Marijuana smoking has been on the rise in recent years due to studies showing its negligible effects on the human body when compared to tobacco and even alcohol. But how will this affect pot-smoking life insurance policy holders?
In the wake of the 2016 elections, the number of users–which, by the way, has already hit 25 million across the nation–is likely going to see an increase, and it is very likely that it will be substantial. Out of nine state ballot initiatives, voters in the states of California, Massachusetts, and Nevada approved marijuana use for recreational purposes–voters in Florida, Arkansas, and North Dakota okayed marijuana for medicinal purposes.
But as marijuana or “pot” smoking continues and inevitably becomes more popular (at least in these new early stages of its legality), what will this mean for their life insurance?
The reason that tobacco smokers and heavy drinkers are given high premiums is because of the clear link between their vices and carcinogenic risks: tobacco deteriorates your lungs and alcohol destroys your liver. In other words, smoking tobacco and drinking alcohol is really really bad for you and insurance companies don’t want to be handing out essentially free money to beneficiaries should the insured die from the negative effects of either.
So the key question will be how many of their pot-smoking prospects will be approved for a life insurance policy?
As it turns out, marijuana, according to various independent studies, has a negligible effect on the human body–depending, of course, on how one consumes marijuana. This means that many policy applicants, low to moderate users who are also healthy or have a prescription for medical marijuana, can receive the most favorable rates!
To learn more about life insurance and what it can do for you, contact Donald Weiss Insurance Services. Our dedicated team will help you determine your coverage needs, helping you pick the right policy with the right term for your goals. Don’t be left with questions when buying this essential coverage; call us today!
