Life and disability benefits

[Casinokiwi]

I was diagnosed with HIV in October and luckily I have a Privately funded life insurance and disability insurance policy.  I am healthy as an ox and hopefully I never need to use either but here is my question.  Is there anything that restricts paying out a life insurance policy for an HIV/aids related death?   What about my privately funded disability plan?   I certainly don't want to raise suspicion with the plan provider by asking them but I also want to ensure I am covered. 

[Jeff G]

Hi Casino and welcome to the forums . Im not even close to an expert on insurance but I would think that since your insurance predates your acquiring HIV your benefits are safe . I would also assume your disability insurance would cover you if you were to become disabled . It sounds like you are responding well to your meds so that should ease your mind that you wont be needing that disability insurance anytime soon as far as living with HIV .

I will give you the same advice I give everyone that test positive for HIV when it comes to insurance concerns and that's to keep your insurance current and don't change plans without doing your homework first . Best of luck . Jeff .

[pozsocalguy]

Don't ever let your life insurance lapse. It is nearly impossible to ever obtain a new policy once diagnosed. Also, check your policy for specifics as some pay out double for HIV/AIDS related deaths (as was the case with a family member). Obviously not all policies are the same.

I had no problems obtaining a disability policy being HIV+. I was completely honest with the broker and had it set up in less than a week.

[Buckmark]

Im not even close to an expert on insurance but I would think that since your insurance predates your acquiring HIV your benefits are safe .

That would be my understanding too.  As long as you responded truthfully to all health questions when you initially obtained your life insurance policy, new conditions generally do not void it.  Either way, though you must read your policy, to be sure.  You do have a copy of it, don't you?  Ask your provider for a copy -- it's your right, and you don't have to tell them you have HIV. 

I will give you the same advice I give everyone that test positive for HIV when it comes to insurance concerns and that's to keep your insurance current and don't change plans without doing your homework first . Best of luck . Jeff .

Sound advice, El Jefe!

Don't ever let your life insurance lapse. It is nearly impossible to ever obtain a new policy once diagnosed. Also, check your policy for specifics as some pay out double for HIV/AIDS related deaths (as was the case with a family member). Obviously not all policies are the same.

Agreed, don't let your insurance (life, health, disability, or otherwise) lapse until you are *sure* you have a new policy that provides the coverage you need.

Provided that you need life insurance, that is.  IMHO, most people are over-insured when it comes to life-insurance.  Depends on your financial situation, and especially if you have dependents who depend on your income.  If you don't have dependents (kids, spouse / partner), then I don't think it is essential.

I had no problems obtaining a disability policy being HIV+. I was completely honest with the broker and had it set up in less than a week.

Seriously?  I've spoken to a couple of private insurance brokers about disability insurance, and they looked at me like I was nuts when they told them I had HIV.  Maybe California laws prevent that kind of discrimination?

[phildinftlaudy]

My employer paid life insurance covers me at 1x my salary (regardless of having HIV); however, if I want to increase the coverage at all - it is a NO go having HIV...

Employer also has disability coverage that is voluntary (paid by employee) - the various caveats to the coverage and limitations on pre-existing make it a NO go for me...   

As long as I remain w/ my employer, I know I have life insurance; however, it falls from 1x salary coverage to just $1,000 coverage at the age of 60, so barring a cure, I will be looking to buy one of those AARP New York Life no medical exam (but much more expensive) policies before I turn 60 (of course, I just need enough to make sure that I can have Elton John play at my funeral and have chicken wings for people to eat after the viewing     ).   If worse comes to worse, I could just settle for an ex-Menudo band member to sing and have people split a Subway 14-foot sub.