For the most part, life insurance companies view those who admit to smoking pot much in the same way they view those who smoke cigarettes, even though using marijuana is proven to have health benefits. However, up north in Canada, our liberal neighbor, things are starting to change, which is an indication that once legalization takes hold in the US, life insurance policies may change in the US too.
Two of the largest life insurance providers in Canada have changed their stance on pot smokers, and have decided to no longer treat them like cigarette smokers. This is great for pot smokers using these companies’ policies who used to have to pay the same high premium as those who enjoy smoking tobacco. Sun Life and BMO Insurance said the reason they are changing their policies is because of research that proves that smoking pot is much different than smoking cigarettes, a fact which any pot smoker has known for a while now. One Canadian study proved that even with regular pot smoking, there is no increase in risk for cancer, the way there is with cigarettes. This is because when you smoke a cigarette you inhale many more cancerous chemicals and substances right into your lungs.
In the past those Canadians with medical marijuana licenses have paid up to 3 times the price of non-smoking life insurance policies, and in some extreme cases, they have been denied coverage altogether, which can affect future investments like mortgages.
In the US, it is still common practice to treat pot smokers like cigarette smokers, though the companies do weigh how much and how often clients smoke marijuana as part of their pricing structures. Industry analysts do not expect this policy to change any time soon in the United States, but think that perhaps as the country moves towards legalization, that would be a possibility.