Misconception of Life Insurance For HIV/AIDS
May 17, 2006
Dear Ms. Franzoi, On May 9 someone wrote asking why you advise people with HIV to go to certain companies for life insurance coverage. The person writing further states these companies don't offer life insurance coverage to anyone with HIV. What people are not understanding is their particular illness, whether it's HIV, Hepatitis C, Cancer, etc...is immaterial. If a person calls and asks for HIV life insurance coverage they will be told there is no such thing and that is true. An insurance company will not offer life policies for specific diseases and conditions. You are correct in referring people to Mutual of Omaha, Physician's Mutual, and New York Life through AARP. These three companies offer Guaranteed Issue Life Insurance, meaning the policy is guaranteed to be issued to the person applying for it. There is no medical underwriting and the only qualifying criteria is age, 45-80 depending on the company. Anyone applying for this type of coverage is considered to be at high risk of mortality and, of course, the rates of premium for this coverage are much higher than a healthier person would pay. So anyone with HIV inquiring about this insurance policy must realize their illness has no bearing whatsoever on qualifying for the plan. I hope this clears the air and you can move on to other topics.
Response from Ms. Franzoi
Thank you. In addition, I just learned that Gerber Life will offer policies for $3,000, $5,000 or $7,000 to individuals between the ages of 50 and 75 on a guaranteed issue basis.
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