AIDS/HIV - Implications For Life Insurance

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There are practically 60,000 Canadians surviving with HIV or AIDS according to the figures quoted as of 2005. If you have any immune system disorder, such as HIV/AIDS then the chances are you will struggle to acquire traditional life insurance.

Still, life insurance coverage is accessible from guaranteed issue providers and rather a few simplified life insurance providers.

The plus side of guaranteed issue coverage is there is no health questions and no medical tests to take. Consequently you do not have to state you have AIDS or HIV Unluckily this does not mean it is all great and I will make clear why:

1) the monthly payments are commonly high.

2) the accessible face disbursement are low.

3) If you pass away inside the first two years of taking out the scheme it won't pay up. The waiting period means that if the insured was to die of a non-accidental death inside this waiting period, then the benefactor would be lucky to get the premiums plus interest or even just the premiums!

Simplified problem life insurance also has no medical exam, on the other hand it has three to 12 wellness questions on the application. With higher face amounts and much less high priced payments this sort of scheme is improved from the monetary side. Check the policy details, as some of them still have a waiting period which could be up to 2 years. The two dominant providers of simplified life insurance plans 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 Strategy are the most user friendly.

The Deferred Life scheme has the question - within the past three years, has the insured been treated for unusual chronic infection, which includes HIV and AIDS? Whilst the Canada Protection Policy for deferred term asks inside the past 3 years, has the insured been diagnosed with or began treatment for unusual chronic infection or immune method abnormality, such as HIV or AIDS? - this scheme is even much better for the prospective client and has $100,000 of coverage.

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