People all over the world are realizing the importance of life insurance. However, people diagnosed with HIV may experience some difficulties in finding an affordable plan. In the past, life insurance for HIV positive is limited. It was almost impossible to find insurance coverage for HIV and AIDS patients. However, with new medical advancements, life insurance options are becoming more available for HIV patients and there are life insurance products for those living with HIV.
Life insurance is now available if you have HIV and you meet the underwriting requirements. In the past few years, there has been considerable progress with HIV life insurance underwriting. Today, we have many HIV life insurance companies available to HIV and AIDS patients. Many seniors with HIV are looking for affordable HIV burial insurance plans.
If you have been diagnosed with HIV and you want the life insurance coverage to protect your family financially, we can help you shop around to find the best HIV life insurance policies that will fit your needs. Some carriers specialize in providing life insurance for HIV positive. It is essential to shop around for the best price and coverage options before selecting a life insurance policy.
FOR EASIER NAVIGATION:
WHY DO THE INSURANCE COMPANIES CARE ABOUT MY HIV?
Human immunodeficiency virus (or HIV) is a virus that can lead to AIDS acquired immunodeficiency syndrome if left untreated.
The insurance companies know that HIV can be transmitted through contact with infected body fluid, such as blood, breast milk, or semen. HIV targets the immune system and invades the CD4 cells (also called T cells). HIV can destroy these cells, and the body can’t fight off infections and disease.
The human body can’t get rid of HIV entirely, even with medications and treatment. So once you are infected, you have it for life.
After the virus invades the T cells, it replicates itself. Then, the cells explode releasing many viral cells that invade other cells in the body. This process destroys the immune system making it harder for the body to fight infections and some other diseases. The infected person will more likely get other infections or infection-related cancers.
There is no known cure for HIV today, but with proper medical care, HIV can be controlled.
Is HIV a critical illness? HIV is considered a critical illness if it is due to blood transfusion or occupationally acquired.
Medications can help people with HIV manage their condition and live healthy lives. The medicine used to treat HIV is called antiretroviral therapy. These medicines work by stopping HIV from replicating. These drugs can prolong the lives of people infected with HIV and keep them healthy. It also lowers their chance of infecting others.
Before the introduction of the therapy, people with HIV could progress to AIDS in just a few years. HIV life expectancy in 1996 for a 20-year-old was 39 years. Today, people diagnosed with HIV and treated with drugs before the disease is in the late stage can live nearly as long as someone who does not have HIV. The HIV normal life expectancy today is 70 years.
U.S HIV Statistics
- The U.S. Center for Disease Control (CDC) estimates that more than 1.1 million Americans are living with HIV today
- 1 in 7 of these individuals doesn’t know they are infected.
- In 2016, the CDC estimated that 39,782 people were diagnosed with HIV
- In 2014 an estimated 37,600 people became newly infected with HIV
- There was an 18% decline in infections from 2008-2014
WHY DO YOU NEED TO BUY LIFE INSURANCE IF YOU HAVE HIV?
HIV can cause AIDS that results in failure of the immune system to combat life-threatening infections, and this can lead to premature death.
For an individual with HIV who is confronted with the harsh reality of death, buying life insurance is imperative.
Buying life insurance can serve a different purpose. The first purpose of having life insurance for HIV positive is to cover the final expenses. HIV life insurance can be used to pay funeral and burial cost and, medical bills not covered by health insurance. It will ease the financial burden on the surviving family members.
Life insurance death benefits can also help replace your income if you pass away. Your beneficiaries can use the death benefit payout to pay off your mortgage or secure college educations for your children.
More often people with HIV leave the family with massive medical debt to pay. Life insurance can provide a financial legacy for the survivors which can be used to pay medical bills incurred before death. HIV burial insurance provides people with HIV with peace of mind knowing that their family will be taken care of in the event of their death.
HIV AND LIFE INSURANCE
There are three stages of HIV infection. The first stage is a primary infection which is distinguished by flu-like symptoms. The second stage is the longest that generally last from 8-10 years without symptoms. The third stage is when the immune system is weakened, and symptoms are caused by other illnesses such as pneumonia and cancer.
Life insurance companies take into consideration how advanced the individual’s HIV is in the medical underwriting process. If the patient’s HIV turns into AIDS, it’s most probable that the life insurance company will no longer offer their traditional life insurance coverage to that person.
In the past decade, it was impossible to attain life insurance for HIV positive and AIDS.
However, with the technological advancement in medicine, and the improvement in the living standard of patients, there has been many improvements in life insurance underwriting. Over the past decade the spread of the disease has slowed down, and the awareness rates have improved. Today, many HIV patients can attain good life insurance policies.
While the premium is still higher for persons infected with HIV, their improved health increased life expectancy, and better survival rates allow them to get life insurance. It is essential for HIV patients to ensure that they get a policy in place after their initial diagnosis to help reduce their premiums (because of better medical fitness at that time).
