HIV people who are taking out life assurance are insuring themselves for an average of less than £115,000, a 15 per cent drop when compared to 2013’s figure, according to figures from a specialist medical financial adviser group.
Unusual Risks, Mortgage and Insurance Services surveyed over 100 life assurance policies taken out by HIV positive individuals and found the average sum to be £114,607. In previous surveys with similar samples the figure was £134,130 in 2012 and £134,667 in 2013.
Unusual Risks said that although the new figures are surprising “they reflect changes in the general accessibility of life insurance products to the HIV community”.
Chris Morgan, marketing manager of Unusual Risks, Mortgage and Insurance Services, said: “It has come as a complete surprise that the average sum assured of an HIV life assurance policy has decreased over the last year to £114,607.
“However, at the same time over the last twelve months we have also seen a rapid increase in the number of people taking up HIV life assurance products.
“We believe the volume of people taking HIV life assurance has increased by around 140 per cent over the last two years, which seems to have had an effect on the average sum-assured being taken by policy holders.”
The group has been campaigning for a wider range of life insurance products and fairer premiums since the launch of HIV life assurance back in 2009.
In May, Unusual Risks published the results of a poll which revealed that 70 per cent of HIV positive respondents said they had made HIV life assurance applications in connection with a mortgage since 2009.
Over the last five years, the group said there has been a continued change in the accessibility of HIV life assurance, with premiums now being both realistic and affordable for those applying for cover.
