Why Insurance Companies Deny Coverage
Insurance companies dont see it that way. Their goal is to manage the risks and uncertainties that can affect both sides of the balance sheet, and for them, statistics have a severe impact on people living with HIV. think about it:
- Despite an increase in life expectancy, people with HIV are more likely to develop a non-HIV-related disease several years earlier than people without HIV.For example, heart attacks typically occur 16 years earlier than the general population, while non-HIV-related cancers are diagnosed 10 to 15 years earlier.
- While early antiretroviral therapy has reached normal life expectancy, there is still a huge gap in the number of people who can sustain an undetectable viral load. Today, only about 30 percent of people diagnosed with HIV achieve viral suppression, and less than half are still on treatment after diagnosis.
In the end, insurers argue that no matter how good a candidate is, they have no control over one thing associated with longevity whether a person will take his or her pills.
In some ways, this is an outdated argument because HIV therapy is more effective and forgiving than it has been in the past. Nonetheless, long-term management of the disease places HIV in the same risk category as patients with congestive heart failure, in the view of insurance companies.
The only difference is that you dont have to be barred from getting coverage for a chronic condition you just need to have HIV.
Best Life Insurance Policies For People With Hiv/aids
The best policies for life insurance for HIV/AIDS in Canada patients might depend on what kind of life insurance coverage they are looking for. Each person might have a set of unique factors that might make a certain life insurance policy more appealing to them. Luckily, people who have HIV/AIDS are able to get most life insurance policies. It is definitely possible to get a guaranteed life insurance, simplified life insurance and even a fully underwriting life insurance policy.
Underwritten Policy
Guaranteed or No Medical Policy
Simplified Policy
Simplified policies are available from many life insurance companies for people who are HIV/AIDS positive. These simplified policies have a mixture of traits from fully underwritten policies and guaranteed policies. This is an attractive policy for those who want a higher coverage amount and more features than a no medical or guaranteed policy. These kinds of policies will require you to answer limited medical questions, but will not require you to visit a doctor and get an examination. The coverage amount and coverage features will be dependent on basic things such as your health, age, smoking status and a few other factors.
Life Insurance Is More Difficult To Get For Younger Patients
Its virtually unique among health conditions when it comes to life insurance, but the younger you are when you contract HIV, the less likely you are to get a policy.
With a 24 year life expectancy, a 56-year-old who contracts HIV can be expected to live all the way to age 80. Roughly speaking, thats the average life expectancy of any 56-year-old male. From an insurance standpoint, that would make this person a far lower risk.
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Does Hiv Test Affect Life Insurance
If you are asked for an HIV test for life cover before you take out a new policy, this shouldnt affect your cover or the price, unless the result is positive. If youve been asked to take a test for HIV then this shouldnt have any impact on your premiums.
The only reason why your premiums or cover may change after this type of test is if your results are positive and you did not disclose HIV on your application. Its difficult for anyone to be asked to take HIV tests so you just need to be comfortable with that before it happens.
How To Save Money On Life Insurance With Hiv Or Aids
Finding life insurance with HIV or AIDS is not the easiest task in the world. However, you can do this. It is possible. Before we dive into which companies will issue standard life insurance policies, this is how you can save money on your life insurance policy.
Finding an affordable life insurance policy can initially seem like an enormous challenge. If you follow the steps below, you can save hundreds of dollars.
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Underwriting Guidelines For Hiv With Prudential
Prudential also offers life insurance policies to HIV-positive applications. Like the last two companies, not every application will qualify. You must meet Prudentials underwriting guidelines before theyll consider the application.
HIV applicants can only apply for a 10-year or 15-year term life insurance policy. The face amounts start at $100,000 and can go up to $2,500,000.
If you are hoping for a permanent policy from Prudential, both the 10-year and the 15-year term offer a conversion feature. This allows you to convert the term policy into a universal permanent life insurance policy. They do have some criteria for their conversion requirements, so many sure to look at the fine print on the contract.
To apply with Prudential, you must meet the following requirements:
Finally, your CD count must fall within one of the two ranges below:
Untreated No history of CD4 count ever being less than 200. This includes the time of diagnosis. The CD4 count must be stable and greater than 500, with no physician plan to initiate treatment.
Treated A history of a CD4 count of less than 200 is acceptable if the condition has been successfully treated for more than 5 years. The CD4 count must be higher than 500 after the treatment was initiated and currently must be at least 350 and stable.
Possible Underwriting Outcome
The minimum rating Prudential will offer an HIV patient is Table H. They may give higher ratings depending on your medical history.
