It wasn’t long before HIV-positive people could forget to take out life insurance. However, it is interesting that those who understand the need for life insurance the best have difficulty registering or cannot register at all.
The good news is that some life insurance companies have opened up to some extent to people who test positive for HIV.
As one of the nation’s largest insurance companies, Guardian is one of the first and few companies in the industry to expand this commitment and offer both life insurance and life insurance options for people with HIV. Providing economic stability and certainty through life insurance is a cornerstone of Guardian’s values and history, as it welcomes those who want to protect themselves and their loved ones.
Whether it’s life insurance or not, getting life insurance is one of the primary ways to prepare for life’s uncertainties and protect the people who rely on you for economic support after you die.
With life insurance, you’ll get lifetime protection that you expect to help you achieve your lifetime goals 1. The accumulative cash value component 2, unique to life, can be a source of alternative cash savings that can be used to cover medical expenses or supplement retirement income.3 Use it the way you want. With its ability to add cash value and provide lifetime benefits, whole life insurance can be a versatile and versatile tool for your entire financial portfolio.
Can I take out life insurance if I contract HIV?
Yes, thanks to medical advances, people with HIV can get life insurance. While insurers are becoming increasingly aware that people with HIV have a normal life expectancy, viral load, CD4 and other pre-existing conditions can affect the life insurance benefits they can receive, including premiums (monthly payments), policy term and amount of money paid out.
Withholding information about your HIV status or lying when applying for insurance is not a good idea. Insurance can be canceled privately. You risk wasting money on a policy that won’t work even after you die. Because insurance companies are bound by data protection laws, they must keep their medical information strictly confidential.
Generally, life insurance involves paying monthly premiums throughout your life and is paid out in a lump sum when you die (or when you are diagnosed with a terminal illness). Different types of covers are available, so it’s important to find the one that works best for you.
How does HIV affect eligibility for life insurance?
When you sign up for life insurance, your insurer uses you to assess your risk (i.e., how likely you are to die while insured). Although you may live a long life if you are diagnosed with HIV, insurance companies tend to be cautious about the long-term health of people with HIV.
Some life insurance companies typically offer coverage to HIV-positive applicants, but many of these companies refuse to provide coverage during the COVID-19 pandemic.
Under typical circumstances, some of these insurers don’t offer coverage for at least a year after your initial HIV diagnosis, and you’ll want to get at least six months of stable health and treatment before providing coverage. Strict providers will deny coverage unless they demonstrate a five-year stable medical record and can meet additional health and testing standards.
The application process for life insurance for HIV-positive people.
Although some companies will consider life insurance for HIV-positive applicants, the underwriting process is the same for all of them.
When an applicant applies for life insurance and discloses their HIV-positive status, the company will require an addendum to the standard application that details the nature of the diagnosis and the treatment plan developed to combat the disease.
Typically, the required information is as follows:
Date of diagnosis.
Current CD4 count and viral loads.
Is there any other disease other than HIV?
What medications are being prescribed and what are the appropriate dosages?
Do you currently have symptoms and have they appeared?
Once your HIV-positive diagnosis is made public, please be assured that the application process will take longer because medical records and a doctor’s report will be ordered and a report will be submitted to the inpatient facility where you may have been treated as an applicant.
However, if you choose final value insurance (low-coverage life insurance) or guaranteed issue life insurance (non-medical insurance), the application process will shorten from weeks, months to days.
What do you need to know about our life insurance program for people with HIV?
All applicants for life insurance must undergo a medical exam called “insurance” to help them determine their eligibility. Each case is insured individually. For HIV-positive applicants, additional acquisition criteria must be met to be considered for the policy. To qualify, you must:
- Identify yourself as a person living with HIV.
- Be between the ages of 20 and 65.
- Have received highly active antiretroviral treatment for at least two years, and experimental results show good
- I have never had AIDS, which defines the condition or disease.
- No history of hepatitis B.
- Hepatitis CAB is negative or needs to be treated.
- HIV viral load is undetectable.
- CD4 count must be greater than 350.
- No history of intravenous substance abuse (within the last 7 years).
- You are under the care of a doctor who professionally treats patients with HIV.
What happens if you are diagnosed with HIV after you have insurance?
If you are diagnosed with HIV after you have insurance, the insurer complies with the terms of the insurance.
However, life insurance usually includes a two-year competition period that allows the insurer to defer compensation for natural history while it reviews the underwriting process and the answers listed on the life insurance application.
If you find that you have withheld or omitted medical information on your application, you will likely refuse to pay the premium and return the premium paid to the insured.
Most insurance experts view the bidding period as an obvious threat that an applicant should not lie, withhold or omit information about an insurance application.