You Are not an Indian Untouchable
If you are seeking information about life insurance for people with HIV positive, you have good news waiting for you. You are no more an Indian untouchable to the life insurance sellers. They will welcome you with a broad smile, offer a chair and maybe a cup of coffee also and have a chat about your plan. At least, some of the insurance companies, if not all, will do so for sure. Already, life insurance for people with HIV positive has come into play.
Even a few years back, the scenario could be quite opposite.
But you need to have a clear understanding of the way HIV life insurance works.
The reason there has been a shift in the view of the life insurers is the progress of medical science in dealing with this syndrome. They know your longevity has gone up. So, when they sell to you, they are as secure as you are with your HIV positive status. It is no pity they are taking on you.
The Eligibility Criteria
No matter a life insurance policy applicant is HIV positive or negative, qualifying is essential. This is known as insurability. A person may be disapproved of life insurance for literally many reasons: for blood pressure, for diabetes, for bankruptcy, for legal history and so on. HIV positive insurance is no exception.
As a seeker of life insurance with HIV you may also be refused. And whether you will be granted or not depends on your status. In the main, your eligibility depends on the following things:
Your Current Age
Age is always a factor when you approach life insurance. But when you want to buy life insurance as a HIV+ person, it becomes more vital. If you are young and diagnosed with HIV, you are less likely to get a regular life insurance.
It is important that after you have been diagnosed with HIV, you need to show improvement. Your improvement should ensure the insurer that you will survive well enough for a policy duration. Stable medical records are thus a pre-condition for life insurance for HIV+.
You should not have other complications other than the viral presence in your body if you want to get life insurance for HIV+.
Fitness is of importance when you seek life insurance for HIV positive. If you are not able to move and work like other normal people, your application for insurance will receive rejection. This, however, is applicable for all applicants and all types of life insurance.
The Choice HIV+ People Have
The choices for life insurance for HIV positive people are literally limited. However, they can purchase both term insurance and whole insurance. But the term insurance they can buy will be for shorter periods. While a non-HIV person can buy a term insurance from one single year to 40 years max, you will expect that long a period. Mostly, you will be insured up to 10 years if you qualify. Depending on your age and physical status, it may go up another five years or 10 years.
On the other hand, a HIV+ positive person will not be granted a regular whole life insurance. A regular whole life insurance, you know, comes with investment portfolio. Though, a HIV positive person can buy a whole insurance, it will not have the investment segment in it.
In fact, the oft-said whole insurance for HIV patients is the final expenses life insurance that seniors usually buy. If your application for a regular insurance gets a decline, final expense whole life insurance is the only choice you have for life insurance.
Companies That Sell HIV+ Life Insurance
In the very recent past, life insurance for HIV+ was beyond imagination. Though the scenario has changed over the recent years, not many companies have come up to sell life insurance to HIV+ patients. Although you will find a lot of people claiming they will help you find life insurance for HIV+, you need to make sure they get you a regular life insurance. Unless the policy comes through underwriting or medical reports, the promise is false. Read the ‘Be Warned’ section below for a clear understanding of the matter.
As we have already said, you will not find many companies selling life insurance for HIV positive patients. So far, only 2 companies sell regular life insurance to HIV positive people in the USA. They are:
Prudential Life Insurance Company
Prudential Life Insurance Company has been a trendsetter in the history of life insurance in the USA. They have initiated regular life insurance for HIV+ patients who have traditionally been overlooked by the mainstream insurance companies.
However, Prudential works in partnership with Aequalis, a start-up dedicated to insuring the over-looked section of the society. They sell both term and permanent life insurance to the HIV+ people.
Prudential’s Criteria for Approval
They accept applications from HIV positive people between the age of 20 to 65.
The virus should not be acquired through blood transfusion or intravenous use of drugs.
CD4 count should have no records of being below 200.
There should be no record of AIDS definability.
HIV diagnosis should be no less than one year old.
If under treatment, antiretroviral therapy should have been initiated more than six months before.
Should have records of CD4 and viral loads of the past six months. The former should be more than 350 counts and the latter has to be less than 200 ml.
The applicants should be free of Hepatitis B, Hepatitis C, TB or mycobacterial infection or any major impairments.
John Hancock Life Insurance
John Hancock, the American chapter of Canadian company Manulife sells life insurance to people who have HIV+. They sell both term and permanent insurance to the people with HIV+ history.
A person between the ages of 30 to 65 can apply to John Hancock for life insurance for HIV.
Should be ready to present self-disclosed diagnosis documents to them.
Has to be compliant of antiretroviral therapy for minimum of 5-year period.
Must be under careful care of an HIV specialist.
Should have no record of detectable viral load for the last 2 years.
Present CD4 counts cannot be under 350.
There should be no record of Hepatitis B or Hepatitis C in the past or present.
Can have no record of viral resistance.
Should have no record of intravenous use of drug or other harmful substance.
No history of cancer, diabetes, artery disease or passing of protein through urine.
No AIDS defining illness.
Proper weight with no tendency to over-weigh or under-weigh.
No significant psychiatric issues.
Products Outlines of Prudential
Prudential sells both term and whole life insurance to the HIV+ people. And they come through full underwriting process. That means, you need to go through paramedic tests like a non-HIV+ person does. Their term insurance 15 years maximum.
Prudential’s coverage amount is not scanty. Depending upon underwriting, it can range between $100,000 to $4,000,000 or even upwards.
Term life insurance from them is available up to 15 years maximum. The product comes in its level class which means the cost will not go up no matter your health condition remains same or not.
Aequalis’ term insurance can be turned into permanent policy.
Products Outlines of John Hancock
John Hancock sells both term and permanent life insurance to HIV patients. Their maximum coverage is of $2,000,000. Their products also come through complete underwriting process.
Hancock’s term insurance is available up to 20 years. The cost remains level throughout the term.
How Much Does HIV+ Insurance Cost?
Compared to non-HIV people’s costs, HIV+ life insurance can be extremely expensive. Kevin Knauss, an independent life insurance agent and blogger (insuremekevin.com) from California showed quotes for term insurance for HIV+ patients for 10, 15 and 20 years. The quotes for a 40-years old person for $500,000 is as follows:
10-year term $1230 yearly
15-year term $1530 yearly
20-year term $1910 yearly
The quotes were taken from John Hancock in 2016.
What to Do if Denied
If your application for a regular life insurance gets a denial, the choice for you is to get a guaranteed issue life insurance from any of the companies. Guaranteed issue life insurance comes without medical investigation or queries. But the coverage will be pretty low: typically not exceeding $25,000. This insurance is meant for funding final expenses.
However, there is another option before you that you should know about. It is the group insurance that your employer provides. It can serve as a term insurance till you are in the job.
As we have already mentioned many try to sell final expense life insurance for HIV+ insurance. The fact is guaranteed acceptance or no medical questions asked insurance has nothing to do with HIV+ insurance.