It is well known that if you use tobacco products, your life insurance premium will be significantly higher than that of a non-smoker. It is also assumed that a marijuana smoker would automatically be classified as a smoker for life insurance purposes; however, this is not the case. With the recent legalization of cannabis products in Canada, the life insurance industry has evolved with current Canadian policies. There was no actuarial evidence to show that by moderating using cannabis your life expectancy will be altered, thus justifying that insurers should issue these policies at non-smoker rates.
The most common statement among life insurance companies is the following:
Marijuana, both inhaled and ingested, will be considered for standard non-smoker rates provided the life insured does not also use tobacco. Depending on the frequency, the client will be assessed accordingly. Classifications can range from a preferred non-smoking rate to a decline.
This means that moderate marijuana users are generally being considered non-smokers in the marketplace today, provided they are not abusing the products. Also, if you had been classified as a smoker for using marijuana in the past, it might be worth re-visiting as your premium could be significantly reduced! Smoking rates are typically 3-4 times higher than non-smoking rates so it's worth it to review your policy.
Send us a message to find out the frequency of cannabis uses that are considered non-smoking by all of the major insurers.
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