Sun Life adds coverage for people with HIV, cuts mandatory medical exams

Sun Life will now be offering coverage of more than $3 million for people living with HIV.

In a release, the company calls this “the most coverage for the broadest range of ages in the Canadian industry,” adding that it will be rolling out HIV life coverage in other worldwide markets.

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The insurer will also eliminate routine underwriting requirements such as medical exams, ECGs, stress ECGs, oral fluid samples and urine HIV tests for either critical illness or life insurance (only an application will be required), and it will introduce automatic pre-screening for type 2 diabetes when blood samples are required.

Sun Life also says its individual life insurance products are now more straightforward and flexible. In addition to the mandatory tax-exempt rule changes coming into effect January 1, 2017, changes include:

• guaranteed paid-up participating life insurance policies in eight or 10 years, while having protection for life;
• tailored universal life insurance with two new death benefit options, one for business owners and the other for leaving beneficiaries the basic insurance amount plus all payments made to the policy; and
• diversified investment account options within universal life.

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