Drug use has gone down in Canada.
According to the CBC, about 11 per cent of the Canadian population uses drugs.
The most prevalent drug used outside of alcohol is cannabis, as 39 per cent of Canadians have used cannabis in their lifetime, with the average first time they tried it at 15 years old. When it comes to the rest of the drugs, such as crack/cocaine, ecstasy, salvia, speed, and hallucinogens, use is under 1 per cent combined.
The top five most popular drugs in Canada are cannabis, crack/cocaine, speed, hallucinogens, and ecstasy. Of course, those in Toronto had been talking about cocaine and crack, thanks to Mayor Rob Ford’s alleged activities.
In general though, the rate of drug use in Canada has been on the decline since 2004, which means many former addicts and users may one day look for life insurance. Of course, life insurance companies aren’t really big fans of drug use, and any current use of harsh illicit drugs like heroin, cocaine, or ecstasy will result in an automatic decline for insurance.
Though options are limited for current drug users, they should be able to get a simplified issue policy that has no medical tests and only a few health questions. By “health questions,” we mean questions that don’t include a drug question. Simplified issue rates and questions vary significantly by carrier, Some companies offer coverage from day one whereas others have a two year wait period.
Insurance broker Tamara Humphries points out “there has been a huge influx of carriers and products in the hard to insure market. Equitable Life, Humania Assurance and La Capitale have all recently introduced new products. It’s crucial that you work with a broker who is up to speed on the product changes and can match you up with the best plan for your particular health or lifestyle issue.”
Traditional Life Insurance which asks a full series of health questions may be available to past hard drug users if they have not used drugs within the last 5 years.
It may make sense to have your broker submit a preliminary inquiry prior to you submitting an application. This is an informal inquiry and will produce a non binding offer which will give you and your broker a good idea if your application will be approved standard, declined or rated. If your application is declined this will limit your Simplified Issue Life Insurance options as most plans have a questions asking if the insured has been declined in the last two years.
You can get more details on simplified issue coverage by visiting our Non- Medical Life Insurance Quote Page.For more information on underwriting decisions regarding drug use, visit our article on Cocaine and Life Insurance.