Life insurance companies also prefer that the applicant is taking antiretroviral medication to prolong his or her life. Even though there is no cure for HIV, promising results from the combination therapy is one of the reasons why life insurance companies began offering life insurance coverage to people who are positive for HIV.
If you happen to have a life insurance policy before being diagnosed with HIV, do not let your policy lapse. If you make it lapse, it will be difficult if not impossible to get similar coverage in the future. Do the best you can to continue to pay the premiums to keep your life insurance policy in force.
LIFE INSURANCE FOR HIV POSITIVE
HIV life insurance policies available:
Term Life Insurance
Term: 10 or 15 years
Face amounts: $100,000 – $2,500,000
Does insurance cover HIV? Some life insurance companies are providing a term life insurance policy to HIV patients.
This type of policy provides pure life insurance designed to protect your family in case you die prematurely. Best rates term life insurance policy provides coverage for 10 to 15 years. If you die within the term, your beneficiary will receive the death benefit payout. The death benefit and the cost of premium remain the same throughout the life of the policy.
Group Employment Life Insurance
Face amount: $5,000 – $10,000
Many employers offer group life insurance coverage to employees. Select employers who offer life insurance in their benefits package. The death benefit may be limited to $10,000, but if you work for a small employer, you might try to ask the business owner to increase the death benefit to up to $50,000 for you and up to $25,000 for your spouse or partner.
The downside to group employment life insurance is portability. If your work situation change, your coverage will be affected or eliminated. You are covered while working, but the coverage will end once you leave your job. If you get sick, you might quit your job, and you will be denied coverage when you need it the most.
Voluntary Employment Life Insurance
Face amount: $75,000 – $100,000
This policy might be your best bet to get a higher death benefit compared with group employment life insurance. More and more life insurance companies are promoting voluntary life insurance programs to employers. Most companies offer guaranteed eligibility for a death benefit to employees. Some of these companies also offer a guaranteed amount to spouses or partners.
Critical Illness Life Insurance
Critical illness insurance HIV is possible. Some life insurance companies provide specialized life insurance for people with a critical illness. HIV is classified under critical illness and insurers can offer an affordable premium for individuals who have HIV. Some insurers do require that you take a medical exam while others do not. Policy coverage options will differ from company to company. Speak to an independent insurance agent like Funeral Funds to locate these specialized companies and learn what life insurance options are available.
Guaranteed Issue Life Insurance
Face amount: $1,000 – $25,000
People with HIV can easily qualify for a guaranteed issue life insurance policy or automatic approval life insurance. This type of insurance policy does not require a medical exam or ask any health questions. Acceptance is guaranteed regardless of health condition. These policies are commonly reserved for those who cannot qualify for traditional life insurance.
Guaranteed acceptance life insurance are small whole life insurance policies reserved for covering final expenses and burial costs. This burial insurance for HIV patients is more expensive than other types of insurance policies. Guaranteed life insurance policies are offered through final expense and burial insurance companies.
There are only three requirements to qualify for this policy. First, you must be a US citizen, the product must be available in your state, and you must currently between the ages of 45-85.
There are three significant disadvantages to this type of policy:
- The policy only provides up to $25,000 in coverage.
- Graded death benefit. Only accidental deaths are covered in the first two years of the policy. You will need to live for a set period of time for the life insurance policy to pay the death benefit for natural causes.
- Waiting Period. There is a waiting period of two to three years before the policy can be in force. If the insured dies during the waiting period, the beneficiary will not receive the full death benefit. Instead, they will receive the refund of all the premiums paid plus interest.
WHAT TO EXPECT WITH HIV LIFE INSURANCE UNDERWRITING
Life insurance underwriting for HIV patients can be challenging, and you might find obstacles along the way. Underwriting is the process of evaluating your current health, medical history, family history, and lifestyle.
Different steps to HIV underwriting:
- Meeting the criteria of the company you wish to apply for.
- Phone interview – a series of medical and financial questions will be asked. Your answers to these questions will be used to underwrite your coverage. The interview will last 15-25 minutes depending upon the information required for the coverage you selected.
- Application – some insurance companies require a formal application while others require submission of medical records first for review.
- Medical exam – The exam will be performed by a paramedical professional and will take between 20-30 minutes. The medical exam may include the following:
> Height and weight measurements
> Blood pressure reading
> Collection of blood and urine samples
- Medical records – you must produce your medical records as part of the underwriting process. These medical records must be obtained for review.
- Underwriting decision – you need to wait four to eight weeks before you will know the underwriting decision. If you qualify, the insurance company will make an offer for you to consider. You will also be notified if your application is declined.
Underwriting takes about eight weeks to complete. You are required to admit HIV infection on the application (and the life insurance companies do test for HIV).
KEY FACTORS CONSIDERED WHEN UNDERWRITING LIFE INSURANCE FOR HIV POSITIVE
HIV underwriting criteria include:
- Age at time of diagnosis. You must be 30 to 60 years in good health at the time of application.
- Applicant must reside in the US.
- The virus must not be acquired via blood transfusion or intravenous drug use.
- CD4 levels – at time of diagnosis. CD4 record within six months from time of application must be equal to or greater than 350.
