Many people believe that life insurance is simply unobtainable if you suffer from HIV and some might even cancel their policy upon diagnosis. However, getting life insurance is still very much achievable. While premiums may be slightly higher than those not affected by the condition, however, you can still find a cost-effective solution.
How does HIV affect your life insurance cost?
Many years ago it was impossible to get life insurance if you had contracted HIV. However, since the introduction of Triple Therapy (HAART) treatment insurers are now open to offering covers to HIV sufferers. While now completely possible to obtain life insurance, HIV sufferers may see inflated premiums due to the increased risk their condition may pose on insurers. Insurers may also request for more detailed information during application. To determine the level of risk you may pose, the following is considered by insurers during the application process:
- Date of diagnosis
- Treatment administered
- CD4 count
- Viral load
- Any history of drug abuse
- History of hepatitis
You may likely have to provide medical evidence to support the above aspects and have to go through manual underwriting before being accepted. For newly diagnosed applicants it is likely to have their policy deferred for 6–12 months. Provided that the information recovered within this period is favourable, then it is likely the policy cover can go ahead.
The cost of premiums:
When it comes to life insurance, HIV is classified in the same category as other pre-existing medical conditions, such as diabetes and asthma. Whilst HIV sufferers will be required to pay higher premiums as compared with an individual with no health issues, the condition is now treated the same as all other pre-existing medical conditions. This means the life insurance premiums of an HIV sufferer are likely to be similar to those suffering any other health condition such as diabetes.
We would recommend you to talk to one of our advisers for life insurance quotes.
Any quote that your adviser provides you with will take into account your circumstances, your medical history, as well as your budget!
Call 011-3733-4610 – Monday to Thursday from 11.00 to 19.00 and on Friday between 11.00 and 16.00