We know that life insurance carriers generally place applicants in two ways…Smoker and non-smoker. While each company has slightly different underwriting rules, if you’ve smoked even a few cigarettes in the last 12 months, you would likely be considered a smoker. That said, keep in mind that some companies still consider an applicant a non-smoker even if they’ve had up to 4 cigars in a 12 month period.
Now, how about marijuana? Until May of 2016, most life insurance providers considered marijuana smokers as having the same risk of dying as cigarette smokers. That has recently changed. Unlike the federal government, some life insurance carriers now see the obvious distinction between people who use cannabis versus people who use cocaine or heroin. A few companies, to include The Co-operators and Sun Life now treat Marijuana users as non-smokers. This reversal in classification means that marijuana users can now purchase life insurance policies through these two providers at much cheaper monthly premiums.
Work with a life insurance agent who will review your overall health and lifestyle to make sure you are matched with the best policy for your needs. Also make sure to tell your life insurance agent the truth about your marijuana use.
If you currently use marijuana, whether it’s for medical purposes or recreational use, reach out to me. I have helped hundreds of clients get affordable life insurance coverage to protect their families and I can help you too.