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Life Insurance for HIV Positive Applicants

While some of the focus has been taken off of HIV these days, the sad reality is there are still many people contracting and living with this virus in the U.S.: according to HIV.gov, about 1.2 million people in the U.S. have HIV. Fortunately, we have made great strides in controlling the virus with medication, and those living with HIV can now go on to live long and normal lives, which brings up the question of life insurance. Will life insurance cover people who are HIV positive?

risk gage with green, orange, and red lines — *Life insurers will provide a policy to people who are HIV positive, but they will first assess your risk.*

HIV & Life Insurance

Because life insurance companies offer policies based on how risky it is to insure you, many life insurance companies will not insure you if you are living with HIV. With that being said, there are life insurance companies who will consider applicants who are HIV positive, and will offer traditional life insurance policies like term life, whole life, and even universal life insurance, with some limitations.

For example, insurers will generally not consider an applicant who was diagnosed less than a year before applying for coverage, and there are often age limits on applicants. In addition, you will have to go through the underwriting process, which will determine your rates; living with an illness like HIV will usually mean that your premiums will be higher than other people’s.

What To Expect During The Underwriting Process

When applying for life insurance, you have to disclose any health issues, including if you are HIV positive. Insurance companies will require that you provide information regarding:

The date of your diagnosis
Current CD4 count and viral load
Medications you have been prescribed and the dosage of each
Whether you are currently symptomatic or whether you have ever been symptomatic

In addition, during the underwriting process, life insurance companies will need to know what stage of HIV you have:

Acute HIV, which is considered the earliest stage of the virus, extending from two to four weeks from the initial infection.
Chronic HIV, meaning that your number of CD4 cells is decreasing, leading to damage to the immune system.
AIDS, which is the most advanced stage of HIV.

Insurers will also ask your age, because most insurance companies that will consider an HIV positive applicant will require that the applicant be no older than 50 years old. They will want to know your overall health, including anything that could raise a red flag for them, as well as if you are following a treatment plan prescribed by a doctor, including managing the virus by taking prescribed medications and regularly having your CD4 levels checked.

Once you have disclosed all of the above information, you might have to wait a few weeks to a few months while the insurance company sifts through your medical records and the statements that they will request from your doctor.

Life Insurance Options For HIV Positive Applicants

If you are unable to qualify for a traditional life insurance policy, you do have other options, most of which you can be approved for in a matter of days. These policies include:

Final Expense Insurance

This type of insurance is usually bought to cover funeral and burial expenses, as well as any medical debts. A final expense policy is ideal for you if you are living with a chronic health condition like HIV, because you are guaranteed approval.

Simplified Issue Life Insurance

This type of policy will not require a medical exam, although there will be some medical questions on the application. Premiums are usually higher for simplified issue policies than for traditional term life insurance because there is no medical exam, and those purchasing these policies might be riskier to insure.

Guaranteed Issue Life Insurance

light bulb standing in front of 3 white doors with blue question marks on them — *You have many options for life insurance, and if you are denied, then you can opt for a no medical exam plan.*

This type of life insurance policy does not consider your health or health history during the underwriting process, which means anyone is eligible for it. The two downsides of guaranteed issue, though, are that your insurance company will cap the death benefit at $35,000, and your premiums will be higher than with traditional term life insurance, because you will be approved no matter how much of a risk you are to insure.

Term Life Insurance

If you are following a treatment plan, some life insurance companies will approve you for term life insurance.

Need Help?

Just because you are living with HIV does not mean you won’t be able to provide for your family when you are gone. Finding a life insurance plan that is affordable and will provide enough coverage for your family, though, means that you will have to do a lot of research and compare different insurance companies and their plans: some companies have strict underwriting guidelines, while others have looser guidelines, and they will all price plans differently. The best way to find the right life insurance policy for you and your specific needs is by working with an agent who specializes in life insurance. We have provided the top life insurance companies in the nation below; each offers hassle-free assistance and the most competitive rates. Always check multiple sites to make sure you have bargaining power and know the advantages of each company. Make sure a hard time isn’t made harder by a financial burden, check life insurance rates today.

The 4 Types Of No Exam Life Insurance

If you’re looking for a life insurance policy, but have pre-existing medical conditions, you might be worried about undergoing a medical exam to get coverage: your medical status could mean that you will have to pay more, or you could even get denied for a policy altogether. Fortunately, though, even if you have health conditions, you have options! There are four types of life insurance policies that do not require medical exams, meaning you’ll still be able to provide financial protection to your family no matter your age or health history. Comparing these different policies will help you better determine which no medical exam life insurance policy is best for your family’s needs.

