The Best Life Insurance Policies for HIV Positive Applicants

Life insurance aims to provide financial protection for your loved ones in the event of your death, regardless of your health status. But for HIV applicants, it may be a little bit tricky. Read on to find out more about life insurance for HIV-positive applicants.

Can HIV Positive Patients Get Life Insurance?

The answer to that is yes. These days, provisions have been made to purchase life insurance policies without jumping hurdles. With the continual increase in medical breakthroughs, the life expectancy of HIV patients is no different from that of an average healthy person. Nevertheless, their monthly pricing – premium and coverage type is dependent on their health.

How Can HIV Positive Applicants Get Life Insurance?

Several available insurance companies offer life insurance to those living with HIV. Getting HIV life insurance is similar to that of normal life insurance except for the underwriting process. This process is used to determine your eligibility for life insurance. It assesses the risk attached to your policy. After considering the risk, there is a likelihood that your application may be rejected, or you may be required to pay higher premiums than normal. Nevertheless, the underwriting process of each company is different, and several insurance companies are willing to accept your application even if you are an HIV positive person. Keep in mind that insurers offer such policies on a case-to-case basis depending on the applicant’s health condition and proper adherence to treatment protocols.

When applying for HIV life insurance, you will be asked several personal questions related to your condition. You may also need to provide a report from your doctor.

What Happens When You Test Positive for HIV after Buying a Policy?

Your HIV status after buying a policy will not stop your insurance coverage from remaining active as far as the terms of the policy are being fulfilled. However, you may need to consult your insurance provider to make changes to your policy if necessary.


What Types of Life Insurance Plans Are Available for HIV-positive Applicants?

Categorically, there are four major kinds of insurance for an HIV-positive applicant. Three out of the four are cash value life insurance.

  1. Employer-based Group Life

You can check with your employer to see if they provide group life insurance if you are HIV-positive and cannot qualify for traditional life insurance or are not old enough to purchase guaranteed issue life insurance. If your employer provides a group life insurance policy, it is best that you purchase a policy as soon as possible because group life insurance plans do not consider medical underwriting to issue a policy. However, remember that the coverage is usually capped at a multiple of twice or thrice the amount of your salary, and it is not portable.

  • Final Expense Insurance

Final expense insurance is targeted towards seniors and is typically purchased to cover the expenses for funeral and last rites and might be a good option for HIV patients. As a result, the insurance providers generally have liberalized underwriting guidelines for this coverage to accommodate seniors experiencing one or more health issues. However, keep in mind that the rates are higher than term life insurance, and generally, final expense coverage is only offered to people aged above 50.

  • Guaranteed Issue Life Insurance

Practically anyone who is of eligible age, is alive, and not residing in a hospice or long-term care facility, can qualify for guaranteed issue life insurance, as insurance providers don’t consider an applicant’s health or medical history during the underwriting process. However, since the insurance provider is accepting an unknown health risk while providing this coverage, they place the following restrictions on the coverage:

  • A $25,000 to $35,000 cap on the death benefit
  • In case of death from natural causes, a 2 year waiting period before paying the full benefit of the policy
  • The coverage generally has very high premium rates as compared to traditional term life insurance
  • Term Life Insurance

Just like its name, term life insurance is for a term. It provides coverage for a specific period. Your coverage ends when your term policy ends. The premium is often lower than the other three insurance types, and you can purchase another policy at the end of each term.

The Bottom Line

Most insurers classify HIV as a high risk to cover and finding life insurance as an HIV applicant may be difficult – but not impossible. ISU Wissink has just the right coverage for you. Our team of insurance experts is always available to help you through the process. Contact our life insurance professionals today!