Good news for marijuana users in Canada! Getting life insurance is now easier and more affordable.
How Things Have Changed
Previously, insurance companies charged all marijuana users smoker rates, regardless of frequency. Now, they view marijuana use as less risky. Many users can qualify for non-smoker rates, reducing costs significantly. Insurers now consider how and why cannabis is used when determining rates. This personalized approach marks a significant improvement over the former one-size-fits-all policy
What Life Insurance Companies Look At
Insurance companies care about when, why and how you use marijuana. The threshold varies between companies, so your broker will help you find the lowest insurance.
Thresholds for How Often You Use Cannabis
This is the main factor that impacts how your insurance premiums will be affected. The more frequently you use marijuana, the fewer options there are. The number of times per week you have cannabis is important. The common thresholds are:
- Up to 3 times per week
- 4 to 6 times per week
- Daily Use
Marijuana Use 4 to 6 Times Per Week
If you use marijuana 4 to 6 times per week:
- Fewer companies offer competitive rates
- Some insurers may offer non-smoker rates with an added cost
- You’ll pay more than standard rates but less than smoker rates
- Many users choose “Simplified Issue” policies
- These are easier to get
- Applications are often approved within 24 hours
- No medical exam required
What Are The Life Insurance Options for Daily Marijuana Use?
Finding affordable life insurance as a daily marijuana user can be challenging. However, options do exist:
- Some companies offer specialized policies for marijuana users
- Your insurance broker can help find these niche products
- Don’t hesitate to ask questions and gather information
- Remember, you still have choices, even if they’re limited
By exploring different options, you can find a policy that fits your needs and budget.
Recreational vs. Medical Marijuana Use
Insurance companies treat recreational and medical marijuana use differently.
Recreational Use:
- Mainly assessed based on frequency of use
- How often you use matters most
Medical Use:
- Insurers may ask about your health condition
- They want to know:
- How you manage your condition
- Which doctors or specialists you see
- Your overall health risks
This approach helps insurers better assess your health and determine appropriate rates.
How You Use Marijuana Matters
Insurance companies look at different ways of using marijuana:
Edibles:
- Often viewed more favorably
- Users may get standard rates
Smoking or Vaping:
- May be seen as riskier
- Some companies treat marijuana vaping like nicotine vaping
Remember: How you use marijuana can affect your insurance rates.
Your Overall Health and Lifestyle Matter
Insurance companies look at more than just marijuana use. Your general health and lifestyle are important too.Key factors they consider:
- Physical health: Better health usually means lower rates
- Mental health: This can affect your insurance options
- Risky activities: High-risk hobbies may lead to higher rates or exclusions
- Lifestyle: Less active people might pay less than thrill-seekers
Remember:
- Very healthy people might qualify for preferred rates
- Preferred rates are even lower than standard rates
This approach helps insurers get a full picture of your health risks.
Key Points:
- Choose based on how often you use marijuana
- No Medical Policies are simpler but may cost more
- Fully Underwritten Policies involve more steps but can offer better rates for occasional users
What Is The Takeaway? Marijuana use doesn’t automatically result in higher premiums or coverage denial. Many users can still obtain life insurance, depending on their usage patterns, overall health, and medical history.