People that have HIV positive are more difficult, yet not impossible, to insure. It could be very difficult to acquire certain types of insurance, but still, people with HIV are insured on regular basis. You can even have a whole life insurance policy. New medical advances and modifications in the laws of the states have made more and more insurance options available.
If you have been diagnosed with HIV and you would like to financially protect your family, you must first research all insurance options. We cannot sugarcoat the effect of your disease on a life insurance application: the rates will be high.
Annual premiums will be high and the death benefit will be low. Still, you cannot decline this offer. Insurance agencies have established new policy types for HIV patients. In the event that you were insured prior to being diagnosed with HIV, it is extremely important that you keep the policy in force and stop its lapse.
Pay all the premiums at the perfect time. If you let it lapse, it would be almost impossible to get similar coverage. Types of life insurance coverage available for HIV patients include:
1) Group employment life insurance. Employers typically offer group life insurance for their employees. Find out if you employment life insurance covers HIV. Prior to hiring you might want to choose those employers who provide this insurance option in group benefits package.
2) Guaranteed issue life insurance. This coverage is available to almost anyone. It provides limited life insurance coverage and usually does not need any medical history questions. Premiums are high, due to higher risk pool, but are far better to have it.
3) Critical illness life insurance. Some insurance companies provide specialized life insurance for people that endure from a critical disease. In this case, medical exams are important.
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