Here’s how smoking marijuana might affect your life insurance

Marijuana's developing legal status represents a major change in the US and potentially many parts of the world. For example, now that marijuana use is more common and accepted, both health insurance and life insurance providers have begun implementing marijuana related questions in their policy assessments. While many life insurance providers may still condemn cannabis users, if you do some research you should be able to find a provider that works for you without breaking the bank. While 80% of surveyed underwriters ask about marijuana use, 29% of them classify marijuana smokers as non-smokers, giving a much better chance at lower insurance rates. Some companies will penalize clients who smoke 4-5 times per week with higher rates, but daily smokers will see the most problems getting a policy.

Eighty percent of the 148 underwriters who were surveyed by reinsurer Munich Re at the Association of Home Office Underwriters annual conference last year said their company factors marijuana use into its decisions on how to price policies and whether to offer coverage. Yet, of those, 29 percent classify marijuana users as nonsmokers, potentially allowing them to qualify for the best nonsmoker rates.

Medical marijuana use is generally a different calculus altogether for insurers, Moore said. People who smoke pot to reduce pain or nausea associated with cancer, arthritis or AIDS, for example, will be evaluated based on the underlying disease or condition