You Can Get Life Insurance With Hiv Or Aids
Wanting to protect your loved ones by buying life insurance is an honorable goal, and it is one you should definitely try to fulfill after a diagnosis of HIV or AIDS.
You can find coverage, even if it is only a small guaranteed issue policy, and you should keep looking for the right insurer to provide for your family after you are gone.
Take steps to improve your health to maximize the chances of getting covered and start shopping for a policy today, as it may take time to find a company in the insurance industry that will provide the protection your family deserves at a cost you can afford.
Find Hiv Life Insurance For Your Critical Needs
HIV and AIDS patients found it nearly impossible to find life insurance in the very recent past. At the same time, if youve got HIV or AIDS, you know the importance of having life insurance to protect your loved ones in the event of your death.
But while it is still difficult for HIV patients or anyone with a chronic disease to get affordable life insurance, access to life insurance for HIV patients has improved in recent years, as many insurers recognize that a large portion of HIV-positive people have near normal life expectancy. Unfortunately, if you have HIV and youre able to find life insurance, chances are it will cost significantly more than it would for someone without HIV.
If youre living with HIV and want to purchase life insurance, its important to get help from a knowledgeable insurance professional. An independent insurance agent in your area wont be tied to a single insurance company, so they may be able to find options that you could not find on your own.
Information You’ll Need To Apply For Life Insurance If You Have Been Diagnosed With Hiv
Insurance companies base their decisions on key criteria and presenting information relating to these criteria anonymously can help gauge the likely outcome, saving time and energy when you apply for life insurance.
Applications for life insurance are assessed by underwriters . They can be approached by specialist life insurance advisers* to obtain an indication of the terms that will be offered to you prior to submitting a formal application.
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Life Insurance For Hiv Persons In The Past
Historically, HIV patients had a lot of difficulties in getting life insurance. In fact, the only type of insurance that was available for them was guaranteed issue life insurance, which costs the most and covers the least. The maximum amount people with HIV could get in those cases was $25,000. That type of life insurance for HIV persons typically came with a two-year waiting period, meaning if you passed away within the first two years, the insurance would not pay out.
Luckily the situation has recently changed and one of the Canadian insurers, Manulife, came out with life insurance for people who are HIV-positive. This reflects three things:
- Insurers are starting to feel more comfortable with this pre-condition, having collected enough data and being able to manage risk around it.
- Overall life expectancy of those who receive antiretroviral treatment went up to 65 years, reflecting progress made in the fight against this disease as per CBCs article about HIV life insurance.
Free, no-obligation life insurance quote for you
Improving Access To Coverage
The Affordable Care Act provides Americansincluding those with and at risk for HIVbetter access to health care coverage and more health insurance options.
Health insurance gives people with HIV access to appropriate HIV medical care, particularly antiretroviral therapy , which helps people with HIV stay healthy and prevent transmitting HIV to others.
Here are just some of the ways the ACA has improved access to coverage for people with HIV:
Coverage for people with pre-existing conditions. Thanks to the ACA, no American can ever again be dropped or denied coverage because of a pre-existing health condition, like asthma, cancer, or HIV. Insurers also are prohibited from cancelling or rescinding coverage because of mistakes made on an application, and can no longer impose lifetime caps on insurance benefits. These changes are significant because prior to the ACA, many people living with HIV or other chronic health conditions experienced obstacles in getting health coverage, were dropped from coverage, or avoided seeking coverage for fear of being denied. Now they can get covered and get the care they need.
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Which Documents Will I Need To Provide
Not all life insurance policies involve a medical examination, depending on your age and the amount of life cover you are requesting. However, with a medical history of HIV, your insurer might request a professional to undertake your medical examination.
Indeed, in order to proceed with your request, the insurer will need proof of your condition, and will likely request that you provide medical documents and tests.
If you are HIV-positive, you will have to provide:
- Medical screening
- GP report
- HIV tests may be required during the application under certain circumstances, such as high levels of cover, travel, drug use or previous sexually transmitted diseases .
Learn More About The Affordable Care Act
Here are several resources to help you stay informed about the Affordable Care Act and its impact on people with HIV:
- HealthCare.gov is the U.S. Department of Health and Human Services website to help you understand your health coverage options and compare health plans so you can enroll in a plan that works for you and your family.
- The Ryan White TARGETHIV Center’s Health Coverage Library is a collection of resources to help Ryan White agencies and consumers better understand health care coverage.
- The Ryan White Access, Care, & Engagement TA Center helps Ryan White HIV/AIDS Program grantees and subgrantees enroll diverse clients, especially people of color, in health insurance and build provider cultural competence.
