Manulife has announced it will become the first Canadian insurer to accept life insurance applications from individuals who have tested positive for Human Immunodeficiency Virus (HIV).
In a news release, Marianne Harrison, President and Chief Executive Officer, of the insurer stated, “Manulife was the first insurer to underwrite people with diabetes, and we are continuing in that tradition by making life insurance a possibility for the more than 75,000 Canadians who have tested HIV positive. This is the result of work completed by our Research and Innovation team and working closely with our colleagues in the United States at John Hancock."
Up to $2,000,000
The decision came about after Manulife reviewed the latest mortality and long-term survival rates of HIV-positive Canadians by using enhanced analytics to gain a better perspective on individual risk profiles.
“As we continue to build on the strength of our analytics, we will rely less on traditional underwriting – leading the industry in providing coverage customized to consumer risk,” Manulife said.
Manulife’s decision will see HIV positive applicants aged between 30 and 65 and who meet the criteria, eligible for individual life insurance for up to $2,000,000.