A
2009 Canadian Alcohol and Drug Use Monitoring Survey shows that cocaine
and crack are among the most used drugs by adults and teenagers, second
only to marijuana.
Even though few actually revel in cocaine use, in contrast to the 10.6% that use marijuana, about 11% of all Canadians used an prohibited drug during the examined interval. Among these six drugs are cannabis and/or marijuana, cocaine, amphetamines, ecstasy (MDMA), hallucinogens (excl. salvia), and heroin (diacetylmorphine). 17.7% of men and 7.6% of women had used drugs, with youth reaching 27.3%.
Although the trend is a decrease in drug use in general, there are a lot of addicts and former users who will need life insurance one day.
Naturally, insurers do not really particularly welcome the use of cocaine or of other harsh drugs. Ongoing recreational drug use will lead to an instantaneous denial. This is because illegal drug use is a pre-existing medical condition. Current drug users may still be able to qualify for simplified issue life insurance plans. These policies do not have any medical tests as a pre-condition to approval and many of them do not ask the applicants any drug related medical questions.
This is how major Canadian life insurance companies deal with cocaine, heroin and ecstasy:
Even though few actually revel in cocaine use, in contrast to the 10.6% that use marijuana, about 11% of all Canadians used an prohibited drug during the examined interval. Among these six drugs are cannabis and/or marijuana, cocaine, amphetamines, ecstasy (MDMA), hallucinogens (excl. salvia), and heroin (diacetylmorphine). 17.7% of men and 7.6% of women had used drugs, with youth reaching 27.3%.
Although the trend is a decrease in drug use in general, there are a lot of addicts and former users who will need life insurance one day.
Naturally, insurers do not really particularly welcome the use of cocaine or of other harsh drugs. Ongoing recreational drug use will lead to an instantaneous denial. This is because illegal drug use is a pre-existing medical condition. Current drug users may still be able to qualify for simplified issue life insurance plans. These policies do not have any medical tests as a pre-condition to approval and many of them do not ask the applicants any drug related medical questions.
- Ongoing recreational drug use will bring about a certain refusal on the part of the insurance company.
- If the client has not been having drugs for 4 years or more, the resulting price quote will probably lead to a policy rating if the applicant is otherwise in good shape. A policy rating means that the insured qualifies, but pays a larger premium on his or her coverage because the insurer assumes increased risk. Ratings are customarily in multiples and can be anything from 50% to 400% on top of the standard plan tariff.
- If the client quit taking drugs more than 4 years ago, the insured may be eligible for standard premiums (i.e. without policy rating). This, however, only holds if he or she has no other health problems and lifestyle issues.