Life Insurance & HIV. What’s happening now?

Research published last year revealed that young people receiving the latest HIV drugs now have a “near-normal” life expectancy. [Read that article here]

Yet despite such profound changes in the health of people with the conditions, one in four say they have been refused a financial product or quoted an unaffordable insurance premium in the past five years.

Life insurance customers who are HIV positive are now able to take out longer term policies, with premiums remaining stable, new research has shown.

Figures from Unusual Risks, the medical financial advisers, showed HIV positive men and women were taking out life insurance in the UK and insuring themselves for an average of £125,933.

The average term for policies taken between 2009 and 2013 was only 10 years but it is now possible to get a term of between 15 and 25 years.

“The average sum assured has remained fairly stable for HIV Life Assurance over the last few years, at between £125,000 and £130,000,” said Chris Morgan, lead financial adviser of Unusual Risks, Mortgage & Insurance Services.

“The products have become established and premiums have remained stable. That is due to there being several product providers that now offer life insurance to people living with HIV.

“Due to the complex nature of the underwriting of HIV Life Assurance and the range of different policies, premiums and terms available it is advisable to seek specialist professional advice before taking out HIV Life Assurance. It is not a product that can be bought instantly and directly via online money and insurance websites.”

Alan Lakey from CI Expert, said the number of insurers who will accept customers with HIV had increased hugely in recent years.

“Interestingly, some of the insurers offer cover but don’t shout about it,” he said. “Some big names now offer HIV cover but don’t publicise it until you ask.”

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Greg Louganis,two-time Olympic Gold Champion. On life and HIV.

I sold my life insurance. My insurance policy actually showed up on the show “American Greed”! Which was fascinating. They reached out to me: “Well, this 92-year-old woman in Florida bought your life insurance policy.” Oh my god, I felt so bad. And when I did the interview, they produced a document that was notarized and signed by my previous doctor saying that I only had a maximum of six months to live. It was so devastating. That was a good reason why he’s not my doctor anymore [laughs].

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