Life insurance is meant to give financial cover to your loved ones in the event of your early demise. Therefore, people, in general, apply for life insurance through various firms and policies.
The problem occurs when you have a special health condition that needs to be tackled and noted down under the policy of buying life insurance cover.
Those who suffer from bad health can still find a way but the one infected with HIV has to face a lot of troubles.
Even if you are tackling the disease at the forefront and live a healthy lifestyle, you will find very limited options than available for an equivalent normal, healthy person.
But the idea here is to ensure that you get to live a normal outer life even while dealing with HIV within yourself.
The bottom line is to know that the life insurance options for HIV patients will be more expensive than others and the death benefits may also be narrowed down in the stated policies.
However, we can still enjoy some peculiar benefits of insurance policies through these offers in a good light:
Group Life Insurance Based on Employer
If you are working with a legitimate company, your employer may offer to you such policy where you get insured as part of a group. Such insurance policies are offered regardless of the health condition of the applicant.
A few firms may open this offer for your spouse also to increase the size of the group. The advantage of such insurance is that you will pay a normal premium amount as everyone else and it may not dig extra holes in your pocket.
Although the coverage benefits are lesser in group life insurance as an HIV positive patient it is one of the normal most ways of enjoying coverage without extra charges.
Voluntary Life Insurance Based on Employer
Your employer may offer you voluntary life insurance in which you will pay a sum of cash towards life insurance under the guarantee of the employer. The sponsorship offered by the employer makes the premiums less expensive in many cases. Being HIV patient, you can talk to your employer for such an offer even if they haven’t issued it publicly.
Guaranteed Life Insurance
A medical examination is not needed in guaranteed life insurance and therefore, no health questions are asked while you apply for it.
Given that facility, the premiums of this plan are higher in cost and the number of benefits is relatively lower.
People generally get coverage between the ranges of $10,000 to $25,000 in such policies.
Usually, those who do not get covered by their employers can opt for guaranteed life insurance issue.
No Medical Exam, No Waiting Period Policy
It may be qualified as a simplified life insurance policy as well. You will not have to go through any medical exam while applying for it and the procession of the policy issuance is quite faster in this case.
However, you may still have to qualify for this policy as there will be a short questionnaire where you may need to mention the status of your health. It will depend on the company that how they perceive HIV positive patients and whether or not they offer policies to them.
Still, it is a good idea to try for multiple firms when you really look forward to buying it. One must note down that the rates of premium will be higher in this case too with limited death benefits.
Burial Insurance
People who are suffering from HIV positive virus can also apply for burial insurance policy or final expense insurance policy. There are lower benefits and higher premium costs in such insurance plans but when you do not find anything else suitable, this is a resort.
Some of these policies are known as prepaid funeral policies that are sold directly by the funeral homes. They allow you to put a sum of money in either of the forms- installment or lump sum towards the policy.
The money is withheld by some trust which can be put to use by the family members on the demise of the policyholder. It ascertains that your family will not be burdened with your burial and final expenses at all.
As we have understood that HIV infected people can have limited but varying options for availing life insurance policy, we must know what steps you should take to ascertain your qualification for one of the above mentioned desired policies:
Maintain Good Health
Although it is known that HIV infected people have a very thin chance of survival, yet there have been cases when people have managed to pull through a longer period of time.
This can be possible by being careful about your health and following fully diagnosed treatment by your doctor.
If you have been able to maintain good health as per your medical records, you will be able to reassure the insurance firm of your life term longevity.
Assemble Medical Records
Your medical records must represent the details of your health condition and the treatment. You can try to deal with the company on the measures of being transparent and communicative of your approach.
Ensure them of the good ways in which your body responds to the medication and how well you have acquainted yourself to take care of the virus.
Find the Firm that Cooperates
Do not get disheartened when a few companies reject your application. It is about their regulations and market perforation aims. You should not lay your conclusions on being rejected initially.
There are various firms in every region that have laid down a sympathizing attitude towards HIV patients. Try to find the right dealer and approach them.
Form a Community of Likes
Since one person can only spend a lot of time and efforts to gather quantifiable information, you must form a social community of people who are suffering from the HIV virus.
There are various platforms to give you that access. Spread the information from one to another to find most approachable options of life insurance in your region.
Conclusion
Life is difficult for HIV positive patients. When it comes to life insurance the stakes of the companies appear very high as there are a lot of uncertain death circumstances prevailing on the HIV positive patient.
Only experienced companies, who have understood the need for this particular section of people, can come up with rules and policies to support them with life insurance.
While employer-based policies are an advantage in real, it depends on your circumstances and requirements on the policies that suit your interest.