Getting Life Insurance with HIV. What You Need to Know.
Getting life insurance with HIV has been all but impossible in the past. Today, however, due to many new advancements in medical technology that are helping those with HIV live longer and healthier lives, there are more life insurance options becoming available.
While the coverage will still typically cost more than that of someone who is considered a “standard” risk, there is now the option of choosing either term or permanent coverage. This means that if you qualify, you could be able to obtain a policy that covers you for the remainder of your lifetime – guaranteed.
These policies are not available everywhere, though. In fact, only a few agencies are currently offering them. But at Local Life Agents, we now have two life insurance carriers that consider life insurance applicants who are HIV positive.
There are a number of underwriting criteria for clients to receive coverage – and, while the following list is technical, it will help you in determining whether your client may qualify:
- Self-disclosed diagnosis
- Compliant with antiretroviral therapy (ART) for at least 5 consecutive years
- Well followed by an HIV specialist
- Viral load undetectable for the last 2 years and current CDR count greater than or equal to 350 cells / mm3
- Current negative Hepatitis B & C testing and no history of hepatitis
- No viral resistance to treatment
- No history of IV drug use or other substance abuse
- No history of coronary artery disease, diabetes, cancer, or protein in the urine
- No significant psychiatric history
- Not underweight or losing weight, normal protein levels
- No AIDS-defining illness
The ratings charges for each case will be determined, based on the age, sex, and smoking status of your client, and they can be higher at younger ages for smokers.
Applications should be submitted on an informal inquiry basis and should include the Attending Physician Statement (APS), along with the medical records from the HIV-treating specialist. The underwriters will then determine on a case by case basis any additional underwriting requirements that are needed once the APS has been reviewed.
Most applicants who have HIV won’t be approved at Standard policy rates. In most cases, the potential outcome will be approval at a Sub-standard rating.
If eligible for coverage, the policy ratings can often range from 250% to 400%, with an additional $2 flat extra for younger ages.
Who won’t be eligible
Although there are life insurance carriers today that are beginning to accept applicants with HIV, there are cases where an applicant may still not be considered insurable for coverage. These may include instances where an individual has other health issues that would render them as uninsurable, as well as how long they have had a condition, and what medications they take.
Some uninsurable conditions can include:
- Any AIDS-defining illness
- Coronary artery disease
- History of intravenous drug abuse, polysubstance use, or alcohol concerns
When shopping for life insurance with HIV, there are only two life insurance carriers that will offer coverage – and very few agents know who they are or have access to them. We are one of the agencies who does know. We also understand the guidelines that it takes to qualify, and how to give someone with HIV the best opportunity for getting approved for coverage.
It isn’t easy, and it can take work on the client and the agent’s part. It can also take time for underwriting – 4 to 6 weeks in some cases, and possibly even 8 to 12, depending on how long it takes to obtain the medical records.
Going through this process, though, can mean the difference between going without coverage or having the protection that is needed to ensure that your client’s loved ones are financially protected. Want to give yourself the competitive edge when it comes to offering life insurance coverage for your clients with HIV? Call 855-924-5433 to talk to an agent who can help you with quotes and the application process.