Changing Life Insurance Policies for Medical Marijuana Users

Changing Life Insurance Policies for Medical Marijuana Users

This is the first part of a three-part series on the changing laws around medical marijuana and its impact on insurance.

In a recent National Post article, it was confirmed that Sun Life and BMO Insurance will no longer treat pot users as smokers. This signals a shift in thinking from marijuana consumers as non-insurable risk to users or patients consuming this substance as a treatment—an acceptable risk.

Sun Life’s policy change applies to “all marijuana consumers who do not also smoke tobacco,” whereas BMO’s change applies to recreational users “who smoke up to two ‘marijuana cigarettes’ per week.”

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So what does this mean for life insurance applicants?

This will likely lower premiums for those who smoke marijuana to cope with chronic pain and suffering. It seems that as the laws change to accept pot-smoking as a legitimate medicinal tool, so to will insurance companies.

This shift in thinking could not only changes our perspective on marijuana, but on other treatments more broadly.

What do you think? Should more insurance companies change their policy to meet the demands of changing laws? Is this the beginning of a broader acceptance of alternative treatments?

 

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