Life Insurance with an STI in Canada

Although not every sexually transmitted infection (STI) is a cause for concern, some can make it more challenging to obtain life insurance. This is because certain STIs are more severe or difficult to treat and pose a greater threat to your health and well-being. If you want to know how an STI can affect the life insurance process, keep reading this helpful guide.

In this article:

• What is an STI
• Types of Sexually Transmitted Infections That Can Affect Life Insurance
• Can I Get Life Insurance if I Have an STI
• How Does an STI Affect Life Insurance in Canada
• Factors Insurance Companies Consider if You Have an STI
• Types Of Life Insurance For Individuals With an STI
• Case Study Example
• Frequently Asked Questions about Life Insurance with an STI

What is an STI?

Sexually transmitted infections (STIs) are caused by microorganisms like viruses or bacteria that are spread through sexual contact. In Canada, hundreds of thousands of new STI cases are reported each year. The severity and treatments of sexually transmitted infections can vary.

Types of Sexually Transmitted Infections That Can Affect Life Insurance

Can I Get Life Insurance if I Have an STI

Yes, there are many life insurance companies that will provide coverage to Canadians who have an STI. However, if you have an STI you may face higher premiums and lower coverage maximums.

How Does an STI Affect Life Insurance in Canada

In Canada, like many other countries, life insurance companies consider STIs as part of their risk assessment process. While having an STI does not automatically disqualify you from obtaining life insurance, it can influence the terms of your policy and the premiums you’ll pay.

Typically applicants will be required to undergo a medical underwriting process. During this process, you’ll be asked to provide detailed information about your medical history, including if you have been diagnosed with an STI.

Insurers will assess the risk associated with your STI and may adjust your premiums accordingly. The type and severity of the STI will influence the insurer’s decision. Some STIs are more serious than others and may have long-term health implications. For example, HIV/AIDS is considered a high-risk condition by insurers and may result in higher premiums or limited coverage options.

Insurance companies may also consider how well your STI is managed and treated. If you’re undergoing regular treatment, following your healthcare provider’s recommendations, and have the condition under control, it may positively impact your life insurance application. Providing evidence of regular check-ups and adherence to treatment plans can help lower premiums.

Factors Insurance Companies Consider If You Have an STI

Some questions life insurance providers may ask you include:

• How old are you?
• What is your height and weight?
• Have you been diagnosed with any major pre-existing medical illnesses?
• Have you ever been diagnosed with a heart attack or stroke?
• Have you ever received a cancer, heart disease, diabetes, or depression diagnosis?
• Have any members of your immediate family been diagnosed with cancer, cardiovascular disease, or diabetes?
• Are you now using any prescription medications (such as antiviral drugs or antibiotics)?
• Are there any members of your immediate family who have had a heart attack or stroke?
• Have you applied for or received any sort of disability benefits in the past year?
• In the previous two years, have you been admitted to the hospital for any reason?
• Are you currently employed?
• Have you used any tobacco or nicotine products in the past year?
• Do you actively engage in or intend to engage in any dangerous hobbies or activities?

Types Of Life Insurance For Individuals With an STI

If you are living with an STI in Canada and seeking life insurance, you have a few options available. You can choose from fully underwritten plans, which offer term life insurance and permanent life insurance coverage. There are also no-medical life insurance plans known as simplified issue and guaranteed issue life insurance. Here are the main types of insurance available to those with an STI in Canada:

Term Life Insurance 

Term life insurance has a death benefit that is paid out if the insured were to pass away within a specific time frame, typically 10, 20, or 30 years. At the end of the term, the insured can typically choose to renew the policy, and some policies may be converted to permanent life insurance. This is the most popular and affordable type of life insurance, however, this type of insurance requires applicants to undergo medical underwriting and provide thorough health information for a standard plan.

Permanent Life Insurance

Permanent life insurance provides coverage for the remainder of the insured’s life. Certain types of permanent life insurance may also offer a cash value component that can be invested and grown. This type of insurance is more expensive than term life insurance and also requires applicants to undergo medical underwriting for a standard plan.

Simplified Life Insurance

Simplified life insurance is relatively simple to qualify for as there is no required medical exam. However, this type of insurance does require applicants to complete a short health questionnaire with limited health questions. This type of insurance is typically more expensive than traditional life insurance, but less expensive than guaranteed issue life insurance. Simplified life insurance is ideal for those who may not qualify for traditional life insurance, such as those with a pre-existing medical condition.

Guaranteed issue Life insurance 

Guaranteed issue life insurance does not require applicants to undergo a medical exam and applicants will not be asked any questions about their health or medical history. As implied by the name, coverage through this type of policy is guaranteed. This type of coverage is easy to qualify for and has short wait times for approval. However, this type of policy is usually very costly and offers lower coverage maximums compared to traditional insurance. This type of life insurance is ideal for people who do not qualify for traditional or simplified issue insurance due to factors such as severe health conditions.

Case Study Example

Here is a helpful case study outlining the process followed by this Canadian diagnosed with an STI who is interested in life insurance.

Case Study: Stanley

Stanley is a 35-year-old married man who is diagnosed as HIV positive. He is interested in obtaining life insurance so he can offer his wife financial protection in case he were to pass away.

Here is what Stanley considers when determining his coverage needs:

• Martin and his wife currently have $240,000 left on their mortgage and anticipate being able to pay it off in 10 years.
• Stanley anticipates his funeral costs will be around $10,000.
• He currently does not have any dependents or other financial obligations.

Now that he has a better understanding of his coverage needs, Stanley discusses his HIV diagnosis with his life insurance broker. Since Stanley was diagnosed 15 years ago, works with a specialist and keeps up with his antiretroviral therapy (ART) treatments, has a CD4 cell count of around 390, and is in otherwise good health with no other pre-existing conditions or issues with family health history he will likely qualify for a traditionally underwritten policy.

After working with a life insurance broker, Stanley quickly gets approved for a standard term life insurance plan with $250,000 of coverage and a term length of ten years.

Frequently Asked Questions (FAQs) about Life Insurance with an STI

Finding the right life insurance policy for you

Finding life insurance with an STI can be challenging, but with the right help finding affordable life insurance is possible. At Protect Your Wealth, we’ve been providing expert advice for all types of life insurance, including 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 all your needs.

Contact Protect Your Wealth online 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, Manitoba, and British Columbia including areas such as Kitchener, Burnaby, Brandon, and Ottawa.