Marijuana can make Gen X life insurance high….or not effect life insurance rates for Gen Xers at all.
The decriminalization and legalization of marijuana is one of the most controversial topics for Americans today. Marijuana is currently legal for recreational purposes in nine states—with Colorado leading the way—and legal for medicinal purposes in a host of other states according to this article. San Francisco, CA, has always been the battleground for the “pot issue” and continues to be so today. California laws on weed’s legality or lack thereof fluctuate one hundred eighty degrees every year.
Furthermore, Gen Xers like me—who are comprised of people in their mid to late 30’s, 40’s, and early 50’s—have polarizing viewpoints on the marijuana debate. Many Gen Xers were raised by straight-laced Baby Boomers who believed that marijuana was “from the devil” as they gulped down their second Tuesday lunch Martini, quick to order a third. And then there’s the summer of love Haight Ashbury Baby Boomers who raised many a Gen Xer who believe weed, and everything else, should be legal because, you know, love is all that really exists in this world, man, bro, my brother, my sister, whatever. Just a slight good-natured jab at Baby Boomers that I know on both sides of the aisle—my beliefs on pot’s legalization sit somewhere in the middle-of-the-road.
(If you are a Gen Xers burned out of reading my highly-opinionated yet informative prose and just came here to get term life insurance quotes from at least twenty different top-rated life insurance companies, you can Get Life Insurance Quotes Here. Just enter in how much life insurance you want in the quoter, your height, weight, etc., and you will be able to generate your own term life insurance quotes from these life insurance companies within about 5 minutes.)
So, lets get to the point—how does marijuana effect life insurance for Generation X?
- MARIJUANA SMOKER RATINGS—For members of Generation X, a lot of life insurance companies will give smoker ratings to marijuana users if they smoke the weed through joints, bowls, and blunts. That kind of makes sense considering the marijuana is being smoked, even though marijuana smoke is not in the same vicinity as harmful as tobacco smoke which has 43 cancer-causing compounds. Moreover, many life insurance companies will give smoker ratings to Gen Xers even if the weed was not smoked—vaping, drinking “green tea”(not store-bought green tea), eating brownies are some other ways that marijuana is consumed that is not smoking-dependent. Does this seem fair? Not really. But, it’s reality. Smoker rates are upwards of thirty percent higher than non-smoker rates because smoking decreases life expectancy. Now, proceed to my second point.
- CONSERVATIVE LIFE INSURANCE COMPANIES—Life Insurance companies, by and large, evolve slowly so they do not parallel the evolving social climate of the United States. Life Insurance companies are in the business of assessing the health risk of their applicants, and the jury is still out whether weed consumption is detrimental to life expectancy. Yes, there are studies that suggest that weed does not decrease life expectancy, and, yes, there are studies that suggest that weed does decrease life expectancy. Google it. Studies are mixed.
- LIFE INSURANCE UNDERWRITERS ARE PEOPLE TOO—There’s the life insurance company line on how they will rate the Gen X applicant who occasionally smokes weed, and then there’s the personal opinion of the life insurance underwriter who reviews your particular life insurance application at that company. Does the company line coincide with the personal opinion of the underwriter or do they differ? As a Gen Xer, your life insurance rate can depend on the particular life insurance underwriter who reviews your life insurance application, and their particular opinion about how harmful marijuana is or is not. That’s why it’s very important to use a life insurance agent who knows underwriters at multiple life insurance companies to offer you options.
- DOSAGE OF MARIJUANA—There’s a big difference between the Gen X marijuana user who smokes once or twice a month and Bob Marley, for example. who smoked lots of weed all day, every day, albeit supposedly for religious reasons. Life insurance companies understand that there is a significant difference in health risk between the casual user and the day-in-day-out user. How will life insurance companies find out and be able to rate the difference? One way is through your medical records which life insurance companies order and review as part of their life insurance underwriting process. The other, primary way is through the life insurance medical exam which will test your blood and urine for weed.
- RECREATIONAL OR MEDICINAL MARIJUANA USE—Whether a Gen X life insurance applicant takes the marijuana because it is prescribed legally by a doctor (medicinally) or whether the Gen X Life Insurance applicant purchases the marijuana illegally (recreationally) can have an impact on life insurance rates. Ironically, in my experience, life insurance companies may prefer the latter user over the former user. Again, because marijuana is being increasingly legalized and decriminalized across all states in the union, the recreational or medicinal marijuana consideration by life insurance underwriters is constantly in flux.
For Gen Xers who use marijuana, I would recommend using a life insurance agent who a) has access to many different life insurance companies and b) who knows how different life insurance companies underwrite marijuana use. Life insurance companies treat marijuana differently for rating purposes—period. As aforementioned, marijuana use by Gen Xers can make Life Insurance rates high….or not effect life insurance rates at all.
If you are a Gen Xer who takes marijuana and you would like quotes for Term Life Insurance from many top-rated life insurance companies (including Prudential, Mutual of Omaha, American General, etc.), you can generate your own term life insurance quotes HERE. Or, if you prefer to discuss your life insurance needs with me, call me at (615) 525-6165, email me at Robert@weigelinsurance.com, message me through Linkedin.com, or CONTACT ME HERE.
Until next time and until next life insurance article,
Term Life Insurance Agent for Generation X