I felt the need to comment on a question I saw on another website, because I thought the answer was incomplete. A visitor disclosed that she was HIV positive, and wondered if it would be possible to purchase life insurance. Even though this question related to HIV positive or AIDS, it could be applied to other serious diseases like cancer.
The 'expert' replied that it would be impossible unless the applicant could be included on a large group life insurance plan. Now a group life insurance plan may be a good choice, but it is not the only solution.
Guaranteed Issue Plans are quite popular, and they can be written on HIV Positive individuals. They usually come with lower face amount, but they work like this: If an applicant does not choose to answer the health questions: they just say NO. Then the policy switches to one that pays out on the face value after 2 or 3 years of survival. If the applicant passes away before the 2 or 3 years then the insurance usually refunds the premiums paid, plus some interest rate like five or ten percent.
All In All this type of life insurance is not a bad deal, and gives the applicant a no-lose situation. If they survive the set term of 2 or 3 years, they will have a full life insurance policy. If they pass away before the term, premiums are refunded with interest.
Life Insurance Calculator to Determine Your Needs and Rates!
Tuesday, May 15, 2007
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