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Completing An Application Form And What To Expect
The application will ask you some health and lifestyle questions which are usually submitted online by you or your adviser. Most insurers ask about intravenous drug use and this is something that all applicants must answer, regardless of HIV status.
You will also be asked for your permission for the insurer to send information requests to your GP and any other medical consultants.
The insurer will issue these requests after completing an initial assessment of your application.
How To Get The Best Rates For Hiv Life Insurance
When you apply for life insurance, like any other pre-existing condition, medical underwriting will be completed to evaluate your medical history. This screening will include an analysis of any medical disclosures, which could have an impact on your premiums depending on the severity of your symptoms and any treatment. Within your screening, we will get to know your circumstances to ensure we are recommending the most suitable products for your circumstances. This will involve relevant questions such as:
- When were you diagnosed with HIV?
- What is your viral load?
- Are your CD4 counts controlled? What are your current levels?
- Do you take medication to control this?
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Higher Premiums And Greater Chance Of Decline
Theres no way to sugarcoat the effect of HIV on a life insurance application. Since there are relatively few life insurance companies that will even insure a person with HIV, and strict underwriting standards if they do, the two most likely results will be:
- Approval of a policy with a low death benefit and high annual premiums
That is not at all an optimistic outcome, but the situation is improving compared to what it was just a few years ago, when HIV resulted in an automatic decline.
Is There Any Way To Keep My Premium Down
There are a number of behavioral, lifestyle and health improvements that can influence your life insurance premiums for HIV.
Some elements that can influence and reduce your life insurance premiums are :
Be on highly active anti-retroviral therapy for at least two years and demonstrate favorable lab results
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Life Insurance As Discrimination
Lets start by telling like it is: Insurance is and has always been discriminatory. Insurance companies base their costs and qualifications on actuarial risk, drawing a statistical line as to who is and who isnt a good risk. They dont look at you as an individual but rather the amalgam of factors that are likely to cause you to die earlier than you should.
The long and short of it is that life insurance is a betting game, and, to most insurers, people with HIV are simply a bad bet.
But is this reflective of the facts or an unfounded bias that actively discriminates against the entirety of the HIV population? When looking objectively at survival statistics, we know this for certain:
- According to research from the North American AIDS Cohort Collaboration on Research and Design , a 20-year-old, HIV-positive person on antiretroviral therapy can now expect to live into his or her early 70s.
- A 2014 study by the Multicenter AIDS Cohort Study further supported those claims, concluding that people who start therapy early should be able to have a life expectancy equal to or even greater than that of the general population.
By comparison, people who smoke shave an average of 10 years off their lives compared to people who dont smoke. While this doesnt suggest they wont be penalized by insurers, they wouldnt be automatically barred or subjected to the same sky-high premiums that a healthy non-smoker with HIV would.
Some Policies Offer Guaranteed Coverage
If a person with HIV cant get a standard policy, other options may be available.
Many employers offer group life insurance as a benefit to employees, and it typically doesnt require a medical exam. Group policies are the best opportunity for anyone with HIV, says Hallett. He recommends maxing out any group life insurance thats available without health questions, often one to three times an employees salary.
Guaranteed issue life insurance is another possibility. These policies typically are limited to people 45 and older, and death benefits may not pay out within the first two years of the policy. Coverage amounts are generally low, often $25,000 or less, but Hallett notes these policies are stackable you can buy policies from a variety of life insurers to grow the total death benefit.
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Life Insurance And Hiv: Background
According to the Government of Canada there are approximately 71,300 people who lives with HIV infection in Canada . Men continue to be the group most affected by HIV/AIDS: 76.7%. Women as a group account for approximately 23.2% of cases.
A typical question that many people ask is Can you get life insurance with HIV? Well, getting a life insurance policy can be quite complicated if you have a serious precondition such as HIV and not all life insurance policies are available for you. Generally, people with HIV / AIDS can not apply for standard or, also called, traditional life insurance but there are a few other options available:
- Simplified Issue Life Insurance: This type of insurance has typically relatively high insurance premiums and the maximal insurance coverage varies between $50,000 and $300,000. Usually, you need to complete a short medical questionnaire but no medical tests are required when purchasing this insurance.
- Guaranteed Issue Life Insurance: This type of insurance has the highest insurance rates and the maximal insurance coverage is not higher than $25,000. Medical tests and questions are not required and so everybody qualifies regardless of preconditions.
Important to know: A Simplified Issue Life Insurance insurance policy comes either with immediate payouts or deferred payouts .
Can I Get Life Insurance If I Have Hiv Not Aids
You can get HIV life insurance if you are healthy and have your illness under control.
