There has been a lot in the news lately with regards to the legalization of marijuana in Canada, the effectiveness of medicinal marijuana, and the research being done around whether or not there are health consequences if you consume marijuana. It is no different in the insurance world. Marijuana has been a hot topic and many carriers are changing their outlook.
For those who have life, disability, critical illness or long term care insurance, you are likely aware that smokers pay a significantly different premium than non-smokers…in some cases more than double. A smoker has always been defined as someone who has consumed any product that contains tobacco or nicotine (with the exception of 12 large cigars per year), or marijuana or hashish in the last 12 months. Over the past couple of months, several insurance companies have changed their guidelines. No longer will a marijuana smoker automatically be considered as a smoker for insurance premiums. They will now look at how much pot is consumed and how often, before they make a judgment on the premium that should be charged.
For those who currently have smoker rates on their policies due to pot smoking, it is worthwhile contacting your insurance advisor to review your eligibility for non-smoker rates under the new guidelines. You could save yourself significant premium dollars each month… and have extra money in case you get the munchies; or better yet, move closer to achieving your financial goals.