It was not long back when the life insurance seemed an impossible attainment for HIV patients! It was probably because of the seriousness and impossible treatment aspects of the illness.
However, the advancement in medical science has led to various reformations in the insurance sector too. The changes in the state laws have led to the rise in the possibility of providing life insurance to HIV patients.
The need of the time is for the HIV patients to understand that why should they buy life insurance policy. We give you 7 such reasons here that will help you in forming a legitimate decision pertaining to the same issue.
Here are the 7 Reasons Why Life Insurance is Important for HIV Patients
1. The Uncertainty of Life
When the HIV virus enters the human body system, it largely affects the health. There are higher chances that deadly disease may cause the death of the patient in no time as HIV lowers immunity of the body to a great extent.
Therefore, an HIV patient needs to prepare his or her family to battle with any unforeseen circumstances in life.
Although nothing can replace the loss of life, if you will have a good amount of money as financial back up for survival, it can save half the problems of life.
Life insurance can help your loved ones to pay pending bills, credit card payments, medical bills, mortgages and loan amounts etc. It can help them to afford a good house or education for a flourishing career to have a better future.
2. Budgeting for Funerals
Funerals can require a really massive budget depending on your ceremonial budget and family rituals.
Knowing the truth of being HIV infected, you must be prepared for every situation including your own burial and funeral expense. The life insurance policy allows you to plan the funeral functions in the desired way.
If you wish to have a high key affair funeral with specifications of your last wish, it can be made possible without you getting a feeling of being indebting or burdening.
3. Taking off the Debt
We take many kinds of loans in our lifetime to arrange for various financial matters. It can be anything such as buying of shop floor or arranging for education for your children.
While we can have a guaranteed loan premium every month, there is no guarantee of the certainty of life.
Life insurance company gives us the authority to pay back the loans that we take in OUR lifetime to fulfill OUR responsibilities. This way we can spare our loved ones from getting hooked into any pending loans that they may not be monetarily acquainted with payback!
4. Supports Your Back
Life insurance policies have more to offer than just the death benefits. You can borrow a loan on your life insurance policy as and when needed on the basis of the sum that has already been deposited into it.
For example, during the difficult times of illness, you can borrow some money from your policy and pay it back when you get back to work.
HIV patients often have a situation of going on leave or sabbatical that can cause the financial troubles to peeve in! Life insurance policy indeed plays a significant role in supporting their financial backup.
5. To Be at Peace with One Own Self
HIV can really make people change their perception about life. Once you know that a really serious disease has taken over your body, it is really a hard fact to accept.
It leads to several kinds of physical as well as mental problems too. It leads various people into depression while others still fight to accept the reality of their life.
Just like all of us have concerns about our future, family and their well being along with the unaccomplished dreams of our loved ones, the concerns of HIV people grown manifold. Life starts seeming too short for everything to them.
How life insurance can help here is to bring peace of mind to these people. Life insurance policy helps them in ascertaining the financial independence of their loved ones.
The protection of loved ones provides contentment and security from the uncertainties of the future.
6. It Helps You “Save” the Money
“Savings” sounds like an old-school habit to the modern day investors. Where people have started finding new modes of investing their money into capital markets and funds, there is a dire need of learning the benefits of “saving” especially while being into illness.
When we invest our money, much of it is at the stake of the movements and performances of capital markets. In order to save it from unexpected redundancy in the market, we need to put some of our stakes into “savings”.
Life insurance policy is the best way to save money and avail benefits of the savings in the right way at the right time. You can use the money at the time of need by borrowing or withdrawal.
7. Add to Your Financial Credibility
Your life insurance policy is one of the assets in your financial portfolio. It adds to your credit and makes it more plausible with time.
With a better financial credibility, you can always get loan and health insurance on much easier terms which can be possible anyways during your HIV condition.
Many of these policies have cash values which can grant higher credit security in worse situations as well. Therefore, it makes much of a sense to own a life insurance policy at any stage of life and health.
Conclusion
Life insurance has vivid dimensions when it comes to the utility and importance of buying such policies. They provide financial backup and support to the beneficiaries as well as the policyholders themselves. HIV is one symptom that is found to reduce the term of life to great extent.
However, the advanced medicines can really help in elongating the duration of life and terminating the hindrances that are caused due to it.
The loan, medical facilities, debt payment and peace of mind are some of the highlighted points for life insurance policies for HIV affected people.
Getting a policy when you have HIV is difficult but it gives a better access to financial freedom and makes life easier.