HIV Life Insurance with Prudential
If you are living with HIV, The Prudential Life Insurance company is introducing a 10 year and 15 year individual term life insurance option. There are more than 1.2 million Americans who are currently living with HIV. There are approximately 50,000 people diagnosed with HIV each year.
Prudential Financial Inc. is one of the country’s top life insurers. They are the first major life insurance company to offer this type of policy publicly. This shows that the industry is recognizing that HIV has moved away from a death sentence and into a manageable disease.
For decades, HIV has been a condition that has prevented the majority of people from securing decent benefit amounts.
While the life insurance industry regularly covers other conditions and diseases like Heart Disease and Cancer (at a higher cost than healthier people). In the past, if you had HIV, you would typically purchase a “Guaranteed Issue” policy that would have a maximum death benefit of $50,000.
These small benefit policies limited the majority of those seeking coverage for higher benefit amounts. Those wanting to protect their mortgage, salary, and their family’s future were not able to do so with these small benefit policies.
Term Life Coverage
The type of coverage that Prudential offers will be 10 or 15 year term life policies. These policies will also be able to be converted into a permanent policy that can cover your entire life. Convertible term policies are when you change your 10 or 15 year term policy into a permanent life insurance policy. An example of this would be changing from term life into whole life insurance.
Qualifying for life insurance
Not everyone may qualify for these policies however. You may qualify for Prudential’s policies if you are living with HIV under the following conditions.
- A permanent U.S. resident.
- You are between the ages 30-60.
- You meet minimum basic requirements.
- You undergo standard underwriting.
Mike McFarland, chief underwriting officer of Prudential Individual Life Insurance, stated “As medical technology advances, we continuously evaluate and update our underwriting criteria, which has resulted in our ability to offer insurance to people dealing with various medical or chronic conditions.” He also added that, “With advances in the successful treatment of people with HIV, we are now able to offer this population the opportunity to apply for life insurance – a milestone we see as a significant step in the right direction.”
Prudential is the first major life insurance company to provide term life coverage. They have done the research with medical underwriting data and with HIV life expectancy in order to develop and offer this product. Now that Prudential has opened the door, it should encourage other life insurance companies to follow. The life insurance business is very competitive which ultimately helps the consumer.
Often times when one company has a focus, or niche, on a health condition others will follow.
Scott Schoettes, HIV Project National Director of Lambda Legal, an organization that works to protect the rights of the LGBT and HIV/AIDS community, stated “Finally, an insurance company has realized that this is the right thing to do and that it is profitable from a business perspective to offer this product to people living with HIV. Now that there is one company out there doing this, it will encourage others to do the same when they see that there is money to be made in this market.”
Costs of life insurance
The exact costs for this product is not known because it was just released on December 2, 2015. However, it has been said that rates would be comparable to policies that are offered to people with some forms of cancer, diabetes, and heart disease.
The term policies will be table rated with flat extra.
This means that the policies won’t be inexpensive and will cost more than standard term life insurance rates. The HIV term life options will be a significant upgrade from minimal and basic coverage that typically comes with a Guaranteed Issue policy.
Prudential Life Insurance
Prudential has been an excellent company for several health conditions, tobacco users and marijuana smokers. For over 80 years, Prudential has underwritten life insurance for prostate and breast cancer survivors. Offering life insurance for people with HIV is the next logical step.
If you are HIV positive and are looking for life insurance, please contact me at 888-411-1329 or complete our CONTACT US form. I look forward to helping you secure your future.
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