Marijuana and life insurance
- Since the legalisation of cannabis in 2018, insurers have relaxed their rules regarding it’s use.
- Even if you smoke rather than ingest marijuana, you will not be considered a “smoker”. Smoker means tobacco.
- Most insurers will still offer standard rates for those who use recreationally up to 2-3 times per week. Anything more than that and you’re looking at a higher premium.
- Not all carriers are equal. Some are more lenient than others. We can shop around for you.
CBD and life and insurance
- CBD, short for cannabidiol is one of two main compounds found in cannabis. The other being THC.
- CBD has some health benefits and unlike THC does not produce a high.
- As of early 2020, CBD use is so new that insurers really don’t know how to classify it and its risk; if any.
- Daily users will usually be classified under the same category as daily THC users. This is not favorable and will lead to increased premiums.
- Bottom line: use a broker to shop around if you use CBD daily.
- Some carriers may offer standard rates.