Not too long ago, getting life insurance with HIV (Human Immunodeficiency virus) would have seemed impossible. Back then, it was automatically considered a terminal condition, which made patients who had it uninsurable. But recent medical advancements and greater awareness of the virus have made insurers more open to providing life insurance for HIV positive patients.
Today, those with HIV have more options for life insurance than ever before. Admittedly, these options are still more limited than other conditions, but there are more choices now nonetheless.
If you’ve been diagnosed with HIV and want appropriate life insurance for your condition, then Special Risk Managers can help. We’re Australia’s top experts in finding life insurance for those with serious medical conditions or special circumstances. We’ve even helped find coverage for those whom most standard insurance providers typically consider as uninsurable.
Whether you want full life insurance cover or policies for income protection, TPD insurance, or trauma insurance, our specialists will help you find your best options.
Call us today on 1300 665 356 or contact our team to get started.
HIV in Australia
According to a 2016 Annual Surveillance Report of HIV conducted by The Kirby Institute, there are an estimated 25,313 people living with HIV in Australia as of the end of 2015. An estimated one-tenth of these people (around 2,619 people) are also thought of to be unaware of having an HIV-positive status.
The report also shows that the number of new cases of HIV has remained relatively stable the past few years, hovering somewhere above 1000 new cases each year since 2012. Almost one-third (29%) of these new cases, however, were diagnosed late.
The good news is that almost 92% of those who receive antiretroviral (ARV) treatment – one of the leading HIV treatments – have the virus load undetected.
With new breakthroughs in HIV treatment and prevention on the horizon, HIV life insurance and life insurance for HIV positive patients are now more needed than ever.
Complications with Life Insurance for HIV
Despite all the medical advancements and encouraging developments in HIV treatment, the fact remains that HIV is still a serious and life-threatening medical condition. Because of this, insurance providers remain cautious about providing coverage for it, despite the life insurance industry providing more options today than it did decades ago.
The following are some of the biggest challenges when it comes to getting life insurance for people with HIV:
Strict Requirements and Guidelines – Because HIV is a serious medical condition, insurers naturally have stricter requirements than other conditions and diseases. To satisfy these requirements, you’ll often have to submit plenty of evidence regarding your level of health and the nature of your condition. And even if you do submit all the required documents, it’s not a guarantee that you’ll get your application approved. They can still reject your application if your assessed level of risk is higher than what your insurer is willing to cover.
Higher Premiums – Even if you do get your application approved, it will likely feature much higher premiums than normal. Due to the nature of HIV and its level of risk for insurers, coverage for HIV is significantly more expensive, often costing several times more than those for other types of conditions and diseases.
Limited Coverage – Aside from higher premiums, you’ll also find that coverage for HIV will be more limited than other conditions – even when applying for the same type of life insurance. Despite all the recent developments in HIV prevention and treatment, insurance providers still consider HIV as a high-risk condition. As a result, they often place more limits to what their policies cover.
Relatively New – Another issue with HIV life insurance is that HIV is still a relatively new medical condition, at least when compared to other serious diseases and conditions like heart disease or cancer. Although science and medicine have made great strides in understanding HIV, there is still much that is unknown about it. This mystery and unpredictability increases HIV’s level of risk, especially given the fact that there is still no definite cure it.
Why Choose Special Risk Managers for HIV Insurance
Despite all the complications and challenges of getting life insurance for people with HIV, it’s important to know that finding appropriate coverage at reasonable rates is possible. But to do this, you’ll need to work with insurance specialists who know how to navigate the complex requirements and procedures for HIV insurance.
And this is where Special Risk Managers can help.
Special Risk Managers are Australia’s leading experts in finding life insurance for those with serious or life-threatening medical conditions. In fact, many financial advisers turn to us for help in finding life insurance options for their high-risk clients. We’ve established a reputation in the industry as specialists who find insurance for the ‘uninsurable’, and we regularly find options for those that standard insurers would normally reject.
At Special Risk Managers, we won’t let an HIV diagnosis stop you from getting the coverage you want to protect yourself or your family. Our team will help you find your best options for life insurance no matter how severe your case may be. Whether you’re looking for term life insurance or policies for income protection, trauma insurance, or TPD insurance, we’ll help you find the coverage you want. We’ll show you that getting appropriate life insurance with HIV coverage can be more likely that you think.
Talk to one of our life insurance specialists today by calling 1300 665 356.