How to Find Life Insurance if You Have HIV

July 25, 2019

It used to be nearly impossible to get life insurance if you have HIV, but today you have many more options. If you had life insurance before you were diagnosed with HIV, we suggest you keep that policy, as nothing will come close to that type of coverage now that you have a diagnosis. If you don’t have life insurance yet and already have a diagnosis, keep reading to learn how to find life insurance to cover you.

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Not Your Typical Life Insurance

Unfortunately, patients with HIV can’t get traditional life insurance, such as term or whole life insurance. The risk is too great for insurance companies, so they just don’t offer private policies to patients with a chronic disease, like HIV. Because of the growing life expectancy of patients with HIV, though, you have several other options including:

  • Group life insurance – If your employer offers life insurance, take it. You won’t have to go through traditional underwriting and will automatically get coverage. The policy may not be very much, but even $10,000 or so is something to help with your final arrangements.
  • Guaranteed life insurance – Unlike traditional life insurance, guaranteed life insurance doesn’t require underwriting. The premiums are typically higher on this policy and it offers less coverage, but if you have HIV, it can be a great way to get additional coverage for yourself.
  • Critical illness insurance – Some insurers offer critical illness or high-risk insurance policies. Each company has different requirements regarding underwriting and medical exams. The policies also vary by insurance company.
  • Final expense insurance –You may be eligible for burial insurance if you have HIV. While it only offers coverage up to $50,000, it can help your loved ones pay for your final expenses.

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What Insurance Companies Look At

Like any other life insurance policy, insurance companies look at how likely it is that they will pay a claim on your life insurance. In other words, they need to know the status of your health, your age, and any other conditions you have aside from HIV.

Insurance companies put the pieces together to determine how risky it would be to insure you. The two factors that affect your premiums and/or eligibility to secure life insurance are:

  • Progression of the disease – The later the progression of HIV, the less likely it is that the insurance company will approve you. This is especially true if your HIV progressed into aids.
  • Type of treatment – The better the treatment that you are receiving, the more likely you are to get life insurance. Today’s HIV treatment is much more effective than ever before, which can mean a longer life expectancy and better chance of securing life insurance.

If you have HIV, don’t avoid looking for life insurance if you don’t have it yet. The earlier that you get a life insurance policy, the better your chances of getting approved for a policy become even if you have HIV. Always be upfront with your insurance agent, though – never hide the fact that you have HIV, especially during the medical exam or during any medical questions that the agent asks of you.

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