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Compare life insurance for occupationally acquired HIV
A no medical exam policy may work best, but you could shop around if you’re in good health otherwise.
Buying life insurance after getting any HIV diagnosis isn’t impossible, but you may need a policy that doesn’t require a medical exam. No matter which policy you apply for, be up front during the application process — that way you have peace of mind that you’re covered under your policy.
What's in this guide?
- Can I get life insurance if I have occupationally acquired HIV?
- What's the best life insurance for occupationally acquired HIV?
- How to buy life insurance with occupationally acquired HIV
- Compare life insurance for people with occupationally acquired HIV
- How does occupationally acquired HIV affect life insurance rates?
- Bottom line
Can I get life insurance if I have occupationally acquired HIV?
Yes, you have options for buying life insurance if you’ve been diagnosed with occupationally acquired HIV. However, your options may be limited to a few types of policies or insurance companies.
Because HIV affects your health and life expectancy, companies treat people with HIV the same, whether or not you contracted it through work.
What’s the best life insurance for occupationally acquired HIV?
Your best life insurance option is a policy that guarantees your approval, called guaranteed issue policies.
- Guaranteed issue policies. This policy guarantees approval with no medical exam, but offers low coverage, typically from $5,000 to $50,000, for a higher premium than standard policies.
- Simplified issue policies. Simplified issue bypasses the medical exam but requires a health questionnaire, offering much higher coverage up to $250,000 compared to a guaranteed issue policy. Approvals vary by the company.
- Standard life insurance. A few companies with lenient approval processes may be open to insure you. But you can get denied if testing shows that your HIV isn’t under control with medication or you have AIDS.
- Workers compensation death benefits. Your loved ones may get death benefits from your employer if you die, even if you die years after a diagnosis. Your situation may work similar to those who die from illnesses related to workplace chemicals. But the laws and criteria vary by state, so you may want to contact a workers comp lawyer to understand these benefits.
How to buy life insurance with occupationally acquired HIV
Regardless of your diagnosis or the company you choose, follow these steps to secure a policy:
1. Contact the insurance company.
Ask about the company’s coverage for people with HIV and any requirements, like providing a medical note or proof of treatments. You also may need to apply before an age cutoff like 60 years old. You can improve your chances for approval by choosing a company with a lenient approval process.
2. Stay transparent in your application.
Tell your life insurance company about your HIV in your quote and application. That way you’ll get an accurate idea of the policy’s cost and whether the company will approve you with this pre-existing condition.
3. Provide proof of your treatments.
You’ll likely need to provide a doctor’s statement about your diagnosis and treatment schedule. Some companies require you to get antiretroviral therapy for a set amount of time – like two years — before covering you.
4. Take the medical exam.
Most companies will test you for HIV and consider the lab results as part of the approval process, unless you buy a no medical exam policy.
5. Get approval and start your policy.
You may wait three or four weeks to hear back from the insurance company. Stay patient and provide any extra documentation if it’s requested.
Compare life insurance for people with occupationally acquired HIV
How does occupationally acquired HIV affect life insurance rates?
Having occupationally acquired HIV leads to higher insurance rates than average because guaranteed issue policies tend to cost hundreds of dollars per month for coverage as low as $10,000. Insurers charge higher rates for guaranteed acceptance policies compared to traditional term life to offset the unknown risks they’re insuring you against.
If you find a standard policy, you can expect higher rates than average as well. To help you compare, whole life policies can range from $250 to $1,000 per month, while term life policies typically cost around $70 a month. These costs can be lower if you’re young or buy a death benefit lower than $250,000.
You may want to explore any free benefits your loved ones may get from your employer’s workers compensation. Otherwise, shop the life insurance market for companies with lenient approval processes, or you look for policies that bypass the medical exam entirely.
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