Having HIV might impact your life insurance rates, but you can still get life insurance in Canada with HIV.
There are some differences in how everything works if you have HIV because you might be considered "high risk". The term high risk means you have health or lifestyle risks that the life insurance company needs to be made aware of.
So what does this mean for you?
We reviewed the best life insurance companies for HIV-positive people in Canada. They are PolicyMe, Canada Protection Plan and Sun Life.
These companies can help you get the insurance you need without breaking the bank, even if you're living with HIV.
Company bio: PolicyMe was founded in 2018 and is headquartered in Toronto, Ontario. It’s an online life insurance company. In 2021, PolicyMe launched digital life insurance with the backing of Canadian Premier (Betakit).
“The process was quick, support was top notch and the price was competitive.” – Verified customer on Reviews.io.
Company bio: Canada Protection Plan is an insurance company founded in 1992 in Toronto. It shouldn’t be confused with the Canada Pension Plan, a Canadian government program that helps retirees. It’s the leading provider of no medical life insurance in Canada.
“Thank you, CPP for giving coverage to those who are difficult to insure. This was the easiest and most seamless e-application I have ever done.” – Customer testimonial from CPP.
Company bio: Sun Life was founded in Montreal, Quebec in 1865, making them of the oldest insurance companies in Canada. They’re known for their group benefits and individual insurance products (Forbes). They have a financial strength rating of A+ and over $170 billion in assets.
“Waiting 5 months on a claim decision.” – Customer on Insureye.
Here are some tips for getting HIV life insurance in Canada from certified life insurance advisor, Tobin Tuff.
“One of the contributing factors to your life insurance approval will be questions on your viral load and if you’re managing it with medication.
But being HIV positive does not mean you will get denied life insurance,” says Tobin.
“If you get denied, no worries. A ‘denial’ is not a red flag on your record. It’s something that helps underwriters make a decision faster, but it’s not something they can automatically see. It might even help you skip another nurse visit.”
Tobin also says, “Every company will have a different policy — some will deny you right off the bat. PolicyMe is not one of those companies. You can still absolutely get a term life insurance policy, but it’ll likely have to go through underwriting.”
“This is a process in which the company assesses how much of a “risk” you are to cover most companies can take months to do this, but with PolicyMe your typical waiting period is just a few weeks.”
The sooner you have an answer on your life insurance application, the sooner you can move on or shop elsewhere.
Yes, HIV patients can get life insurance. Each company will have its own policies around what types of health conditions they will approve, but more often than not, having HIV does not lead to an immediate denial. You can still get affordable rates from traditional insurers like PolicyMe, so get quotes from different companies before buying a policy.
You might be surprised to see that rates can be more affordable with an underwritten policy compared to a no-medical life insurance policy.
You can get life insurance with AIDS. If your HIV diagnosis progresses into AIDS, you are still very much insurable. Life insurance providers will each have their own specific rules around what they will automatically deny and what they won't, but it is still a possibility to find an insurer in Canada who will cover you.
In most cases, living with AIDS means that your life insurance premiums will cost more than the base rate; and this is true for most types of life insurance policies you could apply for. The best thing you can do if you're trying to get a life insurance policy with AIDS is shop around with different providers so you can get the best rate.
If you have HIV, to get life insurance, apply through the regular channels but be honest about your HIV status. With some companies, you will qualify for their high-risk life insurance policies.
They will likely ask you more questions about your HIV status, but that doesn’t mean your premiums will be expensive. This is because insurance companies consider many factors about your health and lifestyle before offering you a policy.
If you have HIV and are otherwise healthy, you can still get an affordable policy with an insurance company like PolicyMe.
Term insurance is better for people living with HIV because it’s more affordable and flexible.
You can also take advantage of group policies offered through your employer, especially if they don’t require medical exams or questions. Alone a group policy likely won’t offer enough coverage. But if you can afford to pay for it on top of an individual policy, it can give you extra coverage.
No, HIV is not classed as a critical illness by many insurance companies. If you have critical illness insurance and are later diagnosed with HIV, your health condition likely won’t be covered by the policy. Make sure you read the conditions covered by your critical insurance policy before signing.