Heather Arranie 
Significant advancements have been seen by those living with HIV in terms of medical care and with access to insurance. Updates by insurance carriers make it somewhat easier to secure life insurance as well as income protection insurance.
These protections are essential for ensuring that loved ones have financial obligations covered in the event of your death. These can include your major medical debt, funeral costs, mortgage, acting as a financial cushion.
Common Myths About HIV Life Insurance
Many misconceptions and myths making an already complex and confusing topic more challenging for those struggling with the disease to navigate. Consider the following myths and the facts to be aware of.
Coverage is not available for HIV-infected individuals
In fact, with a well-managed disease, many top-rated carriers are not approving applicants. The policies are designed to reflect a current understanding of the disease. The carriers recognize that when ART – antiviral treatments are taken, you are as likely to live a long, productive life as those without the disease
The coverage is far too expensive
In fact, premiums can match those for people living with other chronic conditions, it takes time and the proper guidance. Premiums will be higher, that’s true, but that can be more affordable than you might expect.
The cost will depend on variables, such as health, age, and lifestyle. While guidelines vary from one carrier to the next, those who consider an HIV-positive applicant typically require that the applicant be no older than 50 years of age.
It will require due diligence to find options that suit specific needs and fit your budget.
Review these HIV specialist life insurance options or reach out to Steve Case consultant at Insurance Hero. Mr. Case will address any questions and concerns ensuring you’re fully informed for decision-making.
Denial based on HIV status
In fact, with full disclosure of your condition in the application process, carriers are bound by the terms of the policy and cannot deny claims based solely on your disease. Your coverage will be reliable and secure when you’re transparent with your advisor and the insurance company.
You’re disqualified from living benefits if you’re living with HIV
In fact, inclusive policies may provide full access to chronic illness riders. In order to effectively compare HIV life insurance options, you must:
– Request quotes from multiple inclusive carriers
– Be honest about your medical profile
– Work with a quality and qualified advisor
Factors Affecting HIV Life Insurance Premium
Getting HIV life coverage is not only possible, but the insurance is more accessible. Living with the disease shouldn’t prevent you from protecting your loved ones. Visit https://www.cdc.gov/hiv/living-with/index.html to learn about living with HIV.
Awareness and medical advances have led more carriers to make policies available for HIV-positive clients. Still, there are a few factors that can affect your monthly premium.
CD4 count
Your premium is established based on your overall health. Many carriers look at your immune system strength which is reflected in your CD4 count. A high count means you’re managing the condition well; this will work in your favour.
However, if the count is low, you may be a higher risk. While you can still qualify for coverage, the premium can be higher.
Viral load
You want your viral load to go undetected because this shows that the medication is doing its job and that the virus is stable or under control. Being consistent with ART is essential.
When you adhere to your prescribed regimen, it shows your commitment to your health. That can go far when you’re trying to secure and maintain a lower premium.
General health
Aside from HIV, other health conditions, such as diabetes, high blood pressure, or kidney disease that can contribute to a higher premium. The few complications you have the more straightforward the risk profile will be.
One thing to remember is to be honest. Rarely does an HIV-infected individual present with only an HIV diagnosis. The underwriter will question other health concerns, from the past and today.
They will further inquire about lifestyle issues, request details, such as whether you’re well enough to work or perform daily activity, including personal care.
A healthy lifestyle helps
Despite managing your condition well, poor habits can increase your risk, such as smoking. A healthy lifestyle can help bring premiums down; not just giving up smoking but getting involved in regular fitness and indulging in nutrient-rich foods for a balanced diet.
Loading
Loading is an extra percentage that can be added to a premium to reflect a higher health risk. If you live with HIV but have not developed stable treatment, loading may apply. Fortunately, this is not necessarily a permanent charge.
When your health is consistently managed, your medical reports show improvement from treatment that you are vigilant about, the carrier may assess and reduce, possibly remove, these charges in the future.
What If the HIV Diagnosis Comes After Taking Out Life Insurance
When a policyholder becomes sick after taking out life insurance, the carrier will honor the terms and conditions of the original plan. However, most policies come with a two-year contestability period during which the insurer can delay paying a claim for death by natural causes.
This gives them the chance to investigate the underwriting process and answers given on the initial application. If the carrier discovers that medical information was withheld at that time or omitted, they will refuse payment on the claim and return premiums paid to the estate.
Most insurance carriers consider the contestability period as a clear warning that applicants should be transparent on their insurance application with no lies, omissions or withholding of any pertinent details.
When applications are sent to underwriting with an HIV-positive diagnosis disclosed, a carrier will have these applicants complete a supplement to the standard application to fully understand the nature of the diagnosis and treatments being used to manage the disease.
Go here for details on whether you can get life insurance when living with HIV.
Final Thought
Something to keep in mind as you shop for life insurance is that you may meet all the criteria for a carrier, but that company still decides that the risk is too great for them. That’s within their rights; however, it’s also within your rights to ask why they’re denying you coverage.
Before you shop for quotes, learn what their HIV prerequisites are. Some have certain general health criteria, others want to ensure that you’re adhering to treatment guidelines, for instance ART for 2-5 years from a medical provider specializing in HIV.
Still others have age requirements with the exact range depending on the insurer. At least there are options and, once you make the decision, just having coverage is incredible.
