Life Insurance for People with HIV

Why are life insurance agencies reluctant to accept HIV applicants?

It is only sensible on part of the life insurance agency to deny their coverage to any HIV-Positive patient. The insurers run on certain SOPs, accordingly they cover the people that are young and healthy, preferably.

If they understand that someone has less life expectancy, it means insuring them is risky. They might sign up and pay premiums for 2 years after policy is in effect and die in between. This puts the insurance firm at risk and loss, they would still be paying the full death benefit, completely out of their own pocket.

So is life insurance for HIV patients possible? Yes, but with certain terms and conditions. Here is a complete guide to take you through a step-by-step process for application.

What is HIV-Positive Condition?

Fortunately, with the rising awareness, it has become acceptable for many life insurance companies to easily accept HIV-Positive patients. The ART Antiretroviral Treatment leads the HIV patient to extend their life expectancy from 1 year to 20-40 years now.

If any HIV-Positive patient receives the ART treatment, it prevents him from becoming an AIDS Acquired Immunodeficiency Syndrome patient. Any AIDS patient will never be able to buy a new life insurance policy since his life expectancy is vulnerable.

AIDS stops the human body’s immune system, any small injury can make the patient bleed to death, at any time. Similarly, if an AIDS patient is befallen by any disease for heart, lungs, or kidney; it can prove fatal.

However, with the ART treatment, the future seems bright for the HIV-Positive patients. They increase their life expectancy to 20-40 years. If you’re undergoing a treatment for more than 2-5 years, you have many life insurance options available to you!

What are the best life insurance policies for HIV-Positive people?

Various types of life insurance policies are available for HIV-Positive individuals:

Term Life Insurance

For the HIV patients who are undergoing the ART treatment, they can buy term life with many reputable firms like Guardian Life, and Pacific Life. Guardian Life offers them up to 30 years’ term life with coverage of $100,000-$2,000,000, to people in the age range 20-60 years.

This is good enough to cover you for life and leave lump-sum money for your dependents after your death. But you have to prove that you’ve been getting ART treatment for at least 2 years. Similarly, another option is term life for 10-15 years with Pacific Life. And you have to be under ART treatment for at least 1 year. But the premiums would be ten times pricier for the HIV-Positive people.

Guaranteed Acceptance Life Insurance

Guaranteed acceptance is a type of burial insurance which is for people older than 45 years of age. It accepts everyone like the name shows. If there are Alzheimer’s patients, heart patients, renal failure patients and cancer patients; all can apply for guaranteed acceptance.

This is a small coverage policy of $25,000 which will cover HIV-Positive patients for their funeral, medical bills, and small pending credit card loans. It is one of the most popular policies among US citizens. This compensates for burial insurance.

It comes with a two years waiting period and does not require the patients or applicants to undergo any medical exam or health queries. But it is very expensive.

Group Life Insurance

Employers offer Group Life Insurance to their employees. It is cost effective for them to insure employees in collective forms. HIV-Positive people can easily get insured with good employers. There are no medical exams and health queries for Group Life Insurance through an Employer.

Usually it has a coverage of $50,000 or twice your monthly salary. The drawback is that you go uninsured with it, if you move on to another employer.

What life insurance companies are the top most for HIV-Positive patients?

For term life insurance policy:

1. Pacific Life: applicant should be under ART treatment for 2 years, with favorable lab results, undetectable viral load for 1 year, Hepatitis B negative, Hepatitis C is in sustainable viral emission, CD4 cell count more than 499 cells/microliter.
2. Prudential: must be under Art Treatment and 30-60 years old and can buy 10-15 years’ term.
3. Lincoln Financial: must be a resident of California in the age range of 30-60 years.

For guaranteed acceptance life insurance policy:

Mutual of Omaha

Mutual of Omaha is the top life insurance company of 2023, in all aspects and does not fail to deliver for the HIV-Positive patients either. Guaranteed Acceptance policy is best for funeral ceremony and final expenses, with coverage of $25,000 and it has 2 year’s waiting period. It is for people older than 45 years though.