Remember that famous book, “The Old Man and the HIV Life Insurance Market”? Yah, me too. But at this point I am considering the fact that the sea may burst forth as fresh water (it’s my poetic license right) before we see fair, consistent underwriting in the HIV positive life insurance market. For that matter it seems that the life insurance two step is in full swing. Each time companies announce they are going to make one step of forward progress in any kind of product or impairment, they make sure they have the two steps in the other direction in place before they pull the trigger.
I’ll be back to HIV in a minute, but let’s dissolve in another direction. For every great new permanent life insurance product we’ve seen come along in the last 30 years, there’s been a catch. One step forward….if the entire world and all the planets align, will lead to a product that will very little money in will result in bazillions out, tax free…..with no surrender charge and a premium back feature and a free vacation of your choice.
We’ve seen universal life and variable universal life and indexed universal life and they are still coming and going and robbing people blind, all the time promising that there is no way that they are as bad as people think they are. There is no way they could be as good as they claim to be or the Forbes 400 richest people would be cluttered with people who did no more than buy life insurance.
So back to HIV and other impaired risk underwriting predictions and promises. Let’s just be real clear. If life insurance companies are losing money it isn’t because they have miscalculated risk or have taken on more than they should have. Actuaries are in place to make sure that doesn’t happen. Actuaries tell life insurance company executives that if someone with an ingrown toe nail should pay preferred then in order for the company to have equal risk when insuring someone with coronary artery disease that has required medical intervention but no surgical procedures (stents, bypasses, transplants, etc), the company the company needs to charge 1,435% more per thousand. Not a penny more or less. They know this stuff.
So what is the big deal. In the whole scheme of things well controlled HIV+ is less complicated medically than Barrett’s esophagus. Barrett’s esophagus is a ratable but writable condition if it is well controlled.
Bottom line. So here’s the deal. While the two step is continuing on, there are a few companies that have asked the band to stop the music so they can focus and get this right. They want the business and they want to be relied on and they want to be fair. What a concept?
The other bottom line!! I’ve never done one of these so listen. Read it and soak it in and don’t bother me if you haven’t read it. If my landing pages for HIV so no other health conditions don’t come to me and forget to tell me about our COPD or the fact that you smoke. Don’t think the insurance company is going to somehow miss or forgive your atrial fib. If it’s in addition to HIV+, at least for now, you aren’t in the game. These are beibg treated as co morbidity factors and they are know out deals. Don’t waste my time or yours. I can get it. Now we can get up to $4mm of term insurance. I’ve proven that….but
IT’S NOT GOING TO BE CHEAP. IT’S NOT GOING TO BE CHEAP! I’M NOT SAYING THAT NO ONE WILL BE ABLE TO AFFORD IT, BUT THIS ISNT GOING TO BE $10 A MONTH LIFE INSURANCE.
Don’t gum up the works by taking my time away from helping others by trying to squeeze your large problem in a simple small box.
I understand you have HIV and would like to have life insurance. Now is not the time. If you have questions call or email me directly. My name is Ed Hinerman. Let’s talk.