It was once virtually impossible to find insurance coverage for HIV and AIDS patients. However, with new medical advancements and changes in state laws, more and more life insurance options are becoming available for HIV patients. If you have been diagnosed with HIV and you want life insurance to help protect your family financially, researching your insurance options is your best first step.
More and more insurance companies are offering life insurance policies tailored to individuals who have been diagnosed with HIV. Generally, traditional forms of life insurance coverage such as term life and permanent policies are not readily available for most HIV patients, though new policy types have been created for these clients. The amount of coverage in these new policies is much lower than what is available in traditional life insurance policies, which is something to keep in mind.
If you have purchased a life insurance policy before you were diagnosed with HIV, it is very important that you keep the policy in force and do not let it lapse. If you do let it lapse, it will be challenging if not impossible, to get similar coverage in the future.
The types of life insurance coverage available for individuals infected with HIV include:
The only reason to disclose your health status to an insurance company is if you are asked to release that information for coverage. If they do not ask you about HIV or health related issues, you are not required to share that information.
However, it is critical to be truthful about health-related questions you are asked during a medical exam for HIV life insurance. Most life insurance policies have a contestability clause that extends two years after your policy is purchased. During this period, your insurer can cancel your policy or challenge a claim you make if you are found to have falsified information about your condition.
You can find HIV life insurance policies if you have HIV and are presently healthy, but you may be limited in the type of life insurance policies available. Your best bet is to contact an independent life insurance agent in the Trusted Choice network. Discuss your medical condition and ask your agent to investigate life insurance carriers that offer policies for people who have HIV.
There are some carriers that specialize in providing life insurance for people with serious illnesses, known as high risk insurance carriers. A number of traditional insurance carriers also offer policies that may work for you, which is why it is important to shop around for the best price and coverage options before selecting a policy.
Generally speaking HIV is still considered a serious health risk, and thus life insurance for people affected with HIV will be more expensive. If you have HIV, you can typically expect to pay 3 to 5 times more than what a healthy individual will pay in life insurance premiums. You can lower your cost by buying a policy with a lower amount of death benefit.
More and more insurers are providing life insurance options for people who have been diagnosed with HIV. As medical technology progresses and life expectancy increases for those who are HIV positive, more insurance companies will offer life insurance for this demographic.
If you have been diagnosed with HIV and need life insurance, talk to an independent insurance agent. Your agent can shop around for you from multiple life insurance companies and can research an assortment of options and rates for you.