Clients with HIV still miss out on the financial opportunities available to other people, Chris Morgan, financial adviser for Devon-based Unusual Risks Mortgage and Insurance Services, has claimed.
Mr Morgan said: “Income protection and critical illness cover are currently unavailable to people with HIV, which is very similar to the situation I was faced with when HIV-positive people were asking me for life insurance products back in 1999.
“Many people will be aware that the campaign for HIV life assurance ran for nearly a decade before insurance companies agreed to offer life assurance to people with HIV.”
Research among 100 HIV-positive people by Unusual Risks Mortgage and Insurance Services found that 90 would consider taking out income protection or critical illness cover if these products were available.
In similar research carried out by the firm in 2014, 61 per cent said they would consider income protection or critical illness cover if these were available to HIV-positive people.
But in a 2014 Unusual Risks Mortgage and Insurance Services survey, 10 insurance providers servicing independent brokers were asked “Do you offer either income protection or critical illness cover to people with HIV?” and none answered “Yes”.
Seven providers indicated they offered life assurance to people with HIV.
Mr Morgan said: “It is my belief that people with HIV should be offered the same financial opportunities as any other group of people.”
Adviser view
Jason Witcombe, director of London-based Evolve Financial Planning, said: “These products should be available to HIV-positive people, but they have to accept that they may have to pay a much higher premium.”
