Cannabis Use Won’t Prevent You From Getting Insurance, But It Might Cost You
Contrary to stoner stereotypes, cannabis users are very interested in grown-up things like obtaining quality medical coverage, pursuing life insurance protections after they start families, or seeking “key man” coverage for their businesses.
That’s not always easy — or even possible, as evidenced by the recent experience of TerraTech CEO Derek Peterson. Peterson had applied for life insurance through Mutual of Omaha, but in June the company rejected his application, writing back that it could not accept premiums “from individuals or entities who are associated with the marijuana industry.” The company didn’t elaborate, and Peterson found himself, he quipped, “trying not to get hit by a car.”
The flap drew a lot of attention, and it made one thing evident: The insurance industry and cannabis community have some reconciling to do.
Now, Peterson was denied for his involvement in the industry, not anything to do with his personal use...
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