This is because medical advances have increased the life expectancy of people participating in recommended HIV therapies to 25 years. Successfully managing your HIV and health for years can increase the likelihood of finding affordable coverage.
The only issue HIV positive people may run into when shopping for life insurance is the limited options available because no insurance company will sell them a cheap traditional term life insurance policy.
And while there are many carriers that specialize in different types of high risk insurance, not everyone can afford the more expensive premiums.
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Do Life Insurance Companies Test For Hiv
HIV tests may be required during the application under certain circumstances, such as high levels of cover, travel, drug use or previous sexually transmitted diseases .
The cost of a HIV test will be covered by the insurer and will take place at either a public or private clinic.
If the results of the test are positive, its likely the insurer will defer your application for 6 – 12 months to determine how HIV affects your health and how your body responds to treatment.
Youll not be required to undergo a test if youve already declared yourself HIV positive.
Living With Hiv Life Insurance Is Available But Limited
- Ben Moore
For decades, many people living with HIV were denied life insurance coverage, deemed too risky to insure. To this day, most life insurance applications ask applicants to answer yes if they are HIV-positive, and many companies deny coverage to those who do.
But treatment for human immunodeficiency virus has greatly improved, and the 1.2 million people diagnosed with it in the U.S. can now expect to live almost as long as people without the virus.
Life insurance companies have noticed, and in recent years, some have started to offer policies to people living with HIV. In California, new legislation will ban life insurers from denying coverage based on an HIV-positive test result.
Still, people with the infection may have difficulty finding coverage. Options like group or guaranteed issue life insurance could be alternatives for people unable to secure a standard term or whole life insurance policy.
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What You Need To Know About Life And Disability Income Insurance
When you apply for a life or disability income insurance policy, an insurance company can request a physical examination, which may include an HIV antibody test. An insurance company that requests you to take an HIV antibody test is required to get your written informed consent to conduct the test. CIC Section 799.03 states that “written informed consent shall include a description of the test to be performed, including its purpose, potential uses, and limitations, the meaning of its results, procedures for notifying the applicant of the results, and the right to confidential treatment of the results.” If you test positive for HIV antibodies, the life or disability income insurance company can deny your application for insurance. It can also deny coverage if you refuse to provide your written informed consent to take an HIV antibody test. The life or disability income insurance company must pay for the cost of the HIV antibody test.
Further questions on life and disability income insurance concerning HIV/AIDS related topics can be addressed by contacting the CDI at its toll free hotline number. Also, for general information on life insurance, including product descriptions and glossary, review the Life Insurance and Annuities guide.
Does A Hiv Test Affect Life Insurance
Taking an HIV test won’t affect your life insurance, it’s the outcome of the test which may have an impact.
However, if you’re awaiting results from a HIV test this should be declared to the insurer and you may be deferred until the results are provided.
During the application process, you’ll be asked if you’ve ever had a positive HIV test.
A routine HIV test with a negative result won’t affect your ability to obtain life insurance and there’s no need to declare this.
A HIV test with a positive result could bring with it various implications mentioned within this guide, including deferral, increased premiums and providing medical evidence.
if the applicant is awaiting results from a HIV test then this should be declared and they may be deferred until the results are provided.
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Guaranteed Issue Life Insurance
Guaranteed issue life insurance doesnât require a medical exam, and you wonât be asked any questions about your health, but premiums are steep and death benefit levels are low . Coverage is also generally restricted to people 50 years or older. Still, acceptance is nearly guaranteed, so it may be your best option if youâre over 50 and canât find a policy elsewhere.
Why Is It Difficult For Hiv Patients To Get Life Insurance
Life insurance companies arent yet on board with the idea that HIV has become a manageable disease, and that many people with HIV have a long life expectancy. Remember, insurance is all about risk, or the likelihood of an adverse event happening . Those with HIV are simply considered riskier to insure than people without HIV.
In most cases, HIV is considered more serious than other preexisting conditions like diabetes or asthma. People with these conditions may have to work a little harder to find a policy or pay a little more for life insurance, but they can get coverage. People living with HIV are often simply considered to be uninsurable.
Insurance companies weigh the odds of having to pay out a claim using very sophisticated and complex statistical models. If statistics indicate that despite gains in life expectancy for HIV-positive patients, people with HIV are still more likely to get non-HIV-related illnesses than non-HIV people, then life insurance coverage is still highly problematic from the insurers point of view.
Whats more, theres still a huge gap between HIV-positive patients who are able to achieve undetectable virus levels and those who have a much more stubborn infection. Much of an HIV-positive persons prognosis and life expectancy is related to how compliant they are with their treatment. Because this is simply out of the insurance companys control, offering life insurance coverage to HIV-positive persons remains a highly risky proposition.
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