1. Guaranteed Issue Life Insurance

stamp of the word approved in red with a red circle around — *You will be approved no matter your health or age with a guaranteed issue life insurance policy.*

The first type of life insurance that does not require a medical exam is guaranteed issue life insurance. With one of these policies, you will not be rejected for any health-related reason; you will simply need to answer a few questions about your health to determine your policy rate, and then you can receive coverage in as little as a day. The death benefit for this policy can be anywhere from $5,000 to $25,000.

The drawback to guaranteed issue life insurance? Premiums will be higher than those of other life insurance policies; your insurance company will not have very much information about your health status, so they will be taking on a higher risk by insuring you. In addition, before your family can receive the policy’s death benefit, there is a 2 year waiting period, which means if you pass away during the first 2 years that your policy is active, your beneficiary will only receive a portion of the death benefit. This plan is best for those who are looking for quick, easy coverage for their family.

2. Simplified Issue Life Insurance

This is a type of term life insurance that has been increasing in popularity over the last few years. These policies last for a certain time period (or term) – usually 10, 20, or 30 years, and are a step up from guaranteed issue life policies; they are more expensive than traditional life insurance policies, but cheaper than guaranteed issue policies, but coverage is often limited. When you apply for simplified issue life insurance, you will be asked detailed medical questions and will undergo a background check, but you will not have to undergo a medical exam.

These policies offer coverage anywhere from $25,000 to $200,000, depending on the results of your evaluation. Simplified issue life insurance is best if you are looking for convenience, quick approval, and coverage if you have moderate health issues.

3. Graded Death Benefit Life Insurance

This kind of insurance is similar to guaranteed issue life insurance, with some slight differences. You will have to answer some health questions, with the number of questions depending on the insurance carrier; because there might be more health-related questions, these policies are slightly less expensive than guaranteed issue life insurance. These policies offer coverage up to $50,000.One of the major differences between graded death benefit policies and other types of policies is that the death benefits are paid out in percentages; after each year of having an active policy, your beneficiary will receive a higher portion of your death benefit:

Death in year 1- 25% of death benefit paid
Death in year 2- 50% of death benefit paid
Death in year 3 or above- 100% of the death benefit paid.

4. Final Expense Life Insurance

This kind of policy is also known as burial insurance; coverage is designed to cover end-of-life expenses, including burial costs, funeral ceremony costs, final medical bills, and any small debts. Even if you don’t have any other type of life insurance, you should consider having this policy: the average cost of a funeral is around $10,000, which is a lot of money for your family to come up with, especially if they are not prepared.

Final expense policies offer coverage from as low as $2,000 up to $50,000. The great thing about these policies is that your premiums will not increase, and your death benefit will remain the same throughout your life. This policy is a good choice for people who have some health issues and need a smaller amount of coverage to help with costs related to their passing.

There are options for life insurance that allow you to get a policy without having to undergo a medical exam – this means that, no matter what health conditions you have, you will still be able to get life insurance coverage. If you’re interested in one of the policies above, and you need help deciding on a policy, consider using online tools to see what is available, as well as working with an agent who will help you compare plans and see which is the right fit for you. To get you started, we have provided the top insurance companies that offer life insurance policies below; each can give you hassle-free assistance and the most competitive rates in the nation. Always check multiple sites to make sure you have bargaining power and know the advantages of each company. Make sure a hard time isn’t made harder by a financial burden, check life insurance rates today.

Final Expense VS Life Insurance

Most people have lots of plans for their life, but one thing people don’t often plan for is their funeral and the cost of their final expenses. While these aren’t the most pleasant plans to make, you should at least be prepared financially for when the time comes, and the best way to do that is by purchasing a life insurance policy. You can choose a final expense insurance policy, which is a type of whole life insurance that provides coverage for your end-of-life expenses, or you can purchase a policy that will provide coverage for more than just your final expenses. For example, if you want to leave behind a substantial amount to cover larger expenses, or possibly leave an inheritance in addition to simply covering your funeral expenses, you might want to look into more traditional life insurance. To figure out what kind of life insurance you need, you should compare the different types of policies, and take into consideration your current and future expenses.

