How Marijuana Smoking Affects Life Insurance Rates

How Marijuana Smoking Affects Life Insurance Rates.landscape-1430342510-marijuana-every-day

In the past, there has always been an issue facing marijuana smokers when it comes to life insurance coverage. 

To life insurance companies, marijuana and tobacco have always been viewed as equally damaging to your health. What this means is that they will rate marijuana smokers (medical and recreational) the same as tobacco smokers when determining their level of risk for a life insurance policy. This will mean a much higher premium or could even lead to being denied a policy despite overwhelming research that marijuana is not nearly as harmful as tobacco.

New Research and Changing Attitudes.


The vast majority of Canadians believe marijuana should no longer be viewed in the same light as many other illegal substances and the vast majority of medical professionals and scientific researches agree. The political atmosphere on the subject has drastically changed in recent months. With the liberal party campaigning on a change that represents the majority of Canadians (and researchers) and winning a majority government that would allow them to do so, insurance providers are beginning to
follow suit.

Insurance Providers Announce New Rates for Marijuana Smokers!

With the changes in the past decades of the attitudes toward marijuana from the public, the scientific community, and now lawmakers, it’s great news that insurance providers are beginning to adapt their policies as well.

Sun life and BMO have already released marijuana smoker rates and many other life insurance companies are expected to do so. The future on how exactly each company may look at marijuana smoking is not yet clear. Sun Life’s new policy applies to all marijuana consumers who do not also smoke tobacco; BMO’s is more limited, benefiting recreational users who smoke up to two “marijuana cigarettes” per week.

“In our industry, we keep up to date with medical studies and companies update their underwriting guidelines accordingly,” Sun Life said in a statement May 27th. “As a result, people who use marijuana are now assessed … at non-smoker rates, unless they also use tobacco.”