Life Insurance for HIV/AIDS in Canada

Getting life insurance for HIV/AIDS in Canada is definitely possible, and there are plenty of life insurance options that range in pros and cons. Human immunodeficiency virus (HIV) is a virus that attacks the human immune system, and if untreated it can lead to Acquired immunodeficiency syndrome (AIDS) diagnosis. These are serious diseases that are life-threatening and unfortunately there is not a cure to these two diseases at the moment. 

Luckily, there are Canadian life insurance companies that do provide life insurance coverage to people who are diagnosed with HIV/AIDS or even STIs/STDs. In this blog we will outline some of the major points about how life insurance for HIV/AIDS works such as the cost of life insurance for HIV/AIDS positive patients, what life insurance companies offer life insurance for HIV/AIDS positive people, what life insurance companies consider if you have HIV/AIDS and more.

The answer is yes, you can get life insurance if you are HIV/AIDS positive.

In this article: 

• Is there life insurance for HIV/AIDS patients?
• What is HIV/AIDS?
• How does having HIV/AIDS affect life insurance coverage?
• What factors do life insurance companies consider if you have HIV/AIDS
• Types of life insurance policies for people with HIV/AIDS
• How to get life insurance if you are HIV/AIDS positive
• The cost of life insurance for HIV/AIDS positive patients
• Best life insurance policies for someone who has HIV/AIDS
• What happens if I become HIV/AIDS positive when I already have life insurance
• Frequently asked questions (FAQs) about life insurance for people with HIV/AIDS

Is there life insurance for HIV/AIDS patients?

There are options for people looking for life Insurance for HIV/AIDS in Canada and there are actually even fully underwritten policies available too. The life insurance industry has options for dozens of medical conditions and there are diverse options that can fit the needs for everybody. For HIV/AIDS positive people there are fully underwritten policies, meaning that there are term life insurance and whole life insurance policies available. There are also simplified life insurance policies, and no-medical or guaranteed life insurance policies. 

What is HIV/AIDS?

HIV (human immunodeficiency virus) is a virus that affects the immune system of the body. AIDS (acquired immunodeficiency syndrome) can develop if HIV is not treated. It is spread through contact with a person’s HIV-positive bodily fluids, most often during unprotected sex (sex without a condom or HIV medicine to prevent or treat HIV) or through sharing injection drug equipment. There is currently no cure treatment available. People who contract HIV are infected for life. HIV, on the other hand, can be controlled with proper medical care. People living with HIV who receive effective HIV treatment could really live long and healthy lives while protecting their partners.

How does having HIV/AIDS affect life insurance coverage?

Being HIV/AIDS positive does affect your life insurance coverage. Having HIV/AIDS will alter the price of your premiums, the type of life insurance (term insurance, whole insurance, simplified insurance, no medical life insurance), the process of getting life insurance, and your options with certain life insurance companies. Keep in mind that although there are some life insurance companies that are simply not receptive to offering life insurance coverage to people who are HIV/AIDS positive, there are companies out there that are offering comprehensive life insurance coverage for people who are HIV/AIDS positive. 

If you have an existing life insurance policy and you are diagnosed with HIV/AIDS, your life insurance will not become void and you should also check if your diagnosis is covered by your life insurance. Your life insurance company also cannot raise your premium prices either due to you becoming HIV/AIDS positive.

What factors do life insurance companies consider if you have HIV/AIDS

There are a number of things that are considered for by life insurance companies when anyone applies to get life insurance coverage. 

To start with the basics, these are the general considerations that will affect your life insurance coverage if you chose to go with a fully underwritten life insurance policy:

•  Weight
•  Age
•  Gender
•  Smoking status
• Personal health history

There are a number of factors that also come into play such as:

•  your occupational hazards
•  your travelling habits
•  any hazardous hobbies that you take part in, and more. 

For someone with HIV/AIDS there are a handful of things that are going to be considered regarding your diagnosis. 

The primary things that will be considered is:

• The date of your HIV/AIDS diagnosis
• the severity of your symptoms
• treatments that you are taking for your HIV/AIDS
• how those treatments are affecting you
•  and if you are being consistent with your HIV/AIDS treatments

The considerations are just some basic ones that might be required, but there might be an attending physician’s statement as well. These are some more considerations that are specific to HIV/AIDS positive patients.

Types of life insurance policies for people with HIV/AIDS

For HIV/AIDS positive people there are fully underwritten policies, meaning that there are term life insurance and whole life insurance policies available, there are simplified life insurance policies, and also no-medical or guaranteed life insurance policies.

Term life insurance: This type of policy pays a death benefit if you die before reaching a certain age (e.g., 65) or within a specific time frame, such as 10 or 20 years. The insurance company will generally establish your premiums, which may increase over time.

Whole life insurance: This type of policy protects you throughout your lifetime and leads to your family receiving payment if you die while the policy is in effect. Furthermore, these policies can provide access to cash values for your family or business during your lifetime. Types of permanent life insurance include participating whole life, which allows you to share the profits of the insurance company while providing permanent coverage, and universal life, which combines permanent life insurance with flexible investment account options.

Simplified life insurance: This type of coverage does not require a medical exam, but may require a basic health questionnaire. It’s also available both as a Whole Life or Term Life policy.

No medical or guaranteed issue life insurance: This type of coverage does not require a medical exam or questionnaire but offers a limited level of coverage (typically around a $25,000 death benefit). Your coverage will continue as long as you continue making payments, but should you perish during the initial two years of your policy, your beneficiary will only be entitled to the total amount you’ve paid into your policy at that time.

Find out more differences between by reading this blog:  Guaranteed Issue vs Simplified vs Fully Underwritten Life Insurance Policies.