Final Expense Coverage

The average funeral costs $10,000; you can choose to purchase a life insurance policy that will specifically cover these expenses, and will help relieve some of the stress and pain of a difficult time for your family. This type of policy, called final expense insurance, or burial insurance, covers the expenses associated with your death, including funeral and burial costs, as well as any medical bills and other debts. You have the option to choose policy coverage anywhere from $5,000 to $50,000, depending on your needs, and as long as you pay your premiums, your policy will continue until the day you pass away. The cost of this type of life insurance policy will depend on your health and age when you purchase the policy.

Life Insurance Coverage

If you are looking for more traditional life insurance coverage, there are several types of policies to choose from, including term life and whole life. The difference between the two is that term life insurance policies will cover you for a specific amount of time (or term), usually 10, 20, or 30 years, while whole life plans will cover you for your entire life. Term life is ideal if you want to provide coverage for a major but temporary expense, such as a 30-year mortgage, while whole life is better if you’re ok with paying a little more to build cash value and not have to worry about your coverage ending. Either of these policies, though, will ensure financial stability for your family after your passing.

A term or whole life insurance policy will provide your loved ones with one lump sum, or a monthly annuity to your family after your passing, and offer more coverage than final expense insurance – typically anywhere from $250,000 to $1,000,000, or more!

white drawing of a person with 3 arrows pointing in different directions — *When deciding which plan is best for your family’s needs, it is best to compare plans from different companies.*

One thing to be aware of with more traditional life insurance policies is that, unlike with final expense, you will have to undergo a medical exam before you are approved so that the insurance provider can evaluate your risk. If you are older and/or have certain health conditions, you will pay more for monthly premiums than those who are younger and healthier.

Deciding Which Plan Is Best

Final expense life is a great option for those who are older or are in poorer health, and who don’t have or can’t get a traditional life insurance policy. Having this type of policy will give your family some kind of financial stability, at least for the unexpected expenses following your death, but it is important to note that final expense insurance only covers short-term expenses and does not provide anything more. If you want to provide more money to your family to replace your income, or to cover large expenses like a mortgage or college tuition, you should look into a different kind of life insurance policy. The best thing to do is to assess your current expenses, as well as future expenses, to figure out which plan is best for your family, as well as how much coverage you will need.

Purchasing life insurance coverage for your family is a responsible choice, and an important decision. While the thought of dying and not being with your family is difficult, imagine the suffering they will be going through – the last thing you want is for them to suffer financially, as well. Life insurance can help with your family’s expenses for many years and will prevent them from struggling in your absence.

If you’re not sure where to begin looking for a policy, consider using online tools, or speaking with an agent. The right policy for you is out there! We have provided the top insurance companies that offer life insurance policies below; each can give you hassle-free assistance and the most competitive rates in the nation. Always check multiple sites to make sure you have bargaining power and know the advantages of each company. Make sure a hard time isn’t made harder by a financial burden, check life insurance rates today.

The Different Types Of Final Expense Policies

Funerals are not something we often think about until we have to deal with them in our own lives, but it’s an unfortunate fact that they require a lot of planning and are extremely expensive. In fact, the average funeral costs anywhere from $10,000 to $15,00 – that’s a lot of money for your family to come up with, but it will be necessary for them to do so one day. Paying for your final expenses doesn’t have to be a burden for them, though: you can cover your funeral costs and protect your family’s financial security with final expense life insurance. There are multiple types of policies to choose from, so you are sure to find the one that is right for you and your family.

What Is Final Expense Life Insurance?

padlock — *Final expense premiums are locked in and cannot be raised by the insurer.*

A final expense life insurance policy will pay out benefits to your chosen beneficiary to cover medical and other end-of-life expenses, including funeral and/or cremation costs. But there is some flexibility as to how your loved one can spend the money: after paying for your funeral, they can decide to use the money for other debts or expenses. And that’s not the only great thing about this type of policy; other benefits of a final expense life insurance policy include:

No medical exam required for coverage
You will be approved and insured after answering a few questions
Your policy will not be canceled due to changes in your health status
Coverage is guaranteed for life as long as you pay your premiums
Premiums are locked in and cannot be raised by the insurer
Policies have a cash value that builds over time and can be accessed at any time
Death benefits are tax-free

Some plans will also offer additional benefits in the event of an accidental death.

Types of Final Expense Policies

Most companies offer multiple types of final expense policies, and it is important to compare all plans offered by different companies so you can find the right one for your needs and budget. Final expense policies fall into 2 basic categories:

Simplified issue policies– Over 90% of final expense policies are simplified issue. This means that medical exams are not required to get coverage, but you will have to answer some questions, such as whether you use tobacco products.
Guaranteed issue policies– This type of policy is usually only issued to those aged 40-80. You will need to answer medical questions with this policy, but the insurer will not generally ask if you are a smoker.

