Anytime high-risk medical conditions come up in the conversation with obtaining life insurance, clients get a little hesitant and worried about what to do and how to do it. We get it, it can be scary, and many potential clients are afraid that they will either be declined life insurance coverage altogether or have to pay rates that just aren’t affordable.
This is 100% not, and options are always available. Over the recent years, a question continues to be asked by our clients and potential clients. Can I get life insurance with HIV/Aids? After years in the industry and vast experience handling high-risk life insurance is what I know and what I can tell you about this specific question.
So, can I get life insurance with HIV/Aids? Yes, you can get life insurance with HIV or Aids. Several life insurance companies offer traditional life insurance to individuals with HIV and Aids, but specific health criteria must be met before the life insurance company will approve your application.
We are assuming and know that you want more information than that about how to apply for life insurance with HIV or aids and what you can expect when you go through the application process for life insurance with this form of a high-risk medical condition.
This article is to give you everything you need to feel comfortable applying for life insurance coverage with HIV or aids. We also want to provide you with a full scope and understanding of what you can expect through the process in addition to understanding how life insurance underwriting works when you have these pre-existing medical conditions.
Let’s jump into some more of the specifics of what you can expect and what you need to do next.
Why Is HIV/Aids concerning Life Insurance Companies and Underwriters?
HIV and Aids is a condition in which your body slowly attacks healthy cells and compromises your entire immune system throughout the process. HIV and Aids isn’t the exact factor that life insurance companies are worried about when deciding to approve your life insurance coverage.
They are concerned with your compromised immune system which makes it much easier for common illnesses to make you ill or ultimately, have the chance in resulting in death.
Thankfully, things such as antiretroviral therapy and other new medical advances and technologies has increased the lifespans of individuals with HIV and AIDS and made the condition much more manageable. This, in turn, has made the life insurance companies much more comfortable offering coverages.
New Developments in the Life Industry to Handle HIV/AIDS cases and Approve Cases
With these new medical advances, life insurance companies have begun to adapt and offer coverage to individuals with HIV or AIDS, and some companies such as American National or Prudential have even dedicated individual underwriting to help get these cases approved for coverage.
This is a fantastic development in the life industry and has opened the door to thousands of individuals diagnosed with HIV and Aids to be afforded the same opportunity to get life insurance like everyone else.
A Look at Some Underwriting Guidelines Life Insurance Companies Have for HIV/AIDS
Keep in mind that when you apply for life insurance with HIV or Aids it can very well be a lengthy process and the life insurance company will want to know a lot of information regarding your health history. Here’s a small glimpse at some of the items you can expect to be checked and asked during the process.
Underwriting Guidelines for HIV and AIDS to be Approved for Life Insurance
First, you will need to be between the ages of 30-65 years old. Also, the following criteria are crucial.
Secondary Underwriting Guidelines for Life Insurance Approvals with HIV or Aids
Moving onto Stage 2 Of the Life Insurance Application With HIV/ AIDS
If you meet the criteria and pass all the questions just listed will put you in great shape to continue and move through the application process. Now it’s time to pick a company to begin the life insurance process with.
Special Note- Prudential no longer offers coverage to individuals with HIV or AIDS, but other companies have developed programs and began offering coverage to individuals with HIV and AIDS. Here’s a brief overview of some of the companies you could choose from to start the process with.
Life Insurance Companies Offering Coverage to Individuals with HIV and AIDS Currently (2019)
Any of these life insurance companies would be great options to being approved for life insurance HIV or AIDS but if we had to narrow the scope to one company to go through the process with it would be American National and John Hancock would be a close runner up. Both companies have great programs, and dedicated underwriters that will help get your cases assessed and a decision will be made on if or if your policy will be accepted or not.
Both will offer coverage up to 500,000K and up to 30-year term durations depending on the circumstances. We have been finding approvals for individuals with HIV with American National at favorable rates, but the underwriting times have been taking a few months at a minimum.
Patience Is Key When Applying for Life Insurance with HIV or AIDS- Underwriting Takes Time
It’s essential that before you go into this process that you have reasonable expectations for your approval and the length of time it takes for the company to come to a decision. The company is going to look at medical records (with your permission) and be careful and diligent before issuing an approval, but we can assure you that they are willing to issue an approval and we have seen it many times.
