The Reality of Burial Insurance for an applicant with HIV or AIDS

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Is it possible to get funeral insurance as an HIV patient? Usually, you might think conditions such as HIV or AIDS will prevent you from getting the coverage you need.

So, the Truth is:

It does not matter whether you have HIV; you can still get burial insurance. But you will have to go through a compulsory waiting period of two years before the total death benefit can be released. 

If you are surprised by this, then you should know you are not alone. A lot of people approach us with the same understanding.

We have assisted many people in obtaining affordable life insurance, even though they had HIV. It’s really very simple, and we will let you know how simple the process is. It may come as a surprise, but you can get affordable funeral insurance for health problems!

In this article, we will show you the options available to you if you have been diagnosed with HIV or AIDS. Also, we will teach you how to get the best funeral policy at an affordable price.

There is no funeral insurer that provides policy with underwriting that will accept a candidate with AIDS or HIV. Therefore, the only way to get a policy is to go for a guarantee issue life option.

These plans have certain conditions which we will review extensively. The great news is that getting a policy is possible.

Here is Good News for You

You will never have to undergo a physical or medical examination. You do not even need to provide medical records. The registration process only requires you to answer a few questions.

HIV and AIDS are definitely reducing your life insurance options. Thank God, some doors are still open for you; therefore, you can rest easy and discover that your final expenses will not burden your loved ones.

Funeral Insurance for HIV patients

Can you be refused burial insurance as an HIV patient? Nowadays, many things are changing very fast both in insurance and the people’s quest to find treatment for conditions like HIV/AIDS.

For anyone worried about the Burial insurance coverage, more options than ever before are now available.

Knowing Burial Insurance Coverage

What is the cost of burial insurance? It does not matter the name you give it, final expense or burial insurance coverage, you’re still saying the same thing.

It is simply an insurance plan purchased to cover the cost of the funeral for a loved one to pay for a life event like this, you might be surprised to learn that an average funeral costs around $7,000; however, it can even exceed that with some thousands.

Meaning, paying for the burial can mean sinking into savings, or even managing a payment plan that extends years later.

A funeral insurance policy works like any other fixed-rate option. It is specifically paid out for expenses. Rather, you or a loved one will name a beneficiary, and they will be eligible for what was established at the time you obtained the policy.

The funds can be used for burial-related expenses like:

  • Traveling for burial arrangements
  • Funeral guest accommodation
  • All burial expenses such as mortuary fees, casket, transportation, funeral services, and many more
  • Legal costs related to the estate.

The beneficiary will receive a fixed amount and use it for these purposes. They should meet the necessities of the insurance carrier. This usually means providing a death certificate, although the carrier may ask for more while collecting the policy.

Find out What You Get with Burial Insurance

Remember that a good funeral insurance plan can have monetary value because it is a life insurance policy that accumulates over time.

Suppose you are investing at 65 and are still alive at 89. This policy probably has a cash value that you can access if you are in need of some money to help you with your medical or living expenses.

Is it similar to the plan sold in the funeral home? No. it is a prepaid funeral, and its value does not increase over time.

Instead, you will make a contract with the funeral home and pay a certain amount well before your needs, but it is not a subsistence benefit plan.

In addition, as some of the most important insurance companies cover final costs, there may be a repayment component of the plan.

That is, if you or your covered loved ones pass away during the two years of paying for the plan, you can get the policy payment back, plus an extra percentage.

Choose the Right Carrier for Burial Insurance if You Are Diagnosed With HIV/AIDS

The source from which we purchase influences most of our buying decisions. For example, you can go to a big store to buy a cheap pair of sneakers and end up looking for another one before the year runs out.

Instead, you can go to a premium manufacturer and pay more; however, you will have more time because of that investment.

The same thing is also applicable to your funeral insurance. In fact, you will want to look for a source that will help you source information from the top-rated insurers offering funeral insurance.

For example, one that directs you to insurers providing coverage to people with high-risk health problems.

Above all, HIV / AIDS can be an extremely treated condition nowadays, but it is still considered a health deficit with a very high risk for an insurance company.

Not all funeral insurance will willingly offer coverage or may require huge sums to extend a plan. However, some niche insurance providers are willing to work with clients experiencing some of the worst health problems, including those living with HIV.

They will not ask you to undergo a rigorous medical examination before offering you a plan. Instead, they will examine a few basic medical questions (most of them with yes or no answers) and then provide a set of quotes.

This will vary depending on your diagnosis, general health, your age, and perhaps even several factors related to your medication.

Can I Obtain a Burial Policy If HIV/AIDS is Not Controlled?

Yes, but….

Guaranteed Issue Life Insurance Is Your Only Option

As you are not eligible for a plan with an underwriting, the only way to guarantee coverage is through a policy without health questions. They are often called guaranteed issue or guaranteed acceptance.

These types of funeral policies do not raise health problems or consider your health history. Literally, they issue policy blindly. In as much as you have the age and sound mind to sign a legal contract, you have permission.

The Guaranteed acceptance of burial insurance policies is still life insurance. This means that the monthly premiums will be paid for life, the plan lasts forever, and the benefits cannot be reduced.

Disadvantages of Guaranteed Issue

Final insurance with a guaranteed issue has two main disadvantages.

  • It has higher premiums than other plans with health questions.
  • A compulsory minimum waiting period of two years

As you might have known, the premiums are much. The risk assumed by the insurer is much higher because they do not know about the health of an applicant.

As a result, they must charge higher premiums to compensate for this increased risk.

The two-year waiting period is necessary to avoid the application from people closer to passing away. Insurance companies would be quickly destroyed financially without this clause.

Within the waiting period, they will reimburse all premiums with interest if you die. After the 2-year of waiting, you will be completely protected instantly.

Advantages of Guaranteed Issue

Everything has it’s good and bad. The most apparent benefit that your coverage is guaranteed. Most people living with HIV or AIDS will stop seeking coverage after accessing numerous companies, and they are being denied.

 If only applicants knew about these plans without health questions. Thank Goodness they are available. It is incredible for people in certain selected health situations like this. The application is straightforward. Primarily, you just need to provide your personal information together with the recipients and payment information, and that’s it. It only takes a few minutes.

About Al Kushner
Al Kushner
He is a recognized financial educator, best-selling author, speaker, underwriting specialist and the founder & CEO of Superior Mutual, an independent insurance agency. He has helped families and individuals preserve, protect, and pass on a legacy since 1986. His mission is helping hard working seniors keep more of what they have worked a lifetime to save.

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