Depending on your age and health status, there are different types of plans you can choose from:

Level Benefit Policy– This type of policy is offered to applicants who are in excellent health, and is very similar to whole or term life insurance, because the rates are lower and the death benefit will be available on the first day of coverage.
Graded Benefit Policy– If you cannot qualify for a level benefit policy due to pre-existing health conditions, you can look into this type of policy, which will pay a portion of the death benefit if claimed during the first 3 years of the policy life, and the full benefit after 3 years have passed.
Modified Benefit Policy– If you cannot qualify for level benefit or graded benefit policies, this policy is the way to go. It requires no medical underwriting, but there is a 2-3 year waiting period before the insurer will pay the full death benefit; however, if you die from natural causes before the waiting period is up, the insurer will pay the sum of all premiums paid plus 10% interest.

How Much Coverage Do You Need?

Picking a policy is a big decision, and in order to know which is best for you, you should first determine how much coverage you need. The best way to do this is to estimate your monthly household expenses and factor in funeral expenses, which on average will be $10,000.

No one wants to think about their own death, but it is important that your family is financially protected when the time does come. When determining which policy is best for you, you should look at multiple insurance companies; consider using online tools to see what is available, as well as working with an agent who will help you compare plans and see which is the right fit for you. To get you started, we have provided the top insurance companies that offer final expense life insurance policies below; each can give you hassle-free assistance and the most competitive rates in the nation. Always check multiple sites to make sure you have bargaining power and know the advantages of each company. Make sure a hard time isn’t made harder by a financial burden, check life insurance rates today.

Why Having Life Insurance In Your 50s Is Important

Your 50s can be a time of big changes in your life. You might have a newly empty nest or a new love in your life; you might be getting remarried, paying off your mortgage, or looking forward to retirement. One thing you should definitely be thinking about at this point in your life is life insurance. While you might feel like there is no point in getting life insurance now because it will be too expensive or you don’t need it yet, nothing could be further from the truth! The reality is that people are living longer, and studies show that people are heading into their retirement years with more debts and dependents than ever before. There are multiple reasons why now is the perfect time to get life insurance, and protect the ones you love.

You Have Dependents

Did you know that 33% of Americans say their family would be left financially unstable or even bankrupt in the event of their passing? If you have children or grandchildren who rely on you, it is important to ensure that they will be financially taken care of when you are gone. Having a good life insurance policy is the best way to put their minds at ease. If you want a lower cost option, you can opt for a term life insurance policy that would cover things like your children’s college tuition in the event that you were no longer with your family.

You Have Debts

If you are still paying off a mortgage, or have other debts that could fall on your loved ones if you passed, you need life insurance. A life insurance policy is the best way to make sure that they would be able to pay off these debts without having to deplete their savings.

It’s Still Affordable

Many older adults are under the impression that life insurance would be too expensive for them because of their age, and that they missed their chance to get it in their 20s and 30s. But as long as you are in good health and are not living with any serious illnesses, you can still get life insurance at a great rate! The best way to find a policy with great coverage and a great rate is to compare multiple policies from multiple insurance companies.

Retirement Is Coming

If you get life insurance through your job, the moment you retire, you will lose that life insurance policy. In addition, that policy might no longer suit your needs. You can stay ahead of the game by finding the right life insurance policy for you now, before you get any older or develop any unexpected health conditions.

Final Expenses Can Be a Major Burden

Life is unpredictable. If you passed unexpectedly, would your family be able to pay for your funeral? Funerals on average cost around $10,000, which is an amount that not everyone can easily come up with. A final expense life insurance policy or a permanent life insurance policy will help you plan for the unexpected and make sure your family can pay for your funeral and cover any other expenses.

The Best Type Of Life insurance Policy For You

two arrow signs pointing in different directions with the word right on both. — *Both term and permanent life insurance policies are great options to choose from!*

If you are considering life insurance, you have multiple options. Two excellent, inexpensive choices are term life and permanent life insurance. Term life insurance offers life insurance for a set period of time. For example, would you like to have college tuition or or the remainder of your mortgage covered in the event of your death? A term life insurance policy is a great option in this case: one of these policies allows you to choose a term, or amount of time, that you will be covered for, so you know that your family would be able to continue to pay these bills.

