June 2021
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Are You HIV Positive And Looking For Life Insurance

As of 2005, there were 58,000 Canadian residents surviving with HIV/AIDS. Traditional life insurance is usually not available to members of the public who have immune system abnormalities, including HIV. However, life insurance coverage is out there from guaranteed issue providers and many simplified life insurance providers.

Guaranteed issue plans has no medical examination and no health queries. Due to there being no health queries, then you don’t have to state you suffer from an immune disorder. Unfortunately this doesn’t mean it’s all great news and I will tell you why:

  1. To start off with expect to pay large policy contributions.
  2. the accessible face amounts are tiny.
  3. The protection has a two-year waiting period. In this instance the best payment you can hope for is the return of the premium payment with interest. That is if the insured dies within the first two years of a non-accidental death.

The other choice is a simplified issue life scheme, whilst no medical exam there are up to 12 health questions on the application. With higher face amounts and less expensive payments this type of scheme is better from the monetary side. Be aware though that some of these plans still have a waiting time of up to 2 years, though a few will pay out straight away. The two top providers of simplified life insurance schemes in Canada are Assumption Life and Canada Protection Plan. With regard to questions about HIV or AIDS then the differed term policy and the deferred life policy from Canada Protection Plan are the most user friendly.

“Within the past three years, has the insured been treated for unusual chronic infection, including HIV and AIDS?” – this is the inquiry on the deferred Life scheme. While the Canada Protection Scheme for deferred term asks: “Within the past three years, has the insured been diagnosed with or started treatment for unusual chronic infection or immune system abnormality, including HIV or AIDS?” – this scheme is even better for the potential purchaser and has $100,000 of coverage.

Lorne Marr PhotoAbout Author
Written by Lorne S. Marr of LSM Insurance. LSM Insurance works with 13 different insurance companies, such as Manulife Financial Life Insurance and Sun Life Insurance and many more.

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