Half (50%) of Americans are unaware that smoking marijuana can impact your life insuranceA new survey from the Life Insurance experts at Forbes Advisor, reveals that nearly 60% of Americans would lie about using marijuana to obtain better life insurance quotes. Vie full survey findings here.
The majority of Americans would lie about using marijuana, to obtain better life insurance quotes.
Those living in the Northeast were found to be most likely to lie when applying for life insurance. Over two thirds (64%) of those living in Northeastern states would hide their marijuana usage, in order to get cheaper life insurance quotes. This was followed closely by 62% of respondents in the Midwest.
Those living in the West, are least likely to lie about their lifestyle, in order to obtain more favorable premiums.
Sentiment Midwest Northeast Southeast Southwest West Agree 62% 64% 52% 52% 49% Disagree 14% 12% 21% 15% 21% Neither agree nor disagree 21% 21% 22% 25% 26%
Marijuana Use and Other Factors that Affect Life Insurance Rates
Findings revealed that half (50%) of Americans did not realize that smoking marijuana can impact life insurance costs. Further to this, the majority were unaware that other marijuana products can impact life insurance quotes, for example, vaping (46%) and edibles (44%).
Forbes Advisor also questioned respondents on other elements that could impact the price of life insurance – outside of marijuana. Just two fifths of people (41%) understood that using opioids can negatively affect the cost of life insurance. Further to this, people were not aware that factors such as smoking (49%), criminal history (33%) and driving record (29%) impact life insurance costs.
Surprisingly, many Americans are not aware that one’s financial history impacts credit score. Just one third of respondents (33%) knew that credit score impacts life insurance quotes and more than one fifth (23%) were not aware that declaring bankruptcy affects insurance quotes.
Factors that can affect life insurance quotes % who say it affects life insurance quotes Marijuana use—smoking 50% Marijuana use—vaping 46% Marijuana use—edibles 44% Smoking cigarettes 49% Smoking cigars 45% Using nicotine patches 34% Using opioids, such as heroin 41% Driving record 35% Criminal history 33% Credit history 29% Current bankruptcy 23% None of the above 2% Not sure 6% Prefer not to say 6%
Hesitation to Buy: Higher Rates, Fear of Rejection
Almost two thirds of people (60%) surveyed, claimed they would be hesitant to apply for life insurance, even if it was used legally. The primary reason for this would be that they believe it to be unaffordable for those who use marijuana, while one quarter (24%) would be put off applying, as they didn’t want to be denied coverage. This is not surprising considering 60% of respondents claim that recreational use of marijuana should influence life insurance rates.
When asked why people think recreational use of marijuana should not affect life insurance quotes, one quarter (26%) said that it’s because it should be legal in all states, and one fifth (20%) say it is purely due to it being legal in some states. Interestedly, one in six people feel that it should not affect life insurance quotes, as usage does not affect long term health.
Although it may be tempting to not disclose some factors when filling out life insurance policies, it can cause issues in the long run. It is not only insurance fraud, but It is likely that insurance companies will discover the truth when reviewing your medical history, and you will be denied an application.
While in some cases, frequent usage of marijuana could result in life insurance rejection, those who use marijuana occasionally can still get granted cover. For more information on obtaining life insurance quotes and further insights into attitudes towards life insurance and marijuana, please visit here.
This online survey of 2,000 U.S. adults was commissioned by Forbes Advisor and conducted by market research company OnePoll, in accordance with the Market Research Society’s code of conduct. Data was collected April 1-4, 2022. The margin of error is +/- 2.2 points with 95% confidence. This survey was overseen by the OnePoll research team, which is a member of the MRS and has corporate membership with the American Association for Public Opinion Research (AAPOR). For a complete survey methodology, including geographic and demographic sample sizes, contact email@example.com