Global Courant
Drug use in Canada is prevalent to nonexistent, depending on what you define as a “drug.” Eleven percent of Canada’s population has “a problem with drugs or alcohol,” according to a CBC survey, but this does not include those who use drugs recreationally without “a problem.” That number, especially if you include alcohol and cannabis, is much, much higher, and if you only include people with classically defined addictions to the illicit drugs, such as crack cocaine and heroin, the number is much, much lower.
In general, the way insurance companies approach drug problems is based on two key questions: Is the potential customer using prescription drugs dispensed through the appropriate channels, or is he using drugs outside those channels, and is therefore statistically vulnerable to certain liabilities.
For the former, these questions are often discovered in the background checks and medical questionnaires provided by insurance companies prior to developing or offering a policy. Some medications naturally affect a person’s life expectancy and future quality of life, and others carry certain health risks, even when dispensed by a physician. In these cases, an insurance company will consider the medical problems being treated by the drugs and the effects of the drugs themselves when developing a policy, but a policy can usually be provided by most major health insurers.
For those who use illegal drugs, the options are generally more difficult. Usually insurance companies are hesitant to provide policies, many are even hesitant to offer cheap options to people who smoke cigarettes.
Fortunately, there are still some options available to drug users, especially those who use illegal drugs. Remember that many policies do not cover complications arising from illegal drug use, and failure to disclose such information when requested may constitute insurance fraud, which can be a serious crime with heavy fines and possible jail time.
In general, users of illicit drugs have only one option when it comes to life insurance: simplified life insurance that does not require medical questionnaires. This is changing as more and more insurance providers offer products specifically designed for the “hard to insure” market. Simplified insurance plans often only require simple medical questions that do not include drug use questions.
No medical life insurance vary widely from provider to provider, so it’s helpful to research these plans before contacting them to compare possible rates and coverage. You can also ask your insurance broker for an informal preliminary investigation before submitting a formal application. Informal preliminary investigations are non-binding and can give you an idea of whether your application will be approved, rejected or reviewed by default. Keep in mind that insurance companies may offer plans with first-day coverage or with a two-year waiting period, depending on your situation.
If you have used or are using illegal drugs and need life insurance, it’s important to discuss your options with an insurance broker who has your best interests in mind. With the right team behind you, the right policy can be found.
Can drug users get life insurance?
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