I had written an article a while back about Marijuana smokers life insurance and the issue is becoming more and more popular. Several years ago pot smokers couldn’t secure life insurance because they were considered a major risk.
It use to be that insurance companies were conservative, today however more and more life insurance companies are willing to underwrite a pot smoker for life insurance. Although medical insurance companies still do not reimburse for medical marijuana, when prescribed by a medical doctor. Marijuana has become legal in more then 1/2 the states despite the fact the it is still still illegal under federal law. Life insurance companies on the other hand look at marijuana users much differently today. Instead of instantly rejecting an application, a lot of life insurance company will take into consideration a proposed insureds other underwriting factors. Do they sky dive, are they a safe driver, are they drag car racer, do they bungee jump on the weekends? Marijuana users are being more commonly accepted despite the fact that federal law makes it illegal. Pretty unusual for an industry that has always been considered conservative leaning
With pot smokers there is no simple guideline for life insurance companies writing a policy, every company has different underwriting guideline. Some will have a standard rating or a smoker rating load, while others will look on a case by case or reject all drug users outright. One thing that seems to be consistent for those companies that that do write pot smokers, less is better. A person has a better chance of securing a policy if they are considered a recreational smoker then someone who smokes every day. But think about it, has anyone ever overdosed on pot? You never even hear about someone being brought into the emergency room because they consumed too much marijuana?
Life insurance are concerned with mortality not their lifestyle unless it impacts someone’s life expectancy. Looking for life insurance? Today might be the day to look
Comments or questions?
Tim Elenz
Telenz@Benefitsage.com
www.Benefitsage.com
800-317-0181 ext 306
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