Friday, April 30, 2010

AIDS/HIV Positive - Looking for Life Insurance

There are nearly 60,000 Canadians suffering with HIV or AIDS according to the figures stated as of 2005. Common life insurance is normally not available to individuals who have immune system abnormalities, including HIVAIDS.

But all is not lost, some guaranteed issue providers and quite a few simplified life insurers will supply some kind of life insurance.

Guaranteed issue plans has no medical assessment and no health queries. Consequently you don't have to state you have contracted AIDS or HIV There are 3 problems to this kind of insurance:
1) Firstly expect to pay big policy contributions.
2) the possible face amounts are tiny.
3) The final downside is the waiting duration, which is usually two years. In this instance the best payment you can hope for is the return of the premium with interest, if the insured dies within the first two years of a non-accidental death.

With no medical test but up to 12 medical questions, then a simplified issue life insurance plan may be the insurance for you. This kind of plan has the benefit of a higher pay-out and lower premiums. Check the policy details, as some of them still have a waiting period which could be up to 2 years. Canada Protection Plan and Assumption Life are two of the main providers of this type of life insurance in Canada. Canada Protection Plan deferred life and deferred term schemes have the most encouraging questions in terms of HIV and AIDS history.

They are asked as follows: Deferred Life within the past three years, has the insured been treated for unusual chronic infection, including HIV and AIDS. Whilst the Canada Protection Plan 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 policy is even better for the potential purchaser and has $100,000 of coverage.

Lorne Marr is life insurance professional

picture by Cayusa

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