HIV Life Insurance & HIV Life Assurance – Product Provider Survey … June 2020

News from our friends at Unusual Risks …

Over the last 10 weeks it has become apparent that many Life Insurance Companies are restricting the availability of Life Insurance to people living with HIV. This means that many people are being declined for insurance cover through “Mainstream” brokers, life insurers, banks and building societies, who are perfectly eligible for Life Insurance.

Key Statistics From Unusual Risks Research – June 2020

  • “Only 13% of High Street Life Insurers, Banks and Building Societies are currently offering Life Insurance or Life Assurance to People With HIV”.
  • “0% of High Street Banks and Building Societies are currently offering any Life Insurance to People with HIV. 18 of the 18 High Street Banks surveyed do not offer cover to people with HIV”
  • “0% of High Street Street Life Insurers, Banks and Building Societies currently offer Income Protection or Critical Illness Cover to people living with HIV”

Those living with HIV who are seeking Life Insurance are advised to seek specialist financial advice before committing to taking cover.

During the last ten weeks since commencement of Lockdown we have proudly been able to assist many Key Workers, NHS Staff, Doctors and Nurses to review their Protection arrangements. We have been working hard to secure Life Insurance products for people living with HIV with both insurers and re-insurers.

We intend to review the latest research statistics periodically and will keep everyone informed of any developments.

Full Press Release – June 2020

Unusual Risks, financial advisers to the HIV Community are today announcing the results of their HIV Life Insurance Survey. After contacting all major Life Assurance providers and Banks and Building Societies in the UK, they can now report a significant reduction in availability as only 13%* of financial institutions are currently offering some form of HIV Life Assurance.

This is a significant reduction from the 70%* recorded in last year’s survey and 90%* that they noted earlier this year. This is the eleventh year that Unusual Risks have surveyed the availability of HIV Life Assurance products in the UK, with the first ever survey in 2009 indicating less than 50%* of insurance providers were offering any form of HIV Life Assurance. 

The sudden reduction in the availability of HIV Life Insurance is due to the present economic impact caused by Coronavirus and COVID-19. Those living with HIV seeking Life Insurance are advised to seek specialist financial advice before committing to taking cover, as there are currently rapid changes to the product criteria and premium rates on a daily basis.

Speaking about their survey, Chris Morgan, Lead Financial Adviser of Unusual Risks said;

‘We recently surveyed the top twelve life assurance groups and were disappointed to see that only 33%* of companies are now offering some form of Life Assurance to HIV Positive people. This is certainly a backward step that takes us back to the earliest days of the launch of HIV Life Assurance products in 2009’.

‘Within the survey we also assessed the number of high street banks and building societies currently offering Life Insurance to People Living With HIV. Currently 0%* of Banks and Building Societies offer any Life Insurance to People with HIV. Overall only 13%* of Life Insurance Companies and Banks and Building Societies currently have Life Insurance products available to people with HIV.’

Chris Morgan and Unusual Risks have campaigned on behalf of the HIV Community for the last two decades, firstly for the introduction of HIV Life Assurance, followed by the lengthening of policy terms and then most recently the reduction of monthly premiums. They are still currently able to place Life Insurance for people living with HIV at competitive premiums.

Although Life Insurance has been available for over a decade for People living with HIV, Income Protection and Critical Illness Cover is still unavailable. Unusual Risks are very proud to have played the lead role in improving the accessibility of financial products for people with HIV over the last decade and will continue to work on behalf of the community to secure better products.

Our Sponsors Unusual Risks are the UK’s leading financial advisers offering advice to clients living with HIV or Hepatitis on HIV Life Assurance, HIV Life Insurance, HIV Mortgages, Hepatitis C Life Assurance, Hepatitis C Life Insurance, Hepatitis C Mortgages.

They are also the UK’s leading experts at planning Life Assurance and Mortgages for HIV Positive Families and are able to assist HIV Positive people looking for advice on their Pensions and Investments. *Please note Income Protection and Critical Illness is not currently available to people living with HIV.

For more information about these services please contact Unusual Risks Mortgage & Insurance Services by phone 0845 474 3075. Email Enquiries@unusualrisks.co.uk or visit us online at http://www.unusualrisks.co.uk/web www.unusualrisks.co.uk

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