Reefer Madness in the Life Insurance Sector?
As you may know, one insurer made waves recently when it announced it would offer a life insurance product for people who smoke marijuana. (See this article from the Washington Post: “One Uninsured Group Can Now Exhale.”)
It was news to me, but according to the National Organization for the Reform of Marijuana Laws (NORML), many pot smokers are “forced” to either lie on applications, go without insurance (or pay exorbitant rates) or quit lighting up. For the dedicated smoker, none of these are attractive options.
So I’m going to open the floor up to you, Agent Blog reader. Is this a good idea? Is it the start of a trend? Please feel free to leave a comment below. If you're pressed for time but want to register an opinion, you can see if one of the points below jibes with your point of view. If one does, you can just write “point” or “counterpoint.”
Let the discussion begin!
Point
It’s a good idea and probably a harbinger of a widespread rethinking of marijuana policy. After all, marijuana smokers, aside from having some extra junk in their lungs, are pretty much as healthy as everyone else. Premature deaths from smoking marijuana can be counted on one hand. If underwriting is truly centered on risk, then this group is, by most accounts, a pretty safe bet.
Counterpoint
What’s next? A long-term care policy for meth users? Why make it easier for people to do something that’s illegal? Isn’t that in itself kind of shady? Until marijuana use is sanction by law, these potheads shouldn’t be given any breaks. And aren’t marijuana smokers more likely to use other, harder drugs at some point? They’re hardly an insignificant claims risk. Bad idea jeans.
Comments
Wow, I think this is certainly going to get people talking. Coming from a person who is selling insurance for a living, I would have to vote against the idea. Pot is illegal, so I just don't think it's going to be a great idea for insurance marketing people to try selling insurance for pot users. I'm interested to see what others say too! That's just my opinion.
Posted by: Michaela Roberts | February 9, 2007 04:49 AM
The obvious question is: Are cannabis smokers predisposed to risks that non-users are not? The answer is: yes. I'd rather not admit it, but I'd like to go down as saying this is a by-product of the drug war and not "pot" itself. Besides that, the fact that cannabis is under prohibition is irrelevant.
Posted by: Anonymous | April 25, 2007 05:59 PM
Thanks for stopping by, Anonymous. You make some cogent points!
Can you give some examples of risks that pot users are predisposed to that non-user are not?
Posted by: Jeb | April 26, 2007 02:19 PM
It's simply unbelievable that you have to get tested for marijuana to get life insurance. Can anyone show me FACTS to prove that marijuana indicates a higher risk of death? On the other hand, are they refusing to insure heavy drinkers? Alcohol, while legal, presents much greater risks to health and life than cannabis ever will. Maybe the folks who came up with these policies like their alcohol......
Posted by: Liz | August 8, 2007 12:35 PM
Liz:
My guess is that most insurers would also balk at writing policies for heavy drinkers.
But I would agree that there is scant evidence to suggest that alcohol is a safer drug than marijuana. Most insurers want nothing to do with users of either drug--or any drug for that matter.
It seems that alcohol--like caffeine and nicotine--is a socially accepted drug, whereas marijuana is not. However, when you read articles about specialty life insurance plans for pot smokers, you have to wonder if there's a societal shift happening.
Posted by: Jeb | August 8, 2007 01:06 PM