It always takes time like stated before but the chances of finally getting the life insurance you and your family deserve is 100% possible with patience and a good independent agent batting in your corner and helping you navigate the market and the best path to take to get to that well-deserved life insurance approval.
What Rates Can I Expect for My Life Insurance If I Have HIV/AIDS?
The rates at which you will pay once you are approved can vary significantly if you have HIV or AIDS. You will not be able to obtain preferred or standard rates you will initially be offered only sub-standard rates if you are offered coverage by the life insurance company. Don’t be mistaken. This isn’t a bad thing. It’s merely a disclaimer that you won’t be afforded the same monthly premium as overall healthy marathon runner with no pre-existing medical conditions.
Do I Have to Disclose That I’m HIV Positive to the Life Insurance Company?
It’s essential o also understand that you are only required this personal medical information when the company requests the release of information. Unless the company specifically ask about the HIV or AIDS or health-related issues you are not obligated to disclose and volunteer the information freely. It is however essential that once you uncover the data to be honest about everything that encompasses the HIV and AIDS.
This helps avoid issues with the contestability clause and makes the life insurance company much more comfortable providing you coverage if they didn’t have to fight for information or go on a wild goose chase to hunt down the information. Transparency is always vital when applying for life insurance coverage whether you have a pre-existing medical condition or not.
Don’t Forget About Other Options for Life Insurance Coverage with HIV or AIDS
If you have been declined life insurance coverage due to HIV or AIDS, don’t forget about all the secondary options that are available to protect you and your family. Here’s a look at all of these options and how they work.
Guaranteed Issue Life Insurance Coverage
Guaranteed issue life insurance coverage will provide coverage regardless of your pre-existing medical conditions. With this option afforded to you, they place a 2-year waiting period on the death benefits. During this time, you will be provided 100% of your money back plus interest earned if something does god forbid happens during this waiting period. Following this waiting period, your coverage will be the exact same as traditional life insurance coverage and afford your beneficiaries the full death benefit.
Accidental Death Life Insurance Coverage
Accidental death life insurance coverage is going to do exactly what it sounds like it will do. It’s going to provide coverage to your beneficiaries in the event you pass away due to an accidental means and natural causes related death will not be covered with this coverage. The great thing is that these coverages are very cheap and still offer coverage in generous death benefit amounts.
Group Life Insurance Coverage
Group life insurance is offered by many employers to the employees and can come standard as part of a benefits package. You might consider ensuring you have the max coverage through your employer which may only be 10,000 in coverage, but it’s still a very viable option to get some protection in place for your family.
Critical Illness Life Insurance Coverage
Essential illness life insurance coverage is going to be specialty insurance that is offered to people with critical illnesses. Some carriers will still require a medical exam for this coverage but not all of them will. It’s always a great option to put some protection in place to ensure your family is protected.
Putting it All Together- Life Insurance is Definitely Possible with HIV or AIDS.
Don’t be discouraged if you currently have HIV. Life insurance is still possible, and the life insurance industry is slowly adapting and creating more options to afford coverage to individuals with these high-risk pre-existing medical conditions. You should always explore all options and find one way or another to ensure your family is protected and has some means of financial security protecting assets and providing life will not come to a complete halt if something god forbid did happen to you.
Work with an independent life insurance agent/agency that has access to all of these companies to ensure you are giving yourself the best overall chances of being approved for life insurance coverage. Also, you want to be assured that you are being accepted at the lowest possible rates possible to save that extra money every month.
At Good Life Protection we are familiar with handling HIV related life insurance cases, and we want to help you as well. Start by filling out the quote form on the right to compare rates from more than 50 of the top life insurance companies we all know and trust. Don’t hesitate to get started and may the best price win.
Josh Martin is the founder of Good Life Protection. He began his career as a captive Agent working for New York Life Insurance Company. After continued education and designations, Josh founded Good Life Protection to provide consumers with more options and insurance that truly fits into your budget and health classification.