Many years ago, being diagnosed with HIV meant that a person would not be able to qualify for any life insurance. Today, however, that has changed. Due in large part to the medical treatments that are now available, those who have HIV have been able to prolong their life expectancy significantly – which in turn, has also increased their life insurance coverage options with various carriers.
This way, the number of potential options that are open to you is expanded – and the process of finding the right coverage for you can be sped up exponentially. If you are looking for life insurance with diabetes, we can help with that too!
What is HIV and How Can It Affect Your Life Insurance Application?
HIV is a type of virus that is spread via bodily fluids. The acronym stands for “human immunodeficiency virus,” and it can lead to acquired immunodeficiency syndrome or AIDS.
Unlike many other types of viruses, the body is not able to rid itself of HIV – even with medication. Therefore, once an individual has contracted HIV, they will have this virus for the remainder of their lifetime.
Due to much medical research, today there are ways of controlling HIV so that those who have been diagnosed with it are able to prolong their lives. This is a big step forward from back in the 1980s and 1990s when many individuals progressed from HIV to AIDS within just a short period of time.
HIV can affect certain cells within the human immune system – primarily the “T” cells, or CD4 cells. Over time, so many of these cells can be destroyed by HIV that the body is eventually not able to fight off disease and infections. This is what can lead to the AIDS syndrome.
While there is presently no cure for HIV, it is important for anyone who thinks that they may be infected with it to get tested early so that they can obtain the medical care and treatment that is necessary to prolong their life span.
This being the case, it will also be important to obtain life insurance so as to protect family and loved ones financially. Unlike a few decades ago when the diagnosis of HIV typically meant a flat declination for life insurance coverage, today there are more viable options. When applying for coverage, however, the life insurance underwriters will need to know as much condition-related information as possible so as to make the best possible decision.
What the Life Insurance Underwriters Will Want to Know If You Have HIV
Generally, all applicants for life insurance will need to completely and truthfully fill out the application for coverage. Here, the insurance company will want to know details regarding your:
- Smoking / Tobacco Usage Status
- Alcohol Consumption
In addition, due to your HIV diagnosis, there will likely be additional questions that you will be asked so that the life insurance company can obtain a clearer picture of your overall health condition. With that in mind, you may be asked some or all of the following questions:
- When did you get diagnosed?
- What steps have you taken with regard to your condition since you obtained your HIV diagnosis?
- Do you have any additional adverse health or medical conditions due to your HIV?
- Do you take any prescription medication for your HIV? (If so, which medication/medications do you take, and what is the dosage?)
- Do you control your HIV condition in any other manner, such as via diet and/or exercise?
After the insurance company has received all of your information, they will be able to make a more informed determination with regard to your application for life insurance coverage, as well as determine an appropriate amount to charge for your premium.
While the cost of a guaranteed issue life insurance policy will typically be more expensive, it can provide you with the coverage that you need in order to ensure that your loved ones have financial protection.
How Much Will Your Life Insurance Coverage Cost?
As medical technology has increased, the options for those who are afflicted with HIV have become more plentiful. That being said, HIV is still considered to be a serious health condition. Therefore, for most individuals, the cost of life insurance coverage will usually be more than coverage for those who do not have HIV.
If, however, other than having HIV you are in overall excellent health, it may be possible to obtain a mild substandard or high risk policy class rating. This means that you will pay slightly more for your coverage than someone who is of standard, or average, health, height and weight in your age and gender category.
What many people may not realize is that, even though most life insurers have some type of qualification criteria for those who apply for coverage, these factors are not all identical. What this means is that what may deem an applicant as being uninsurable at one carrier, may not make him or her uninsurable at another. So, even if you are turned down for a policy at one insurer – don’t give up. Even with the very same health criteria, another carrier may be happy to accept you for their coverage.