simplified life insurance Archives

Don’t Let One Of These Reasons Stop You From Buying Life Insurance

It happens way too often. You’re presented with an opportunity to get life insurance, whether through work or from your insurance company – you briefly consider it and then ask yourself, “Do I really need this extra expense?” and ignore the offer. Money might be one reason why you’ve chosen not to get life insurance, but there are lots of reasons why people put off buying life insurance – we’ve seen them all before! And maybe life insurance doesn’t feel like that much of a priority right now, but putting it off can put your family’s financial future at risk. We’re here to tell you that life insurance is affordable, and worth it for your family, so don’t let one of the following reasons stop you from buying life insurance.

“I Don’t Want to Go Through a Medical Exam”

The medical exam that you’ll have to undergo for some types of life insurance policies can seem a bit daunting, but they’re not the invasive experience you might think they are. These exams are sort of like a scaled-down version of a physical you might get at your doctor’s office: the life insurance company will send someone to your house (if you would like), who will check your height, weight, and heart rate, and take a blood and urine sample. If you’re worried that the results of your exam will be used against you when calculating your risk and rates, know that you have options! There are many life insurance policies you can choose from that don’t require you to undergo a medical exam.

“I Can’t Afford Life Insurance Because I Have Health Issues”

Having pre-existing conditions is not as much of a barrier to getting affordable life insurance as you might think – it depends on what your health issues are. If you are living with a serious condition, that could raise your life insurance rates, or even mean that you will be denied a policy, but you still have the option of a no-medical exam policy that guarantees you’ll be accepted. No medical exams policies are perfect for people with pre-existing conditions, and include options like:

Guaranteed Issue Life– With this type of policy, 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 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.
Simplified Issue Life– 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 because coverage is often limited, they are cheaper than guaranteed issue policies.
Guaranteed Death Benefit Life- 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.
Final Expense Life– 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. Policies offer coverage from as low as $2,000 to up to $50,000.

“I Have Other Financial Priorities”

Maybe life insurance isn’t a priority for you because you have other financial responsibilities, especially if you have a family. But, there are so many affordable life insurance policies out there, with some – like term life – costing as little as $15 a month for healthy people – that’s cheaper than the cost of lunch these days! The only way to find out if you can afford a policy is to research, compare, and work with an agent who specializes in life insurance.

“I Don’t Understand It”

Life insurance is not something you learn about in school or even something you’re taught about as an adult. It is something you have to learn about on your own, which can be very frustrating. If you are unsure how it works, and which policy is right for you, rely on an insurance professional who can guide you in the right direction when buying life insurance.

Your family has financial obligations that will not go away when you are gone; they will need your help more than ever with their expenses, and the last thing you want them to worry about is money while they are grieving. The best way to understand how life insurance works, and find the right 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.

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.