strange dilemma when assessing a client’s risk.
The health and mortality impacts of chronic marijuana use are still being heavily researched; however, marijuana may not present an obstacle to obtaining affordable life insurance for marijuana smokers.
In some cases, it may not even heavily impact your risk class!