KXLY
January 19, 2021 5:13 PM Eric Goldschein
Posted:
Updated:
Getty Images
Though it’s increasingly legal, marijuana can still raise red flags for life insurance companies. While some insurers don’t mind covering you if you use pot, others will charge you higher rates or deny your application outright.
About 22.2 million Americans use marijuana every month, according to the Centers for Disease Control and Prevention. It’s now legal for medical use in 36 states and for recreational use in 15, as well as for both in Washington, D.C.
If you’re one of the millions of Americans who use marijuana and you’re looking for a life insurance policy, you can probably find coverage. You may need to shop around, however, as companies don’t view the risks that weed poses to long-term health in the same way.
Do I Need Life Insurance? How Much Should I Get? TheStreet 12/14/2020
By Georgia Rose
Perhaps fueled by acute awareness of their own mortality, many Americans shopped for life insurance during the pandemic. But some lost interest when local Covid-19 cases declined, a new NerdWallet survey found.
More than a third (35%) of those who considered purchasing life insurance due to the pandemic but ultimately didn t buy say they decided against it because Covid-19 cases in their area started going down.
This behavior suggests some people view life insurance as a panic purchase, says Grant Dunn, vice president of financial services at Lakenan Insurance, a brokerage in Missouri. That s not what life insurance is made to do. It s not meant to protect people for the next six months while Covid cases are high in their area. It s meant to protect the family during all of your income-earning years and beyond.