FAQ

WHAT IS LIFE INSURANCE?

Life insurance helps protect beneficiaries and offers peace of mind by financially protecting families and businesses if you should die prematurely. There are many kinds of life insurance policies, including term life, universal life, and whole life. You should consider life insurance to be an essential part of an overall financial planning strategy.

For Families

Life insurance can help protect a family’s financial well-being. It can provide the ability to fulfill financial goals like maintaining a current standard of living or funding children’s educations. It can also provide the funds so a spouse or partner(s)‘s can pay off their mortgage, other loan debts, final expenses or their estate taxes. It can also help continue a charitable legacy by providing funds to their favorite organizations.

For Businesses

Life insurance can help prevent financial disorder by funding buy/sell agreements, key person insurance, and other key employee benefits.

WHAT IS TERM LIFE?

Term life insurance pays a set benefit amount, called the “face amount” of the policy, to the beneficiaries. It provides level premiums and benefit coverage for a specific period of time: 10- or 15 years. Term life policies may be appropriate for situations when protection is needed for a finite amount of time, such as the time left on a home mortgage, time to cover a business owner, or until a child’s tuition is paid. The benefit provided by life insurance is generally received income tax free (pursuant to U.S. IRC §101(a)); this can make life insurance useful for offsetting estate taxes.

WHO NEEDS LIFE INSURANCE?

If you have people who depend on you financially, then life insurance is often required. People living with HIV have long been denied individual life insurance. But thanks to AEQUALIS, you now have options. In general, people don’t like talking to a life insurance representative or discussing what their family situation may look like if they were suddenly gone. However, we encourage you to call one of our AEQUALIS financial professionals. We believe you will find them to be especially sensitive about confidential matters.

Life insurance can help families and businesses avoid financial losses like home foreclosures, premature sales of small businesses, and bankruptcy after the death of a family member. LIMRA’s Life Insurance Awareness Month Fact Sheet, 2015, spells out the reality:

Half of the households in America would feel the financial impact from the loss of their primary wage earner in a year or less. In fact, over 40% would feel the impact within 6 months, including nearly 40% of households with an annual income of $100,000 or more.

Many consider life insurance for the following reasons:

  • to help replace income for the surviving family members
  • to cover unpaid bills that might burden the family
  • to facilitate business and/or partnership buy/sell arrangements
  • to cover personal debts to family and friends
  • to support dependent children
  • to cover education costs
  • to cover estate taxes

DO I NEED LIFE INSURANCE?

The best way for anyone to answer this question is to ask other questions, such as “Would my death leave anyone in a financial bind?” or “Do I want to leave a legacy?” One of our AEQUALIS financial professionals can walk you through a short worksheet to help you determine the exact amount that is appropriate for you.

Another equally important question is, “Do I need it right now?” No matter if you’re single, married, in a domestic partnership, or have a significant other, you’ve surely seen how life can and will change. You’ll grow older, maybe have a family, start a business, or you might even have a favorite charitable organization you want to continue to support. Life insurance will offer the peace of mind that others will be taken care of. The cost of life insurance increases with age, as medical issues tend to arise. And at that point, it would likely be significantly more expensive to purchase.

Here are three great questions to ask:

  1. How much money will my family need to meet immediate expenses, like funeral expenses and debts?
  2. How much money will my family or business need to maintain their standard of living over the long run?
 For example: What are the bills that will need to be paid?
  3. What would I contribute to my partner’s or spouse’s retirement and my family’s future lifestyle if I
 continue to be there for that journey?

WHAT IS THE COST/BENEFIT?

It is important to remember as you consider the cost and benefits of life insurance, that for some individuals there might be a higher premium required. This is often the case for people with chronic conditions.

HOW MUCH LIFE INSURANCE DO I NEED?

There is a well-defined process to help determine how much life insurance might be needed:

  1. Gather all personal financial information in order to help estimate what each family member, business, or charity would need to meet current and future financial obligations.
  2. Tally up all of the existing resources (i.e. incomes, possessions, properties, etc.) that surviving family members and/or businesses could draw upon to support themselves.
  3. The difference between the needs and the resources to meet those needs is generally considered the gap to be filled by life insurance.
  4. Talk with your financial professional or an AEQUALIS financial professional to ensure the amount of life insurance coverage is best suited for your needs.

WHAT IS THE APPROVAL PROCESS?

You and your financial professional or an AEQUALIS financial professional will review the coverage guidelines. If you move forward, a life insurance application will be completed and will follow the standard underwriting procedures. This brochure can help you understand the steps to follow and what to expect during the application process. If coverage is approved, your financial professional or an AEQUALIS financial professional will deliver your policy to you. If for some reason you are not approved, you will be notified. Not everyone qualifies for life insurance. If you do not qualify right now, but at some later date feel you may meet the criteria, please contact an AEQUALIS financial professional to determine if we might be able to consider you again.

WHAT ARE THE GENERAL COVERAGE GUIDELINES?

Responses to therapy are sometimes flexible but they are generally favorable with today’s available treatment routines. People living with HIV, who follow their medication schedule, are free of complications from HIV, satisfactorily maintain their CD4 levels and suppress their viral loads, will be considered for life insurance coverage. Keep in mind that all applicants go through a complete underwriting process. Your full medical history and other factors will be required to determine eligibility for coverage. People who are living with HIV may potentially qualify if they meet minimum basic requirements. Applicants with minimal additional impairments that are mild and well controlled may be considered. Applicants must be permanent U.S. residents. Similar to the general population, not everyone who is living with HIV will qualify.

WHAT ARE THE GENERAL CRITERIA FOR COVERAGE?

AEQUALIS, along with its initial chosen carrier, broke down a door of inequality within the financial industry. In December 2015, after more than 30 years, life insurance became available to people living with HIV. As we predicted, additional insurance carriers are now making life insurance coverage available to people living with HIV.

Please note: the broad criteria below is based on our access to multiple companies and not the criteria required by one, single carrier.

We are ready to help you.

  • Age 20 to 65 years at time of application submission
  • Complies with treatment protocols and/or treating physician’s recommendations
  • Virus was not acquired via blood transfusion or intravenous drug use
  • CD4 count and viral load recorded within 6 months from time of application
  • CD4 count 350 or greater when last measured, above 500 at some point in time during treatment, never below 200, and has never declined more than 30%
  • Viral load is less than 200 copies/ml. with no history of consistent increases or significant fluctuations
  • No history of failure of therapy or treatment at any point in time – change in therapy or treatment is acceptable
  • More than 1 year since HIV diagnosis and more than 6 months since current Antiretroviral Therapy (ART) initiated
  • Free of Hepatitis B and C and free of TB or Non-TB mycobacterial infection
  • No history of AIDS-defining condition

WILL AEQUALIS OFFER OTHER PRODUCTS?

For AEQUALIS, life insurance is just the beginning. It is the quintessential foundation of what we are building. We are a disruptive company, and will soon be offering many more products at even more affordable rates.

WHAT ELSE SHOULD I KNOW?

When it comes to insurance, trust is essential. From our perspective, it was essential to form partnerships with the industry leaders. Munich Re, the largest reinsurance company in the world, stands behind AEQUALIS, as does the largest brokerage distribution channels, reaching all communities across the United States.

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We were established to help eliminate financial barriers for same-sex couples, their families, and people living with HIV. We invite you to make an appointment with an AEQUALIS Concierge. We are ready to help explain the application process, evaluate your unique needs, provide coverage options, and estimate premiums.

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