Marijuana Use and Life Insurance
First and foremost, this is not an argument in favor or against recreational marijuana use. This is also not an endorsement of it’s use. The following is to simply bring to light the underwriting attitudes regarding marijuana by most life insurance companies today.
Over the last several years, public attitudes have shifted dramatically regarding recreational marijuana use. Today, marijuana is legal in 23 states and that number is sure to continue growing. As cannabis becomes more widely accepted, the number of US adults who use marijuana has skyrocketed.
For most of the public, marijuana use has been taboo for the majority of their lives. Thus, many still choose to conceal their use from their friends, family, and community out of fear of what others may think.
This fear extends beyond the community, as few outside the cannabis industry openly advertise their position on the controversial topic.
This brings us to the growing hesitancy of applying for life insurance coverage.
Inadequate life insurance coverage in the US has always been a problem. That’s nothing new.
Today, 4 out of 10 people have zero life insurance.
Out of those who do, 7 out of 10 are aware that they do not have near enough life insurance coverage.
Today with marijuana use more prevalent even more families are going unprotected out of fear of applying.
While specific statistics vary, an estimated 20% to 30% refrain from applying for life insurance due to concerns about marijuana use.
This stems from fears of higher premiums, potential denials, being outed, or other misconceptions about how marijuana and life insurance.
It’s always a good idea to consult with an insurance professional to understand the implications of marijuana use on life insurance applications.
All of that being said, please do not avoid seeking life insurance because of cannabis use.
Most life insurance companies today care very little, if at all if you use cannabis. In fact, with most insurers preferred rates would still be on the table.
Privacy laws apply to the application of life insurance and we can always have a carrier representative run through the medical questions with you if you like.
Again, if not clear already – this is not an endorsement for or against the use of cannabis. But if you do, do not be afraid to apply for life insurance coverage.