Why Wont Some Companies Provide Life Insurance For Hiv Applicants
The reason is that every insurance company is different. Insurance is all about mitigating risks. Some insurance companies are more receptive to taking bigger risks. While others are not. But, those that do take risks have done their research. They too are in the business of making money. They are not lowering their risk standards out of the goodness of their heart.
Some insurance companies have gained a reputation for being leaders. In offering insurance to those with some diseases. Those diseases often prevent the buying of life insurance. Diabetes once fits into this category. Now there are many insurance companies that will offer life insurance to diabetics.
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The Insurance Surgery Is A Leading Specialist In Finding Insurance For People Living With Hiv Obtaining Competitive Quotes Across A Wide Range Of Providers
Around 100,000 people in the UK are now living with HIV but around 17% of people are unaware they have the condition.
Previously obtaining life insurance, travel insurance, and other financial products for people living with HIV proved to be quite difficult, however, times are vastly changing and as the treatment and medication for HIV improves, the cover is becoming much easier to place.
We are a specialist insurance company that thrives to obtain you the most competitive cover available on the market.
Below is our summary of how HIV may affect your insurance needs.
Guaranteed Issue Life Insurance
Guaranteed issue life insurance doesnt require a medical exam, and you wont 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 youre over 50 and cant find a policy elsewhere.
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Hiv Life Insurance Companies
There are definitely some companies that are better than others for people who are HIV positive. This is because of how some insurers underwrite HIV compared to other companies so you can certainly save money knowing this.
If youve applied for life insurance in the past and have had problems, such as:
- Unaffordable premiums
- Postponed cover until a later date
Its not necessarily the case that this is the final and best option so you could get a better response from another provider. Dont worry if you have had an issue in the past, we can potentially look at other options for you.
What Are You Waiting For
Give us a call today so that we can show you what we can do for you!
Now, will we be able to help out everyone who has been previously tested positive for HIV?
No, probably not. But what we can tell you is that in addition to offering a wide variety of different term and whole life insurance policies, IBUSA has also worked very hard to establish relationships with many of the Best Final Expense Insurance Companies as well so that if someone isnt able to qualify for a traditional life insurance policy, chances are there may be some other type of product that you CAN qualify for!
Read Also: How Does Hiv Get Transferred
What About My Privacy
Any use of cannabis falls under the Health Insurance Portability and Accountability Act. Meaning that its private information. Your insurance agent is bound by law to protect your privacy, just like your doctor.
That means no one other than someone in the need-to-know gets access to that information. Need-to-know being the life insurance underwriter. Your boss, the authorities, and even your spouse get denied access to that information.
This allows you to be perfectly candid on applications. Remember, lying on your life insurance application leads to problems later on. The least of which is no life insurance at all for being a moral hazard.
The Ins And Outs Of Hiv Life Insurance
Despite the scary stats surrounding those with HIV seeking insurance, many companies have shifted their policies and requirements to offer access to people living with these specific conditions. There are also certain policies that benefit people living with HIV. Final expense insurances are whole life policies that have a small death benefit and are easier to get approved for. There are a few types of final expense insurance:
Guaranteed Issue life insurance: This policy has high premiums and low coverage amounts. Itâs designed for those who may not be able to pass a medical exam or even a thorough questionnaire.
Simplified Issue life insurance: With this type of plan you also donât have to get poked by a needle though you do need to answer medical questions, including those about HIV.
Group life insurance: Although this is technically not a final expense plan, this type of insurance has one contract that covers a squad, so the better everyone is doing the better it is for the group. Group life insurance is often used as an employer-based benefit.
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Private Clinics And Hiv/aids Related Organizations
Since the onset of HIV/AIDS, many private clinics and support organizations have been created that provide services to people living with HIV/AIDS. These clinics and organizations can be an excellent source of information on a variety of HIV/AIDS related issues, including access to health care. Some private clinics provide basic health care services to HIV/AIDS patients and can provide contact information for drug trials and experimental treatment protocols that can sometimes provide complete medical services for qualified study participants. Please see the “Resources” section for a list of California HIV/AIDS related organizations.
The Best Guaranteed Issue Burial Insurance With Hiv Or Aids
At this point you already know that your only path to new burial insurance coverage is by taking out a guaranteed issue final expense policy.
Heres the bottom line about guaranteed issue
There are over a dozen insurance companies that offer these plans. They are all the same. The only difference is what they charge you each month for the insurance
So the key question is, which one is the cheapest?
There are three companies in particular that have the absolute lowest rates on guaranteed issue life insurance policies.
All other insurance companies dont come remotely close to the rates of these three companies. Additionally, these three of these companies are very close in price to one another. They are very often within a dollar or two of one another.
