Life insurance for HIV patients - Do such policies exist?

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PostPosted: Thu Jul 23, 2009 10:53 am   Post subject:   

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So where does that put a person such as myself who is HIV + and who because of some mutant gene, luckily is healthy and undetectable without the use of meds? I want life insurance, but because of the HIV stigma, even thou I am considered non -reactive/progressive am denied such coverage even thou I am very healthy?




An insurance company doesn't care about "health". They care about life expectancy. You are HIV positive. People who are HIV positive have a lower life expectancy.



Life insurance should be purchased before one has things that compromise their life expectancy... before they get fat, before they start smoking, before they get cancer, before they get HIV, before they get high blood pressure, before they have an undiagnosed stomache issue, etc.





When are these things going to happen? We don’t know. Life insurance is purchased with one’s health more than with their dollars. This means that one shouldn’t wait until they are married with a child to buy coverage. If coverage is needed in the future, it needs to be purchased today.



What can you do about insurance now that you are HIV+? Go tell all of your friends to purchase coverage before something happens that lowers their life expectancy.
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PostPosted: Sat Jul 25, 2009 12:41 pm   Post subject:   

Hi Scot,



Quote:
People who are HIV positive have a lower life expectancy.


Did you understand why Expert is stressing hard on life expectancy? Actually, you'd need to understand that a lower life expectancy signifies more risk for the insurance carrier. Insurance is meant to cover your unforeseen risks, so more the chances lesser the coverage options and higher the premiums.

Hope you got that!



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PostPosted: Tue Jul 28, 2009 8:17 pm   Post subject:   

And if he lives more than 24 months? How does that stack up against the annuity?



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PostPosted: Wed Jul 29, 2009 12:54 am   Post subject:   

If he lives for 24 months and then dies, the life insurance is great. If he lives for 15 years, the life insurance isn't a good value.

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PostPosted: Wed Aug 19, 2009 1:57 am   Post subject:   

I am learning many things over here. lots of knowlegde is there, thanks

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PostPosted: Mon Aug 24, 2009 11:56 pm   Post subject:   

Another option for this individual would be to look at a Second to die policy. Some insurance companies will allow a policy to be written on an otherwise uninsurable person if the policy pays out on the death of the second individual and there is another healthy indivdual on the policy. These policies can sometimes work if the parents are still alive in good enough health to be insured and have a life expetancy less than the unhealthy individual.

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PostPosted: Thu Jul 29, 2010 6:20 pm   Post subject: hiv  

I really need some kind of insurance for my hiv. I need to know how and where I get insurance at? LaughingRazz


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PostPosted: Sun Aug 01, 2010 2:02 am   Post subject:   

Quote:
i really need some kind of insurance for my hiv.




Are you talking about medical or life insurance?



Medical insurance for a person HIV+ is a practical impossibility. Insurers almost uniformly list that as a decline in their published underwriting guidelines.



As for life insurance, there are a number of companies that offer "jet issue" policies that do not require medical underwriting (no blood or urine testing). But do not expect to obtain more than $50,000 in coverage from one insurer.



Because it is assumed that unhealthy persons are the most likely applicants, the rates are generally higher than those for healthy persons applying for more traditional policies.


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PostPosted: Sun Aug 01, 2010 2:13 am   Post subject:   

Quote:
If he lives for 24 months and then dies, the life insurance is great. If he lives for 15 years, the life insurance isn't a good value.




Just read this in an earlier post, then read InsuranceExpert's initial response. I understand the comment, but let me play devil's advocate for a moment.



If this statement is true, then doesn't it defeat the premise that people should purchase insurance only when young and healthy?



Why would the 20-year-old with no dependents, no financial burdens, and a life expectancy of 65 years find "value" in life insurance?



Why not wait until at least 24 months prior to death to purchase life insurance? Well, the answer to that question is that we don't know when we're in those last 24 months.



The value of life insurance is not based on how long one owns the policy, but what it does for others after the insured dies.



The bet is a simple one . . . the insured bets he's not going to live very long, and the insurer bets he is. If the insured lives only a short time, the beneficiary gets a check made up of mostly insurance company money. If the insured lives a long time, the insurance company includes less of its money in the check mailed to the beneficiary.



Does the beneficiary care what ratio of insured/insurer money is involved? Hardly. They cash the check and life goes on as the insured/policyowner intended. That's the value . . . whether the policy is owned for 24 months, 24 years, or to age 121.


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PostPosted: Thu Aug 05, 2010 12:43 pm   Post subject:   

well I have heard that Accelerated Benefits Rider benefits those suffering from terminal diseases. does this not cover HIV?



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PostPosted: Thu Aug 05, 2010 2:43 pm   Post subject:   

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well I have heard that Accelerated Benefits Rider benefits those suffering from terminal diseases. does this not cover HIV?




Unfortunately, the answer is, "It depends on how 'terminal' one is." We're all "terminal" from the time we're born.



The Accelerated Benefit Rider (sometimes called, Terminal Illness Benefit Rider) is only available if the insured is diagnosed as "terminally ill" which, according to the majority of such riders, means death is expected within 12 months (the federal definition of terminally ill, for purposes of providing hospice care under Medicare, is when death is expected within 24 months). It could be a Stage IV cancer, it could be a case of "full-blown" AIDS, it could be renal failure.



But most persons who are simply diagnosed as HIV+ are no longer saddled with the same kind of death sentence as they might have been 20-25 years ago -- "Magic" Johnson will have survived with HIV for 20 years in just another 1 or 2 -- although they still cannot be cured of the disease. Most new HIV+ cases do not result in death within 12-24 months.



So qualifying to use the ABR by simply being diagnosed as HIV+ is not realistic. But even if it did qualify, the typical rider limits the benefit to an advance of the death benefit of up to 50%, but not more than $250,000 - $300,000. A $50,000 policy would only provide a maximum of $25,000. So it is not a panacea.


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PostPosted: Mon Aug 09, 2010 5:49 pm   Post subject:   

thanks that makes sense since many of the HIV+ patients may end up living more than 2 years and not really is eligible for any immediate benefits.

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PostPosted: Mon Aug 30, 2010 7:32 am   Post subject:   

Personally i don't know any company selling insurance for HIV patients. I think if any then the premiums would be very high.

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PostPosted: Tue Aug 31, 2010 11:46 pm   Post subject:   

No one targets life insurance sales to persons with HIV+ status. However, there are insurers who do no medical underwriting up to $25,000 or $50,000, and will accept persons who are HIV+.



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PostPosted: Wed Sep 01, 2010 12:09 am   Post subject:   

Quote:
Just read this in an earlier post, then read InsuranceExpert's initial response. I understand the comment, but let me play devil's advocate for a moment.



If this statement is true, then doesn't it defeat the premise that people should purchase insurance only when young and healthy?



Why would the 20-year-old with no dependents, no financial burdens, and a life expectancy of 65 years find "value" in life insurance?



Why not wait until at least 24 months prior to death to purchase life insurance? Well, the answer to that question is that we don't know when we're in those last 24 months.




The other reason is what you mentioned in your last post. Guaranteed issue policies are typically limited to $50,000 or less coverage.

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