Life cover increase for those who are HIV positive

Life cover increase for those who are HIV positive

HIV positive people taking out life cover have been insuring themselves for an average of £137,192, compared with last year’s average of £114,607.

According to research by medical finance adviser Unusual Risks, more providers are giving higher amounts of cover to people diagnosed as HIV positive.

Chris Morgan, lead financial adviser of the firm, said: “Initially, when HIV life assurance was launched, the amounts of cover were limited to below £250,000.

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“It is wonderful news that insurers are now starting to offer larger policies that can be used to back large mortgages, commercial mortgages and private equity business deals.”

Adviser View

Daren O’Brien, adviser at London-based IFA Aurora Financial Solutions, said: “Ten years ago it was commonplace to be concerned about HIV and Aids on questionnaires. Now it is no longer one of the larger questions when approaching clients.

“This is because of medical advances in the area, even though it is still life-threatening. The £250,000 level still has an impact though. Above that the underwriters will still ask questions. But below that level applications will tend to sail through even if there are issues like blood pressure.”