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High Time for Life Insurance?

Following all the recent New Zealand media hype surrounding the recent banning of Kronic it seems there are a lot of Kiwi’s who don’t mind the occasional joint – even if it’s the synthetic version. Cannabis It is the most widely used of all recreational drugs today, and is used by people of all walks of life. According to The United Nations Office on Drug and Crimes (UNODC), more than 8% of Kiwi’s use cannabis on a regular basis. That’s approximately 320,000 regular puffers out there. That same agency tells us that of people aged 16 to 64, about 13.4% have an occasional joint. By my reckoning, that would be approximately 400, 000 occasionally mellow Kiwi’s.

Which begs the question, does the disclosure of cannabis use make one ineligible for life insurance?

Good news for potheads… dope use on its own is not something that will make you ineligible for a life insurance policy.

Most life insurance questionnaires ask whether you have used any illegal drugs in the past. If the answer is yes, you still should be able to qualify for life insurance. For example, the online application process at www.pinnaclelife.co.nz allows social users of cannabis to purchase life cover without a price loading. The proviso being that the usage is occasional. Most insurers will ask you to fill in supplementary questionnaire on your drug use and heavy users of cannabis can expect to incur additional loadings if usage is deemed to be moderate or excessive.

The most important principle in any life insurance application is to ensure full disclosure at the time of application so the policy can’t be challenged when the time comes to make a claim. Understandably, when it comes to drug use, applicants may be hesitant to supply information about personal use for fear of reprisal. However, any health information provided to an insurer cannot be provided to any government agency or other persons without the express permission of the applicant.

So if you’re applying for a policy… tell all about your use of drugs and then chill out; your high time secrets are entirely safe with a trustworthy insurer.

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