If you are HIV positive, you can still get life insurance. In many cases, no medical exam is required. In order to find a carrier who approves you, you'll need to do a little research on a chronic health condition, such as HIV.
Our article will discuss types of no exam life insurance policies, sample rates, and how to apply.
HIV-Infected People's Options for Life Insurance: The following are seven things people living with HIV should know about life insurance. HIV patients or anyone for that matter do not have a one-size-fits-all policy.
There are currently 1.1 million people living with HIV in the United States. 1 out of 7 of them (about 15 percent) are not aware of their infection.
Life insurance companies will determine what type of coverage you qualify for based on your HIV status. HIV positive people often purchase insurance.
In State laws have prohibited discrimination against HIV positive individuals and paved the way for them to purchase life insurance.
Those with HIV can purchase life insurance in the following forms:
● Insurance for term life
● Insurance for the whole life
● Insurance for groups
● Life insurance coverage with guaranteed issue
● Insurance for term life
A term policy lasts for a specific amount of time, making it the most popular type of life insurance. A 20-year policy, for example.
HIV-positive individuals can get term insurance through a few carriers.
There are a number of advantages to choosing Term for those who:
● Life insurance needs to be large
● Protection is needed for a short period of time
Term life insurance on exam carriers are plentiful, but if you have HIV, you will probably need to submit to medical underwriting.
Insurance for the whole life: Permanent insurance, also called whole life insurance, covers you throughout your entire life. Your coverage will remain in effect as long as you pay your premiums.
Whole life applications with HIV are also only accepted by a limited number of life insurance companies, just as it is for term.
For those who follow a traditional way of life, it works best:
● Need coverage on a permanent basis
● Would like to take advantage of the policy loan feature
Life insurance for groups Individual life insurance is typically offered through your employer (or other entity), but group life insurance is offered under one contract to a number of individuals.
A You will not be discriminated against if you accept a group life insurance policy through your employer.
The following features distinguish group life insurance:
● Employers typically offer these as part of their benefits package
● A low-cost or free policy is offered
● The size of the policy is modest
● When you separate from your employer, your coverage won't necessarily follow
The benefits of group life insurance include: If free coverage is offered, everyone should accept it:
However, you should determine if a group policy is sufficient. It is usually recommended that you purchase an additional individual policy if you can.
Life insurance that is guaranteed to be issued: The guarantee issue life insurance policy does not ask any health questions.
It is guaranteed that you will be approved for a guaranteed issue life insurance policy.
In spite of its value for HIV positive people without traditional health insurance, it shouldn't be your first point of contact.
The two types of life insurance are term insurance and whole life insurance. The former is cheaper than the latter.
Life insurance with guaranteed issue offers the following features:● No matter what your health status is, you will be approved
● Policies are usually capped at $25,000 ($40,000 is also available)
● Compared to other insurance policies, premiums are expensive
● Life insurance that is permanent
● The policy usually pays out after a 2 year waiting period
● At least 40 years old is the minimum age requirement
Before applying for HIV positive life insurance, make sure you understand the key features of each type.
Treatment options for HIV can be affected by your treatment plan: The type of life insurance you qualify for is heavily influenced by your HIV treatment history.
In the past, HIV was perceived as a terminal illness. Today, many physicians treat HIV as a chronic condition.
During the application process you should be prepared to answer some specific questions about your treatment (guaranteed issue life insurance skips those questions).
Underwriting questions vary from carrier to carrier, but here are some examples of what you may be asked.
Monthly premiums are influenced by your overall health:Underwriters need to know about more than just your HIV treatment. The reason carriers look at your health in general is because they absorb risk in exchange for your life insurance policy. Questions you might be asked include:
● How much do you weigh?
● What is your height?
● Would you mind describing your health history and providing the information about your physician?
● Who are your closest blood relatives? What is their medical history?
● Using tobacco products something you do?
● Previously, have you abused drugs or alcohol (illicit or prescription)?
● How long have you been taking prescriptions?
● Did you ever receive a cancer diagnosis?
● Is there another serious medical condition you have been diagnosed with? Which is more dangerous, hepatitis B or hepatitis C?
● Have you been treated for depression or anxiety?
● Have you ever undergone surgery? If so, explain.
Your overall health and HIV status determine your eligibility for various life insurance policies.
HIV/AIDS applicants must be at least 18 years old:Traditional health insurance policies generally only cover HIV positive individuals within a narrow age range, like 30 - 65 years old.
Why? Life expectancy has dramatically increased due to medical advancements, but the life insurance industry is still a few steps behind in their efforts to accurately reflect HIV-positive policyholders' long-term outlook.
In terms of group life insurance, if you are under 30, it is best to wait until your 30th birthday to explore your options.
Consider an AD&D policy until age 30 if you are at risk of accidental death.
Essentially not life insurance, AD&D only pays out in the case of an accidental death.
If you are older than 65, you may want to investigate a guaranteed life insurance policy. The benefits of some life insurance outweigh the costs. It is more beneficial to have some face amount than none, no matter how modest.
Do HIV-infected people need life insurance?HIV positive people will undoubtedly pay more for life insurance.
Life insurance companies still think HIV is a risk even though tremendous advancements have been made in HIV research and treatment.
Companies charge a premium amount based on the perceived risk any individual applicant poses, since they are in the risk-absorbing business.
Several examples will be given. Note that these are only examples and do not reflect the policy or price offered by your insurance company.
HIV-positive people can obtain term life insurance quotesIt is important for you to know that there are a handful of companies that offer no-physical-survival insurance but only a few accept HIV positive applicants. Additionally, you should plan on taking the traditional coverage medical exam. Please note that these are examples for 10 year term policies. It is important to understand that your life insurance rates are completely unique.
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