I would like to claim that I’ve been waiting on the edge of my seat, holding my breath, watching the horizon and all of those other things that would indicate that I believed we were on the verge of a traditional life insurance breakthrough for HIV positive, but as slow as companies have been to accept the medical breakthroughs on so many other fronts, I honestly wasn’t sure they would put HIV+ on the list for consideration during my life time.
I’ve worked hard to help and finally see giants like type 1 diabetes and colon cancer pop on to the approval radar. We’ve seen huge strides toward better approvals on several types of cancer and diseases that historically were declined. Today with more sophisticated detection and treatment the mortality experience has changed on a lot of fronts, and none more so than HIV positive. After all, until now the only life insurance product, and I use that term loosely, available for HIV positive was guaranteed issue life insurance. The reason I use the life insurance product loosely is that guaranteed issue falls short in too many areas.
It can only be bought in small amounts of $25-$50k and probably the best reason for that restriction is another restriction, the cost. With most GI policies it would be rare if you had not paid your own death benefit within a dozen years best case, sometimes much less. It is a whole life policy so you don’t have a choice of term of UL. It doesn’t have a death benefit for the first 2 to 3 years. If you were to die during that period your beneficiary would receive only the premium paid back, plus interest. And lastly, if you live very long there is a good chance of paying in much more than the benefit that would be received by your beneficiaries. That’s just wrong.
So anyway, there is now a company that will underwrite traditional life insurance that has a death benefit from the time it goes in force, has a range of products to choose from so your budget can be retained without having to take a ridiculously small policy, and it’s available in amounts up to $1 million. Family protection isn’t found in a $25k policy. At best you may be able to take care of final expenses, but never before has someone HIV positive been able to have life insurance that will pay off the house, educate the children and provide income to the beneficiary.
So, where to go? What to Do? Let’s start with the guidelines to qualify for approval. Again, please understand that not all of you will qualify. That’s not the way traditional life insurance works and honestly it shouldn’t. If a company didn’t have a line in the sand of risk, they would either have to pull the program or go out of business. But having studied the guidelines and criteria and conferred with friends in the medical community, the agree that they are prudent for the life insurance company and that with the state of HIV detection and treatment, should be achievable for a large number.
Bottom line. When I was in the Navy they would have fire drills very frequently, so often that when there was a real fire they would have to add the the line, “This is not a drill” on the end of the alarm and instructions to get us to act in a serious way. Well folks, this is not a drill. If you have questions Please call or email me directly and I will get a packet out to you to confirm your eligibility to apply. My name is Ed Hinerman. Let’s talk.