Marijuana smoking has been on the rise in recent years. In the wake of the November 2016 elections, the number of users — already 25 million-strong — is likely to increase, and perhaps substantially.
Until recently, nearly all life insurers’ underwriting guidelines pegged cannabis user insurability akin to that of tobacco cigarette smokers. Not any longer.
With just about half of America's states legalizing marijuana use for medicinal purposes, insurance carriers have changed their underwriting approach for these types of cases.
A few weeks ago, Derek Peterson got a letter from Mutual of Omaha, turning him down for life insurance.
If you smoke marijuana and you’re shopping for life insurance, chances are you can find a company that won’t penalize you for your habit, but you may have to weed out several insurers to find the best policy.
As adoption of medical and recreational marijuana skyrockets nationwide, life insurers remain divided about how to rate policy applicants, in part because of the uncertain state of the science underpinning medical testing and the lack of research that might link marijuana use to increased deaths.
I love to work on my back porch where I have a glimpse of the Rocky Mountains, home to the honored distinction of being the first place in the country to legalize recreational marijuana use. I found myself pondering my place in the life insurance industry.
The debate regarding marijuana use and its legalization rages on with little hope that the smoke will clear anytime soon. Marijuana, or cannabis – its international and scientific name – is the third most popular recreational drug in America, after alcohol and nicotine-containing products. As such, it presents a multitude of underwriting challenges.
Marijuana users, who can now buy weed without fear of arrest in some U.S. states, can also get life insurance without facing a smoker penalty -- if they shop carefully.
The debate regarding marijuana use and its legalization rages on with little hope that the smoke will clear any time soon. Marijuana, or cannabis – its internat ional and scientific name – is the third most popular recreational drug in America, after alcohol and nicotinecontaining products. As such, it presents a multitude of underwriting challenges.
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