Which one is cheapest for you will depend on your age. There are some ages where Mutual of Omaha is a dollar or two cheaper. Then there are some ages where its Gerber Life or AIG.
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Questions You May Have
Check back often as we update this section frequently.
Can you get life insurance if you have HIV?
Yes, a person with HIV can get life insurance when they meet the criteria of the company they wish to apply to.
Do life insurance companies test for HIV?
All life insurance companies test for HIV when applying for term life insurance, universal life, or whole life insurance.
If you are buying a guaranteed issue policy such as AIGs or Kempers policies, there are no medical tests.
Can I get life insurance if I was declined due to HIV?
Yes, you may still qualify for life insurance even if you were declined for HIV in the past.
Let us know upfront which companies declined you.
Well review the options available for you and will help you figure out the best game plan moving forward.
If you have a partner who is HIV negative and takes pre-exposure medication, we have life insurance companies available for them as well.
Do Life Insurance Companies Always Test For Hiv
You will not necessarily be tested for HIV when applying for life insurance. Any medical examination required usually comes down to the amount of cover you require and any pre-existing conditions or high-risk hobbies you have disclosed.
If you have a history of drug use, STDs, travel or work abroad in certain high-risk countries, you are more likely to be tested for HIV.
If the insurance company does require a medical examination, they will test for a wide range of conditions, not just HIV. The examination results will be taken into account when determining your premium and the level of cover you can receive.
It is also worth noting that some life insurance companies will require a full medical examination if you list HIV as a pre-existing medical condition on your application.
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How Do You Apply For Mortgage Protection Or Life Insurance If You Have Hiv
Youve got a couple of options here, and it also depends on whether youre getting mortgage protection or life insurance.
As I said, you have to get mortgage protection if youre buying a house, and youll usually start looking into it when youre far enough on in the house-buying process. You can buy from your lender, but it likely wont be the best deal you can get as the bank will only give you the price for the insurer they deal with, instead of giving you the best price from all the insurers.
I recommend going with a broker and Im not just saying that because Im a broker! Run your info through a quote calculator, and youll fairly quickly see what I mean about how you could potentially save a wedge of cash by shopping around
You probably wont have to do a full medical if youre otherwise in good health, though the opposite is true too. You will have to fill in some details about your life and, yes, some of them are personal, but its all part of the job. An experienced insurer or broker will have heard stories from all kinds of people, so honestly, dont worry about it.
When people with HIV apply to me, I ask them for information on how much cover theyd like, their DOB, about their career, and their lifestyle and then about your treatment: your CD4 count, how long youve been in treatment, that kind of thing.
Of course, these are personal questions, but dont worry: its in the strictest confidence and on a no-name basis.
How Much Does Life Insurance Cost For Someone Who Is Hiv Positive
This one is impossible to answer. Im sorry.
All applications are underwritten and priced on a case by case basis according to their merits.
The premiums quoted vary from one insurer to the next.
You can get a life insurance quote here, but remember the insurer will add an extra premium on health grounds.
Please look at a recent application and the terms offered to my client.
- Male 43 years of age
- Diagnosed September 2015
- Treatment started in early 2016
- Medication: Atripla
- Recent CD4 Count of 775
- Attending every six months condition is very stable.
- Compliant with treatment
The insurer we went with offered my client cover for 87 per month, thats the normal price plus 150%.
The next best insurer would only offer a 25-year term at 121 per month!
As you can see, it pays to know which insurer is most understanding of HIV.
From experience, if you get a loading of +150%, youre doing well.
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What You Need To Know About Health Insurance
When applying for health insurance, an insurance company may ask questions regarding your medical history to help determine coverage eligibility. Medical records from your physician may be requested as part of the underwriting process. Insurance companies rely upon accurate information to make their underwriting decisions. If the insurance company discovers that you did not accurately report your medical history on the application, your policy can be canceled or rescinded.
A health insurance company cannot require you to disclose your HIV status or to take an HIV test as part of the application process . However, it can ask if you have received medical treatment for AIDS, AIDS-related complex , or an immune system disorder other than HIV/AIDS. It may also ask you if you are taking or have taken HIV/AIDS medications. Since HIV infection is not a diagnosis of AIDS or ARC, a health insurer cannot deny health coverage solely because an applicant is HIV positive. If an applicant has been treated for AIDS or ARC, a health insurer can deny coverage based on a preexisting medical condition. CIC Section 10291.5 requires that all applications for health insurance prominently display the following notice: “California law prohibits an HIV test from being required or used by health insurance companies as a condition of obtaining health insurance coverage.”