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It is hard enough for a healthy person to obtain and procure a lucrative life insurance policy. And if you suffer from a disease such as HIV, then you have even bigger mountains to conquer.
Yes, the path to getting a life insurance policy becomes a lot more challenging and trickier, but it is doable as there are companies out there who have a heart- as well as a desire to improve their financial bottom lines.
The main question here is that can you, as an HIV positive patient, still get access to a HIV life insurance at a low price? In preceding days, such a request was almost unheard off.
But thankfully, the global mindset is changing and evolving to recognise HIV and AIDS as other terminal illnesses and is now possible for its sufferers within their prescribed budget.
What kind of life insurance policies are available for HIV patients?
There is a plethora of life insurance policies accessible to such people. Of course, it depends on their requirements and the type of insurance policy they desire.
Life insurance service providers now offer to personalise and customise life insurance packages to cater to individualistic customer needs. Ultimately, there are three main classifications for such schemes:
- Guaranteed acceptance life insurance policy
This policy is available for all persons and does not factor into account their health conditions. The catch is that there are usually high premium costs attached to it because of the greater degree of risk involved and is restricted in its coverage scope. Such schemes usually are the last choice for life insurance prospective buyers.
2. Group employment life insurance policy
This is usually provided by employers to all of their staff workers which would include all HIV patients.
3.Critical life insurance policy
As you may already know, HIV falls under the category of critical life illnesses. Life insurance companies that serve such a consumer segment will include HIV patients in its marketing efforts.
Such life insurance policies come with a reasonable premium and may not require its buyer to undergo a medical examination. Do your homework and survey the life insurance market to identify top life insurance packages with the best premiums available.
This way you can also review all the life insurance products available with their distinctive requirements and see which life insurance package will suit you best.
Barriers for HIV Patients
It is rather unfortunate that those individuals who suffered from HIV in the 1980s and 1990s faced discrimination from the societies they lived in on top of their physical and mental pain.
Such unwelcome biases were not just restricted to those suffering from HIV but was extended to pretty much anyone inflicted with a sexually transmitted disease. HIV was mostly associated with the homosexual community back in the day then and faced extra heat due to it.
Even though the attitude towards homosexuality borders acceptance, there is still an aura of prejudice in the air against them. Even when they engage in daily life activities such as playing sports, finding jobs or buying groceries, people will treat them differently.
In the United States of America, the government endeavoured to limit or prevent such discrimination by introducing bills such as the Americans with Disabilities Act. It has categorised HIV as a pre-existing condition and hence does not warrant discrimination.
This has empowered HIV patients to an extent in the United States of America and opened up new doors of employment for them. It also lets them gain access to group employment insurance without any prejudice.
Even though the year is 2018, another obstacle that HIV patients still encounter is access to proper care. An approximate fifty percent of such patients are usually not looked after appropriately due to a lack of awareness or knowledge or due to a limited supply in medicines.
What will life insurance cover for HIV patients?
The good thing is that technology is constantly innovating, improving and inventing new things across all industry verticals that includes medicine. Their quality of life has ameliorated notably and increased their chances to obtain life insurance policies.
As per the CDC, there are a million souls out there suffering from HIV. Want to know something even more mind-blowing? Eighteen percent of them are not aware of it! Good news is that its spread has slowed down and corresponding awareness rates are also going up. So, there is still better hope than there was compared to twenty years ago.
Sure, the life insurance premium rate offered to HIV patients is still high, but at least they finally have access to it. Why? Simple. Because technology has improved medicine, hence increased their life expectancy rates.
We recommend that you wait a bit after your diagnosis to demonstrate your health and survival rate of fitness to the life insurance company to let them know that you are not going anywhere. Keep in mind that your age will play a factor here.
An earlier diagnosis will give you better chances as that illustrates your higher life expectancy and quality of life.
So, if you want such a life insurance policy and if you’re a HIV positive patient, then keep all your medical records on hand and keep them updated. If you have a record of up to 3 years, even better.
Share all HIV information
If you don’t openly share your health and HIV condition, then chances are that your request for a life insurance policy will be denied. Maybe you do not wish to pay that higher premium.
But trust me, it is better to be open, honest and transparent to avoid being blacklisted in the life insurance product market. The company you’re applying at will conduct its own investigation to inquire and verify the information you provide and will speak to your doctors directly.
Once they release that information it won’t reflect well. Keep in mind that societal acceptance of such diseases is only growing by the day due to more information being available and people educating themselves. A lot of HIV patients are leading normal lives and so can you.