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Having AIDS or HIV means you can’t get any sort of life insurance.
This is a common myth.
So here’s the deal
You can get burial insurance with HIV. However you will have to endure a mandatory two year waiting period before the policy will pay its full death benefit.
If this comes as a shock to you, rest assured you are not alone. Most folks come to us with the same impression. We’ve helped many folks with HIV secure affordable final expense life insurance. It’s actually quite simple, and we will show you just how easy it can be. This may come as a shock to you, but getting affordable burial insurance with health issues is possible!
In this article we’ll show you what options you have when you’ve been diagnosed with HIV or AIDS. In addition, we will teach you how to find the best burial policy at the best price.
Article Quick Guide
There is no burial insurance company that offers a plan with underwriting that will accept someone with AIDS or HIV. Given this, your only path to securing a policy is to take out a guaranteed issue life insurance plan. These plans come with certain stipulations which we discuss in detail further down on this article. The great news is you can get coverage and it won’t cost you and arm and a leg.
Here’s something you will really like
At no point will you need to take a physical or medical exam. You won’t even have to provide doctor records. The application process is nothing more than answering some basic questions.
HIV and AIDS certainly narrows your life insurance options. Thankfully there are still some doors open to you, so you can attain the peace of mind knowing your final expenses won’t become a burden on your family.
When you have AIDS or HIV, you cannot qualify for any form of underwritten burial life insurance.
To clarify, life insurance with underwriting is one where they assess your health history. To do this, they ask health questions, and they analyze your prescription history.
If you were to say yes to their questions about HIV or AIDS, they would outright decline you. In a similar fashion, if they find you have taken prescriptions for AIDS or HIV, they will decline you even if you profess that you do not have HIV or AIDS.
Inside Tip: You should always been honest when you are answering the health questions. Not only is it illegal to intentionally lie on your application, but it’s rather futile because they will very likely discover whatever health issues you are attempting to hide.
Here the prescriptions they have flagged for HIV or AIDS. If you have ever in your life taken any of these drugs, you will not qualify for any final expense life insurance plan that has underwriting. Even if you say no to the question that asks about HIV or AIDS, the presence of any of these drugs in your prescription history will override your no answer.
- Foscarnet Sodium
- Pentam 300
- Pentamidine Isethionate
Guaranteed Issue Life Insurance Is Your Only Option
Since you cannot qualify for a policy that has underwriting, your only outlet to secure coverage is via a no health question policy. These are often referred to as guaranteed issue or guaranteed acceptance.
These kinds of burial policies do not ask any health questions, and they don’t look at your health history in anyway. They literally just issue the policy blind. As long as you are within the age limitations and of sound mind to enter into a legal contract, you are approved.
Guaranteed acceptance funeral insurance plans are still whole life. That means the monthly premiums are fixed for life, the policy will last forever, and the benefits can’t decrease.
The Drawbacks Of Guaranteed Issue
Guaranteed issue final expense insurance has two major drawbacks.
- The premiums are higher compared to plans that have health questions
- There is a mandatory minimum two year waiting period
Probably as no surprise, the premiums are higher. The amount of risk the insurance company is taking on is much higher given the fact they know nothing about an applicant’s health. For this reason, they have to charge higher premiums to offset this increased risk.
The waiting period of two years is necessary to prevent people who are on their death benefit from applying. The insurance companies would become financially ruined very quickly without this clause.
During the waiting period they will refund all your premiums plus interest if you pass away. After the 2 year waiting period has passed, you are protected in full immediately.
The Pros Of Guaranteed Issue
There’s good and bad with everything. We are a full disclosure kind of company which is why we told you about the cons first. With that, guaranteed issue policies definitely have their pros.
- The most obvious benefit is that you can get coverage! Most people with HIV or AIDS give up trying to find coverage after getting hung up on from multiple shops. If only more people knew about the availability of these no health question plans. Thank God they exist. It’s amazing for folks in some select health situations such as this.
- Incredibly easy to apply. Basically you just provide your personal info along with your beneficiary(s) and payment info, and that’s it. It takes a few minutes at most.
At this point you already know that your only path to new burial insurance coverage is by taking out a guaranteed issue final expense policy.
Here’s the bottom line about guaranteed issue
There are over a dozen insurance companies that offer these plans. They are all the same. The only difference is what they charge you each month for the insurance
So the key question is, which one is the cheapest?
There are three companies in particular that have the absolute lowest rates on guaranteed issue life insurance policies.
- Gerber Life
- Mutual Of Omaha
All other insurance companies don’t come remotely close to the rates of these three companies. Additionally, these three of these companies are very close in price to one another. They are very often within a dollar or two of one another.
Which one is cheapest for you will depend on your age. There are some ages where Mutual of Omaha is a dollar or two cheaper. Then there are some ages where its Gerber Life or AIG.
Finding The Best One
This is where a company like us comes in. Our job is to assess your situation, so we can determine which insurance companies will offer you the best deal.
We will gather some basic information about you and run rates to see which guaranteed issue burial insurance plan would be cheapest for you.
Mutual of Omaha’s guaranteed issue policy is only sold direct to consumer. That means we cannot help you secure their no health question policy. It’s funny to say that since Mutual of Omaha is a company we represent, and we do a lot of business with them. However, that product is only sold direct to consumer, so to get it you would need to contact them directly.
Regardless of your health, you should always consult with an independent agency like Choice Mutual. Agencies like us have free access to lots of insurance companies so we can compare quotes for our clients to get them the best deal.
Even if you don’t work with us, just make sure the company is independent, and make sure they have lots of insurance companies to choose from.