- Viral loads when diagnosed, viral loads record within six months from time of application
- Medications – Medication history and compliance with medication regimen which must be stable for at least six months before the application
The insurance company will also want no prior medical history of:
- AIDS-defining illnesses
- Coronary artery disease
- Hepatitis B or C
- No alcohol or drug abuse history
- Significant psychiatric conditions
- Resistance to antiretroviral treatment
SHOULD YOU TELL THE LIFE INSURANCE COMPANY THAT YOU ARE HIV POSITIVE?
You are only required to disclose your current health status to an insurance company is when you are asked to divulge that information for coverage. You are not required to share your information if they do not ask about your HIV infection or any health-related issues.
You must be honest about health-related questions you are asked during a medical exam for HIV life insurance.
You must be aware that most life insurance policies have a contestability clause. It extends to two years after you bought the policy. During this period, your life insurance company can challenge a claim or cancel your policy if you are found to be lying about your health condition.
Life insurance companies will also want to know how active you are on a daily lifestyle basis. Are you able to work, hold down a job, etc? They want to make sure that the applicant is not on their deathbed and can still live a physically active lifestyle.
CAN YOU GET HIV LIFE INSURANCE IF YOU WERE DECLINED DUE TO HIV?
The good news is YES! You can still qualify for life insurance even if you were declined in the past. Tell us upfront if you were rejected by life insurance companies that specialize in HIV life insurance underwriting.
We need to know if the actual HIV life insurance program declined you, or you were declined before the company has an HIV program in place.
We will review the options available for you to help you get the protection you need. Call us at (888) 862-9456 if you have questions about HIV and insurance or if you have any questions about life insurance in general.
What kind of burial policy is best with HIV?
If you are looking for the following, we can help you:
- HIV Burial insurance & HIV Final Expense insurance
- AIDS Burial insurance & AIDS Final Expense insurance
- HIV life insurance & AIDS life insurance
WHAT KIND OF BURIAL POLICIES AND FINAL EXPENSE POLICIES SHOULD I AVOID?
TV AND MAGAZINE ADVERTISEMENTS – Most burial policies or final expense policies you see advertised on television or in magazines are sold as “the no-brainer way” to shop for this protection.
In reality, most of these policies rely on you having NO BRAIN to purchase them.
Just about everyone is eligible for immediate coverage and better pricing allowed by these heavily advertised policies that cost an arm and leg.
To make a long story short, it is better to shop for burial policies with a specialist in burial insurance, like FuneralFunds.com, than to sign up with a company that spends ba-zillions of dollars each month advertising on television and in magazines.
Increasing Price Policies
Those TV and magazine final expense policies may increase in price every five years or have a two-year waiting period before your benefits kick in! What in tarnation!?!
These policies aren’t all they’re cracked up to be, and you often end up at the short end of the stick by purchasing burial insurance this way.
These tricky television magazine snake oil salesmen lure you in with an attractive rate, only to have the cost of your insurance increase every five years until you cannot afford the premiums, then you must cancel your policy.
What happens after you cancel the policy?
You’ll die and will have wasted all that money because you bought a policy that increases in price as you get older. These policies just don’t cut the mustard for most folks!
Avoid policies that increase in price every year or end at a certain age. You don’t want your family to get hung out to dry when they need this coverage the most.
Why choose Funeral Funds for my burial policy?
Most life insurance agents are fine, respectable people.
There are, however, the classic “snake oil” life insurance agents, who will sell you the easiest and most expensive policy possible.
The guaranteed issue folks claim you don’t even need to talk to an agent (but you will need to wait 2 years for your coverage to begin…even if you’re healthy). Answering a few health questions will often get you immediate coverage and MUCH better rates.
Avoid these people at all costs!
For the rest of the life insurance agents, who are fine respectable people, they are most often generalists.
They deal with all kinds of life insurance policies.
They are Jack of all trades and Masters of none.
They are nice people, but they are not the logical choice if you want the best pricing and a burial insurance policy with no waiting period.
We work with 20+ final expense companies, so we can get you qualified for the best price plan with the intent of getting folks like you immediate coverage when possible.
We have to admit that, for the average burial insurance final expense insurance shopper, all the companies and options will often leave you more confused than a woodpecker in a concrete forest.
HOW CAN FUNERAL FUNDS HELP ME?
The reality is that inexperienced and less knowledgeable insurance agents will cost you loads of money by selling you overpriced burial policy insurance and final expense policies.
Getting on affordable burial or final expense policy doesn’t have to cost an arm and a leg.
Our job at Funeral Funds is to be the most knowledgeable burial insurance experts available. By doing so, we can knock it out of the park and get you the most accurate quote and affordable rates.
Once we know more about your age and health history, we can accurately give you burial insurance quotes from the final expense companies that are the best fit for you.
It is always in your best interest to work with an independent final expense insurance brokers, such as Funeral Funds.
With access to all the best final expense insurance companies, we will help you understand your best options, given your current age, health, and financial situation.