Life Insurance Coverage Options for HIV Positive
More and more people are now getting life insurance as a means of planning for their future. If you have children or loved ones that depend on you financially, buying life insurance is a good option for a peace of mind knowing that after you die, they will be taken care of.
However, if you found out that you are HIV positive, it will give you more stress especially that life insurance companies might reject you on the spot. Don’t worry though, because there are many ways that you can do to protect your dependents after your death. Some insurers offer burial costs however, it is very seldom that you will be offered lump sum payments.
Some guaranteed issue companies and simplified life insurance companies offer this type of insurance for those with immune system disorder, such as HIV.
Guaranteed Issue Life Insurance
One of the advantages of getting guaranteed issue coverage if you have HIV/AIDS is that they will not ask for any health history or you will no longer have to undergo medical test. That means that you do not have to tell them that you have HIV. But here are some of the disadvantages associated with getting life insurance with guaranteed issue providers:
- Expensive monthly payments
- Low face disbursement
- The company will not pay if you die within the first two years. If you die due to non-accidental death within the waiting period, then the dependents may receive the premiums.
Simplified Issue Life Insurance
The good thing about simplified life insurance coverage is that you do not have to take any medical exams but this type of coverage will require that you answer health questions during your application. The simplified issue life insurance is cheaper than the guaranteed life insurance coverage and is better option when it comes to monetary value. If you choose to get this type of policy, be sure to check the details of your policy to check the waiting period. Usually the waiting period is up to 2 years.
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