In Canada, marijuana smokers may no longer be saddled with high life insurance premiums. According to Yahoo Finance, Sun Life and BMO Insurance, two of Canada’s largest life insurers, announced that they would no longer count marijuana users as “smokers.”
“In our industry, we keep up to date with medical studies and companies update their underwriting guidelines accordingly,” said Sun Life in a statement. “As a result, people who use marijuana are now assessed … at non-smoker rates, unless they also use tobacco.”
Although this change in policy may seem a like a small concession, for many marijuana users this change is a big financial break. According to the National Post, consumers classified as smokers can pay up to three times as much for their premiums compared to non-smokers.
Under Sun Life’s new policy, all marijuana users, regardless of consumption method, will fall under the exemption. BMO Insurance’s policy, on the other hand, will only apply to users who consume up two joints a week.