How to get life insurance if you are HIV/AIDS positive 

Getting life insurance should not be a hassle if you are someone who is HIV/AIDS positive. There are plenty of companies in Canada that are willing to insure you and give you a large coverage amount. The best thing you can do if you are HIV/AIDS positive and are in the market for life insurance is to talk to a life insurance broker. A licensed life insurance broker is responsible for understanding your situation, evaluating your situation by doing a needs assessment and by helping you look at your life insurance options. They take the hard work out of life insurance shopping, they will find you the best life insurance policies available for you and will help you all the way from the first call with them, up to the point that you sign on to your new life insurance policy.

The cost of life insurance for HIV/AIDS positive patients

The cost of life insurance for someone with HIV/AIDS can vary case by case. What you need to know about the cost of life insurance with HIV/AIDS is that it can be higher than a preferred rate, but that is not to say that it will be unaffordable. In fact, having life insurance as someone who is HIV/AIDS positive, is more easier to attain and more affordable now more than ever. With the growing medical innovations, HIV positive patients can in fact get a great rating.

Best life insurance policies for people with HIV/AIDS

The best policies for life insurance for HIV/AIDS in Canada patients might depend on what kind of life insurance coverage they are looking for. Each person might have a set of unique factors that might make a certain life insurance policy more appealing to them. Luckily, people who have HIV/AIDS are able to get most life insurance policies. It is definitely possible to get a guaranteed life insurance, simplified life insurance and even a fully underwriting life insurance policy.

Underwritten Policy

To attain a fully underwritten policy, it will require you to take a questionnaire about your HIV/AIDS condition, and most likely some more information including an attending physician’s statement (APS). There are benefits to this evaluation though, because depending on your results, you can get a preferred or standard rate and the cost of your life insurance might just be slightly more than someone who doesn’t have HIV/AIDS. This will allow you to have a higher coverage amount and will allow you to have access to different kinds of life insurance policies which have great benefits and features that might better suit your needs and wants. Luckily, there are life insurance companies out there that have appealing underwritten policies for people with HIV/AIDS. Companies like Manulife and Sun Life offer amazing coverage amounts ranging from as high as $3 million dollars.

Manulife offers a decreased need for routine blood profiles for life clients up to $1,000,000 clients ages 18 to 40, and clients ages 30 to 65 can get up to $2,000,000 of life insurance. Manulife also provides this list of key criteria for HIV patients looking for life insurance with them:

• Compliant with antiretroviral therapy for at least 5 consecutive years
• Well followed by a specialist
• Viral load undetectable for the last 2 years and current CD4 count ≥350 Current negative Hepatitis B & C testing and no history of hepatitis
• No viral resistance to treatment
• No history of IV drug use or other substance abuse
• No history of coronary artery disease, diabetes, or cancer
• No AIDS defining illness

It is certainly possible to get an underwritten policy if you are someone who has HIV/AIDS, contact us today to find out how!

Guaranteed or No Medical Policy

Guaranteed or no medical policies can benefit those who do not want to go through a stringent questionnaire, medical evaluation, or those who are declined from acquiring an underwritten policy. This is quite an ideal type of life insurance for those who have HIV/AIDS, as you will attain life insurance no matter what. Keep in mind that there are many insurance companies that will allow you to get an underwritten policy even if you are HIV/AIDS positive. A no medical or guaranteed policy can limit the amount of coverage you can receive for your policy and can have a higher premium cost but it is easier to obtain. It is important to take note that, most no medical exam term life insurance policies will provide you with up to $500,000 coverage and no medical exam whole life insurance policies will only offer you up to $50,000 in coverage. These amounts are dramatically lower than the amounts you can acquire with a fully underwritten policy. Luckily, if you are interested in medical and guaranteed life insurance, it is offered by most Canadian insurance companies. Notably, CPP and Assumption Life are two companies that offer guaranteed life insurance for HIV clients.

Simplified Policy

Simplified policies are available from many life insurance companies for people who are HIV/AIDS positive. These simplified policies have a mixture of traits from fully underwritten policies and guaranteed policies. This is an attractive policy for those who want a higher coverage amount and more features than a no medical or guaranteed policy. These kinds of policies will require you to answer limited medical questions, but will not require you to visit a doctor and get an examination. The coverage amount and coverage features will be dependent on basic things such as your health, age, smoking status and a few other factors.

What happens if I become HIV/AIDS positive when I already have life insurance

If you become diagnosed with a health condition like HIV/AIDS and are already covered by a life insurance policy, then you do not have to worry about losing your life insurance or getting an increase in your premium. Your life insurance provider is not allowed to remove your life insurance coverage, nor are they allowed to increase your premium. If you are diagnosed with HIV/AIDS and already have life insurance, it is best to check in with your life insurance provider and notify them of your condition. Canadian life insurance companies cannot revoke or change your life insurance coverage or policy once it is effective but there are many exclusions and clauses in life insurance policies so it is best to speak with them or a life insurance expert.

Frequently Asked Questions (FAQs) about Life Insurance for HIV/AIDS in Canada

Finding the right life insurance for you

Getting life insurance for HIV/AIDS in Canada is possible! Working with a life insurance advisor can help you create the perfect life insurance plan and package for your needs.

At Protect Your Wealth, we’ve been providing expert advice for all types of life insurance, including for no medical life insurance, term life, critical illness insurance, or permanent life insurance, since 2007. As your Life Insurance broker and financial planner, we work with you to create a personalized plan for you and your family, or business that covers and meets your needs.

Contact Protect Your Wealth or call us at 1-877-654-6119 to talk to an advisor today. We’re proudly based in Hamilton, and service clients across Canada in Ontario, Alberta, and British Columbia including areas such as Kitchener, Burnaby. and Ottawa.