Many people feel that life insurance is at the top of their priority list, especially those who have loved ones who depend on them for their financial security. Life insurance policies offer comfort to those who want to make sure their dependants can survive after they are gone. Finding out you are HIV positive may make things harder when searching for a policy that will cover you now. Some life insurance companies will offer enough insurance to cover the cost of the funeral for someone who is HIV positive but there will be very few willing to offer lump sum payments to your dependants after you pass away.
You may have life insurance policies already in place and you should locate them and start reviewing them to see if they include any riders. Your employer may have a life insurance policy included in your employment package or you could have one that is linked to your home mortgage. Any existing policies should be kept active and be very careful not to allow them to terminate or lapse, upon doing so you may find that you cannot get them back with your HIV status.
You may have social security benefits available to you and by visiting your local social security office they will be able to explain if you do and give you the amount in which will be paid. You can make any changes that are necessary concerning your beneficiaries at the office during your visit as well.
An attorney can be helpful to explain the death benefits that you have in place and to answer questions about beneficiaries and how they are to be paid after your death.
Speak with human resources at your current employer and find out if there life insurance programs that you might qualify for as part of your employment package. Many employers will take out automatic life insurance policies for their employees that will pay out a lump sum pr make payments that are a percentage of the employees current wages. The type of group policies require no underwriting or qualifications. If your employer offers this type of benefit you will be able to obtain it and might even be able to include a rider policy with it as well.
If your job does not offer any type of life insurance policy with the employment benefit package you might consider finding a job that will. You could possibly earn less and you may not be doing what you were trained to do but having the peace of mind that your loved ones will be cared for is worth it.
Your HIV AIDS counselor will also be able to help with finding you programs or life insurance companies that may be able to assist you in your search for peace of mind. There are several insurance companies that are now accepting clients that are HIV positive because of the great results the AIDS medications has on their life span.
Guaranteed insurance companies are available to anyone even if they are terminally ill. The policies will usually only cover the cost of your funeral or burial and will have much higher premiums.
Graham McKenzie is the content syndication coordinator a leading South African Life Insurance and Life Cover portal. For tips on how to save on your life insurance visit our website.
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