Despite former government health officials claiming cannabis is no more harmful than cigarettes or alcohol there is still research being done into possible side affects.
With ambiguity over the long term health problems that could be attributed to cannabis use insurance companies adopt a wide variety of views.
Some will decline cover for heavy use, some will increase the price but some may have absolutely no concerns.
In fact there is one life insurance company in the UK that asks it the applicant has ‘taken any non-prescription or recreational drugs except cannabis‘. They are not concerned about cannabis use whatsoever.
Anyone who smokes cannabis with tobacco will have to disclose the tobacco in the application form and will have to pay ‘smoker rates’ but not everyone who uses cannabis smokes it.
Higher prices are imposed for smoking tobacco or using nicotine supplements and they will ask about alcohol consumption.
Any other drug use will have to be disclosed and could limit the availability of cover.
Non-disclosure of material facts can lead to a life insurance policy not paying a claim. It is the biggest reason why insurance companies refuse a claim.
Not disclosing the use of cannabis in a life insurance application could result in a claim not being paid.
Anyone who has taken out life insurance but not disclosed the use of cannabis could be paying for a policy that will not pay a claim if they die.
There is no point having a policy that wont pay out when there is a perfectly good insurance company out there that will accept cannabis users.
Anyone who has taken out a policy and not disclosed important information should get in touch with an adviser to discuss their options. If they had the policy before starting to take cannabis it might not have any effect on the cover. If they were taking cannabis at the time of applying and did not mention it on the application they should consider replacing their existing policy but this is not always the best course of action. Letting the insurer know of the omission may be acceptable but this will very much depend on the company.
Speak to a specialist adviser. They can do some anonymous digging on your behalf to find out what could happen.
An estimated figure for the number of regular cannabis (pot) users in the UK in 2010 was approximately 4 million. (6.6% of the population).
Other sources put the figure closer to 10 million.
Television documentaries suggest these regular users span all walks of life and all ages.
It is probable that many are also homeowners or have families and therefore have a need for life insurance.