Permanent life insurance is a great option if you want to help with final expenses and then some. It offers lifelong coverage as long as you pay your premiums. It can also be useful when you retire because these policies have cash value, which you can withdraw to use whenever you need it. The best way to find the right life insurance policy for you and your specific needs is by working with an agent who specializes in life insurance. We have provided the top life insurance companies in the nation below; each offers hassle-free assistance and the most competitive rates. Always check multiple sites to make sure you have bargaining power and know the advantages of each company. Make sure a hard time isn’t made harder by a financial burden, check life insurance rates today.

Choosing Life Insurance Beneficiaries

When you make the wise choice to purchase a life insurance policy, you have a lot of decisions to make. First, you have to decide if you want term life, whole life, final expense life, or another type of life insurance policy. Then, you need to decide how much coverage is needed to provide full financial protection for your family. After you have researched companies, found quotes and picked a policy, your next important step is to pick a life insurance beneficiary. This is the person who will receive the money in the event of your death. It sounds simple enough, but there are some details to be aware of before making the choice.

Know Your Options

a caucasian woman and afircan american man holding a baby — *You have different options when choosing a beneficiary; you can choose your spouse, or children, or a business.*

A beneficiary can be one person, multiple people, your estate, a charity, a business, or a trust. If the beneficiary is an individual, you can choose a relative, child, spouse, friend or anyone else. However, if you live in a common property state, also called community property states, life insurance beneficiary rules will require your spouse to waive their rights if you want to designate someone else as beneficiary. There are 9 common property states: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin.

If you choose to make your beneficiary a trust, that trust will manage the dispersal of the money; for example, you could arrange it so a trust manager would be in charge of paying for your children’s needs as instructed by you.

Legally making your estate your beneficiary is generally not recommended because, in this case, creditors would be able to go after your life insurance money. Once the creditors, court fees and lawyer are paid from the estate (however much that dips into your loved ones’ life insurance money), whatever is left will be divided among your beneficiaries.

Choosing A Beneficiary

When choosing who to name as your beneficiary, you should ask yourself who relies on you financially and will need help paying ongoing bills when you are gone. Would you like to leave some of the insurance money to charity? Do you want your business to continue? If so, you can make your business partner a beneficiary.

When you do choose who you want the money to go to, you will need to be as specific as you can and put everything in writing, including their Social Security numbers if possible, relationship to you, dates of birth and addresses. You can change, add or remove beneficiaries at any time.

Multiple Beneficiaries

pie chart with different colors for each piece — *If you choose to have multiple beneficiaries, the amount divided will have to equal 100%.*

If you want to give a payout to multiple beneficiaries, check your life insurance policy first. Some will have a limit on how many you can have. If you do decide to have multiple beneficiaries, you can also choose how much each beneficiary will receive. For example, your spouse can get 50% of the benefits, and the remaining 50% can go to your child. If you don’t specify how much you want each person to get, they will all receive an equal amount.

Primary vs. Contingent

You also have the option of naming both a primary and contingent beneficiary. Your primary beneficiary will be first on the list to receive the benefits after your passing. If your primary beneficiary dies before you, refuses the proceeds, or can’t be located, the contingent life insurance beneficiary will receive the benefits.

Naming Children As Your Beneficiaries

If you have minor children, they will not receive any of the money until they are 18. To make sure they can have access to it, you can:

Name their legal guardian as beneficiary.
Designate a custodian for the proceeds through the Uniform Transfers to Minors Act. This person is then named as the beneficiary.
Create a trust for the child and make the trust your beneficiary. The trustee will oversee the money and distribute it as per your wishes.

What Happens If You Don’t Designate A Beneficiary?

If you do not name a beneficiary for your life insurance policy, the insurance company will issue the death benefit to your estate. The probate court will then decide how to distribute the funds, which will include settling your debts, which will mean less money for your loved ones.

Taking the time to make sure loved ones are protected with a life insurance policy is admirable. But in order to make sure that the proceeds go where you want them to, you have to choose the right beneficiary or beneficiaries. When choosing a life insurance company, ask about their beneficiary rules to make sure that the plan will meet your needs. To get more helpful information about different types of life insurance policies, and how you can get coverage that fits your budget, take a look below. We have provided information for top-rated insurance companies that specialize in life insurance, so check their rates today and see just how simple and affordable it is to protect your family. Always check multiple sites to make sure you have bargaining power and to know the advantages of each company. Make sure a hard time for your loved ones isn’t made harder by a financial burden, check life insurance rates today.