Life insurance industries are nowadays routinely covering people with these chronic diseases although at a higher price than the healthy people. However the life insurance for people with HIV still covers the HIV-positive patients and they are fully covered at various rates, according to the health status.
A large portion of the human population lives with Human Immunodeficiency Virus (HIV). With this, the there are various medical advancements to help these individuals. Obviously, the life expectancies for the HIV-positive people are now rising to the point that many individuals that were diagnosed at a young age can live into their 70s. However, there is still no cure for the disease hence this requires intense and excess adherence to medication. And the longer that HIV/AIDS patients live, the more they are at risk of developing other conditions, including some diseases like heart attack, liver and kidney disease.
How to Get Life Insurance for People with HIV Positive
Many underwriters are offering the life insurance for HIV patients. It is sad news to the older generations that the traditional forms of life coverage such as term life and permanent policies are not readily available for the HIV patients. Though, the new policy types are being created for these clients. Interestingly, the amount of coverage on these new policies is much lower than what was available in the traditional life insurance policies, which is something to have in the mind.
In case you have purchased a policy before you were diagnosed with HIV, it is important that you keep in force the policy and never let it lapse. If you do not let the coverage to lapse, it will surely be challenging to get the same coverage in the future.
There are Various Types of Policies of Available for HIV Patients
Guaranteed Issue Life Insurance – this policy is available to everyone, regardless of their health status. Interestingly, this policy provides life insurance coverage and it generally does not involve many medical questions. However, they come with a high price tag because of the high-risk pool.
Critical Illness Life Insurance – a big number of insurers provide specialized policy for people with critical illnesses. In this situation, there are insurers who will require having a medical exam while others do not go this way. It, therefore, means the policy coverage will be varying from one insurance company to the other.
High-Risk Insurance Specialists – for your information, there are various and specific insurers that specialize in offering coverage for the higher risk individuals with severe health problems such as HIV. So you can as well consider these insurers, according to your health condition.
Group Employment Life Insurance – many employers offer the group life insurance coverage to their employees. Therefore you have the option to select the employers who are offering a policy in their best benefits package.
So How Much Does it Cost?
Truthfully speaking, HIV still remains to be a serious health risk, and hence life insurance for people with HIV will be more expensive. So if you have HIV, it is typical that you expect 3 to 5 times more than the healthy individuals tend to pay in the policy premiums. Therefore, you can lower your cost through buying a policy with the lower amount of the death benefit. However, there are various insurance companies that are providing various premiums to individuals with HIV. If you have been diagnosed with HIV and need a plan, we recommend you to get multiple quotes from our quotes service. Through shopping around, you can research assortments of options and rates for you.
Should You Tell the Life Insurance Company that You Are HIV-Positive?
The only reason towards disclosing your health status to an insurance company is if you are asked to release that information for the coverage. In case they do not ask you about your HIV or health-related issues, you are not required to share your health status information.
However, it is critical to be sincere about the health-related questions that are being asked during the medical exams for the life insurance. Most of the life insurance premiums have the contestability clause that extends at most three years after the policy has been purchased. During this period, it might still be critical because your insurer can cancel your policy or challenge a claim you might make if you are found to have provided a false information about your condition.
The fact still remains to be that: new life insurers continue to open doors that allow the HIV-positive individuals to protect their loved ones, their families, and their businesses. So either you or the family member is infected with HIV, it is high time to secure an insurance.