The idea of life insurance is to help provide your loved ones or dependents with a lump sum to deal with the financial problems, if you were to die unexpectedly. But what if you are diagnosed with a certain life-threatening disease like HIV during the policy or suffering through it and want to apply for life cover?
Will your life insurance policy cover HIV?
The majority of life insurance contracts in the UK do not have exclusions for any medical conditions, including HIV, which is diagnosed after your Life Insurance cover has started, meaning if you take out a policy but then happen to know that you are HIV positive you will continue to be covered. As with all insurance products, you should check the terms and conditions of your cover. Also please note that it is not important for your insurer to know about any medical conditions you are diagnosed with, including HIV, after purchasing your policy. Once the policy has started, a diagnosis of HIV or any other condition does not change the monthly premium you pay or the amount of money paid out on a claim. Remember- your policy will become invalid only if you do not continue to make the agreed payments in the agreed timescale.
What if I am HIV positive and want to apply for life insurance?
If you have been diagnosed with HIV you can still be covered by life insurance. Most of the people with pre-existing medical conditions may not be eligible for some insurance products and may have to pay higher premiums as you are a risk for the insurer. Nevertheless, there are several products offered by insurance providers that cover pre-existing medical conditions and, like other insurance products, the policy and price varies between insurers.
Remember- if you know you are HIV positive and do not reveal this on your application form, this is likely to mean your policy will be invalid and your insurer is then highly unlikely to pay out if you die, which could leave your dependants without the financial cover you have been paying for. Therefore, it is important to be transparent while answering all the questions on your application as carefully and accurately as possible, to the best of your knowledge.
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