In June, we told you about the changes BMO made to their underwriting process when they concluded that occasional marijuana smokers do not share the same risks as cigarette smokers such as related smoker impairments.
As was predicted, other life insurance companies are now following BMO’s lead. In this post, we’re going to look at the underwriting process with regard to marijuana/hashish smoking and rates at the Empire Life insurance company.
Empire Life’s Underwriting Changes for Marijuana and Hashish Smokers
The following applies to both life and critical illness insurance policies issued by Empire Life:
- Empire Life just announced that users of marijuana and hashish may be considered for non-smoker rates – provided they have not used tobacco, e-cigarettes or nicotine in any form within the last 12 months.
- Prescribed marijuana for medicinal purposes can also now be considered for non-smoker rates, but the same applies as above – no tobacco, e-cigarette or nicotine products in any form in the last 12 months.
- Rated policies may be applied to applications, but rating depends on various criteria such as frequency, quantity and reason for using marijuana and/or hashish.
- Empire Life is permitting requests to change existing applications from smoker to non-smoker, based of the changes. However, any requests are subject to a fully completed policy change application and will go through it’s own underwriting review – including health and lifestyle.
Rated Life Insurance Policy
If you don’t know what a rated policy is, it is a life insurance policy with a higher than normal (standard) premium rate because of a specifically risky aspect. For example, a non-smoker (of cigarettes, marijuana or hashish) may be offered a rated policy if they go skydiving weekly in mountainous terrain.
Empire Life’s changes to their underwriting is great news for marijuana and hashish smokers who qualify now for non-smoking rates as they get affordable life insurance and have more options as far as life insurance carriers.
However, since the regulation changes are new, we suggest that you seek help from an experienced life insurance professional for your application. A broker can advise you on potential issues such as the amount you smoke.
This is particularly true if you want to request a change to your current policy from smoker to non-smoker (based on the updates to the marijuana and hashish policy). If you’re going to make this request, you want to be sure it’s completed properly and in a timely manner.
As well, an insurance professional can qualify your health to help you decide which life insurance company has a product that best suites your health and lifestyle.
If you’re an occasional marijuana or hashish smoker and want more information about the insurance products available to you, we can help. At Shelter Bay Financial Corp., we are life insurance experts and can answer any questions you have, and help you apply for coverage.
We use today’s technology, such as shared screens, to complete your application so you never have to come to an office or take time for a lengthy appointment.
To learn more, please call our toll free line at 1.888.498.5288.