Life Insurance with HIV/AIDS.
In this article, we wanted to take a moment and try and answer some of the most common questions we get from folks applying for life insurance after they have been diagnosed with HIV
Questions that will be addressed will include:
- Can I qualify for life insurance after I’ve been diagnosed with HIV?
- Why do life insurance companies care if I’ve been diagnosed with HIV?
- What kind of information will the insurance companies ask me or be interested in?
- What rate (or price) can I qualify for?
- What can I do to help ensure that I get the “best life insurance” for me?
So, without further ado, let’s dive right in!
Can I qualify for life insurance after I’ve been diagnosed with HIV?
Here’s a question that would have been much easier to answer 5 to 10 years ago when the answer to this question would have been categorically… NO!
The good news is…
That when it comes to helping those who have become infected with the HIV virus, lots of things have changed over the past couple of decades. As a result, individuals who become HIV positive are living longer and longer to the point where HIV is now being considered a “chronic” condition rather than a terminal illness.
Most life insurance companies are still only beginning to acknowledge this “change”, there are a few “pro-active” insurance companies that have begun to accept applicants.
Why do life insurance companies care if I’ve been diagnosed with HIV?
Life insurance companies “care” if an individual has been diagnosed with HIV because when left untreated, HIV (Human Immunodeficiency Virus) can become AIDS (Acquired Immune Deficiency Syndrome) which as all know can become deadly if not aggressively treated with anti-retroviral therapy.
Even though HIV may be considered a “chronic” medical condition by many health professionals, being able to qualify for a traditional term or whole life insurance policy is still going to be tough because of just how serious the consequences can be when an individual isn’t extremely diligent about their treatment!
Why prior to getting approved for a traditional term or whole life insurance policy you’re most likely going to need to submit all your medical records to the life insurance companies as well as answer a long list of medical questions.
What kind of information will the insurance companies ask me or be interested in?
When it comes to being able to qualify for a traditional term or whole life insurance policy, you’re basically going to need to be Perfect in every way other than the fact that you’ve tested positive for HIV and you meet the following prerequisites:
- Fall between the ages of 30 to 65 at the time of your application.
- Self-admit your diagnosis, so be honest and upfront from the very beginning.
- Frequently see your primary care physician on a regular basis.
- Minimum 5 years of compliance with ART (anti-retroviral therapy), with no lapses or delays in treatment.
- CD4 count of 350 cells/mm3 or higher for at least 2 years
- Current and prior two-year viral loads must be undetectable (<20 copies/ml or below current detectable laboratory limits). Thus, the need to self-admit during your application, and not having a life insurance company “discover” you’re HIV positive by the medications you have bene prescribed.
- Current negative hepatitis B and hepatitis C testing.
But be warned…
Even in cases where you might meet all of these “minimum” requirements, you still may find yourself unable to qualify for a traditional term or whole life insurance policy, this is why we here at IBUSA like to have a few life insurance underwriters “preliminarily” check an individual’s application before we “officially” submit it so that we don’t unnecessarily waste anyone’s time if it looks like you won’t be able to qualify for a traditional life insurance policy.
Now at this point…
It’s probably a good idea to remind folks that while we here at IBUSA may seem like we know a lot about a particular medical condition, we are by no means medical professionals!
All we are is a bunch of life insurance agents who are passionate about helping folks qualify for life insurance particularly if they have been diagnosed with some “kind” of pre-existing medical condition which could make it more difficult for them.
If you feel like you may need medical assistance or you find yourself trying to “self-diagnosis” yourself by using some of the information that you find on our website, please do yourself a favor and good seek out REAL medical advice.
As for those…
Who are just looking for help finding and qualifying for a traditional life insurance policy, the good news is you’re definitely at the right place!
What rate (or price) can I qualify for?
Now assuming that you meet all of the prerequisite requirements and you meet all of the additional requirement needed to qualify for a traditional term or whole life insurance policy it’s pretty safe to say that you will still be considered a “high risk” application.
Which means that…
Of the 14 different rate classes an individual might be able to qualify for, you’re probably not going to be able to qualify for any of the “top 10”. That said however, this doesn’t automatically mean that your life insurance policy is going to be outrageously expensive, it just means that you’re probably going to have to spend more for your insurance than an average individual who hasn’t been diagnosed with a serious pre-existing medical condition such as HIV.
Which brings us to the last topic that we wanted to take a moment and speak about which is…
What can I do to help ensure that I get the “best life insurance” for me?
There are basically three things that you can do to make sure that you increase your chances at being able to find the best life insurance policy that you can qualify for. The first thing that you can do is make sure that you choose to work with a life insurance agent that fully understands your condition and knows what a life insurance underwriter will be looking for when making their decision about your application.
The second thing…
That you’re going to want to do is make sure that the agent that you choose to work with has access to dozens of different life insurance companies. After all, even the best life insurance agent in the country isn’t going to be all that great for you if he or she doesn’t have access to the policies or companies that are going to be the most “lenient” towards individuals who have been diagnosed with or tested positive for HIV.
You want to make sure that you choose a life insurance agent that is really good at explaining things. And by explaining things we mean that you want to make sure that your life insurance agent not only explains the “type” of life insurance options that will be available to you but also why one life insurance company might be better for you than another.
So now we’ve got to ask…
“what are you waiting for?”
Give us a call today so that we can show you what we can do for you!