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

Things that Driving Can Signify for Insurance

A little known truth - having a driver's license can hamper you when you are scouring around for life insurance.

One of the main causes of death amongst younger people is down to vehicle accidents due to fast speeds and alcohol. Possible decline of mental state and slower reactions are the reason why drivers over the age of 65 are also looked at vigilantly. Therefore if the applicant is a driver, then their application is looked at very carefully and the following are the areas for attention:

1. How old is the individual?
2. Categories of violations.
3. How many DUI charges?
4. Any other offences and how many?
5. Did you have an road traffic accident and if so, how many?
6. Any other hazardous taking pastimes?

The underwriters will examine the number and types of offenses. They will want to know the date of both your last violation and your last suspension and they will want to know the length and an explanation for your suspension for a chance at being fast tracked.

If the individual has a DUI violation then the application won't be considered until 6 months after the suspension ends. If there are further violations as well as the DUI then this time extends to one year. Standard fees would be given if the individual only has a few minor violations. An average case means an additional $2.50 to $5.00 on your monthly charge for every $1000 of cover for a minimum of three years. Numerous DUI's are an assured failure.

Purchasing Canadian life insurance is a complex process. Don't omit any side of the process!

Buying Life Insurance Policy? 7 Checks

1. Be aware of crooked insurance brokers who may advise you to change your policies even if they don't need replacing, just to get money out of you. Changing them often does make sense, as term costs have dropped across the board in recent years. But be careful when cashing in an existing whole life or universal life policy. With great rates given when you purchased the policy, these type of policies could have large surrender charges.

2. Standard life insurance plans usually have lower premiums and larger face amounts than the non-medical life insurance policies. These type of plans are normally restricted and only pay out the equivalent of the fees paid plus interest if cashed in the first two years. These non-medical insurance plans are designed for people primarily with significant health issues.

3. Another type of policy to avoid is the accidental death insurance policy which is pushed onto the unsuspecting customer. Whilst they may seem like a good idea when you are buying them, be aware that less than 3% of insurance claims are due to accidental death. When looking at the same term policy benefits, most of the time the accidental death policy is more costly.

4. Captive agents are only licensed to sell their own companies products, so be very careful of them. Companies employing independent brokers often charge cheaper premiums than companies employing captive agents. Not being able to shop around, captive agents rarely find the best policy to suit your needs and the best price.

5. Charges involved with the initial premiums can be off putting, but when looking at your life insurance premiums, work out the complete cost instead. Many insurance businesses try to lure clients with low initial premiums. Term insurance schemes, which offer low initial premiums that increase as the insured ages, are appropriate if bought for temporary insurance needs. All consumers are different and have different lifestyles, so schemes that assume everyone is alike are really not in your best interest. Time needs to be taken too assess each consumer and a policy found to suit their individual needs and circumstances.

6. Be knowledgeable of policy exclusions. With exception life insurance policies have a two-year suicide exclusion. Recreational pursuits and travel may be excluded from your policy if they are being done when you put the application in. As these exclusions and guides are different depending on which organization you pick, make sure your broker can look around for the best policy and is up to date on their guidelines.

7. Refrain from any misrepresentations on your application. All Canadian life insurance products have an incontestability period, generally of two years. During this two years, insurance businesses can contest a claim for misrepresentation or not admitting a material fact.