Even six months ago no one in the life insurance industry would have said that it was possible for someone who is HIV+ to get $1 million worth of term life insurance, or for that matter universal life or whole life insurance. Looking at what is offered through guaranteed issue life insurance companies we don’t even see where, even if you were wealthy enough, you could string together enough policies of $50,000 and under face value to get to $1 million. Even if your HIV was so well controlled that it had been rendered a non issue in your mortality risk, going that route would cost upwards of $100,000 a year in premium.
But things just changed in your favor. An HIV+ client can now get up to $1 million in term life insurance, universal life insurance or whole life insurance at rates that are reasonable and comparable to those received by other health issues such as type 1 diabetes, where compliance and control are key to living a long normal life. This is not just another “ho hum”, same old song kind of offer but really more like finally breaking into the club where they at least look at your information rather than just saying no.
So, because we’re all grown ups here and know that even the best of life insurance companies isn’t going to offer traditional, fully underwritten life insurance to everyone who is HIV positive, there are qualifying criteria. If you wanted to put those in a nutshell it would be someone who from diagnosis has taken the virus seriously and who has been treated successfully with anti retroviral drugs long enough to know that medically the upper hand is firmly with you and your doctor. It is well controlled and you have shown a commitment to your treatment that ensures it will stay that way.
Think about it. 6 months ago it was a struggle for someone HIV positive to buy enough life insurance for final expenses. Now that same HIV client, if he or she qualifies, can actually do family and business life insurance planning. With $1 million plans can be made to pay off mortgages, fund educations, replace lost income for a spouse or life partner, fund buy sell or key person business life insurance for a CEO.
Suffice it to say that the options are better and this is just the door opening. We’ve waited for a long time for this and suspect, given the level of early detection and treatment, the near future will see the amounts based solely on age and income. If you have questions or need more information, call or email us. We can help.
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