Currently, 73,000 Canadians live with HIV/AIDS — up from 69,000 in 2001. They can expect to live into their early 70s, making life insurance a realistic possibility. Traditional life insurance is generally not available for people with HIV. Most simplified issue plans (which include no medical tests and a limited number of health questions) also have an HIV/AIDS-related question. However, guaranteed Issue life insurance (which include no medical tests and no health questions) are available. The Edge offers up to $25,000 in coverage. Bingham Group Services also offers a Guaranteed Issue Mortgage Insurance Plan.
BMO, RBC, and Manulife sell guaranteed issue plans direct. Most guaranteed Issue plans offer limited face amounts of $25,000 or less and limit the death benefit for non-accidental death to a return-of-premium plus interest in the first two years. Bingham Group Services’ Guaranteed Issue Mortgage Insurance Plan must be linked to a loan, and coverage can be configured to the full amount of the loan up to $500,000, or to cover a partial loan, depending on the insured’s budget. On the downside, any pre-existing conditions, within 12 months from the policy issue date, will not be covered for the duration of the policy contract.