Life Insurance and HIV Positive Diagnosis

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As of 2005, there were 58,000 Canadian residents living with HIV/AIDS. For those that have any type of immune system disorder and that includes HIV/AIDS, then they are going to have problems finding life insurance.

If you look hard enough there are many providers that will sell you life insurance, these include simplified life insurance and some guaranteed issue providers.

Guaranteed issue coverage has no medical tests and no health questions. Thus, the HIV question is not on the application. Unluckily this doesn't mean it's all good news and I will tell you why:
1) the monthly payments are quite high.
2) the accessible face amounts are small.
3) If you die within the first 2 years of taking out the plan it won't pay up. In this case the best payment you can hope for is the pay out of the policy payment with interest, if the insured dies within the first two years of a non-accidental death.

Lorne S. Marr, expert from Life Insurance Canada, adds:"With no medical examination but up to 12 medical questions, then a simplified issue life insurance plan may be the policy for you. This type of plan has the benefit of a higher pay-out and lower payments. Some simplified schemes pay out at once and others have a two year waiting period. Canada Protection Plan and Assumption Life are two of the forefront providers of this type of life insurance across Canada. 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 plan. Whilst on the Canada Protection Scheme, which provides $100,000 of coverage, it 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 - which seems the better option for someone who has this type of disorder.



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