Life Insurance & Finance

Many of you will be experiencing difficulties in obtaining protection and life insurance quotes because you are classed as high risk.

When you are classed as high risk to the UK’s insurance providers, this is usually because you have a dangerous occupation such as:

• Working with heights
• Armed Forces
• Fisherman
• Oil Rig Worker
• Deep Sea Diver
• Fireman

Or because you have a pre existing medical conditions such as:

• Cancer
• Heart Attack
• Diabetes
• High Blood Pressure
• Overweight / Obese
• HIV
• Depression

Or simply because you enjoy dangerous sports / hobbies such as:

• Motor Racing
• Climbing
• Parachuting
• Aviation
• Diving

Because these occupations / pastimes etc are deemed ‘Hazardous’ by many insurance companies your level of cover is usually comprimised by the amount you can be covered for and it can also result in higher than average premiums.
Many normal ‘Standard’ life insurance companies will simply not cover you but there are many specialist providers who can taylor make policies to suit your needs.
If you fall into the high risk catrgory then the easiest way to find cover is to use an experienced life insurance brokerage who can specialise in high risk life insurance such as HIV Life Insurance. Experience counts for everything so if you use a well established brokerage such as highrisklifeinsurance.org.uk you can be sure that they have the know how and have probably already set up insurance policies for previous customers who have the same circumstances as yourself.

Remember, if you have been refused cover before becasue you have been classed as a high risk life insurance customer then don’t dispare. Visit www.highrisklifeinsurance.org.uk and you can either compare quotes online or request a call back and they will be happy to give you a ring at a time when it is convenient for you. They are not a team of call center sales people but rather friendly, knowledgeable, experienced and fully independent insurance advisors.

HIV Life Insurance used to be an option that just did not exist for people infected with the HIV virus. Many life insurance companies just don’t have enough information to make a fair assessment of the risk for insuring people with HIV for life insurance.

A study performed by the Dutch Association of Insurers announced on March 15, 2002, that “HIV is no more of a risk factor for insurers than someone with diabetes – a positive step toward increasing the insurability of HIV patients.”

The study examined the mortality of HIV positive patients from a life insurance standpoint. Among this group the probability of death due to being HIV positive was found to be as low as one-tenth of one percent per year. These odds put HIV positive patients in the same risk category as people living with a serious heart problem or diabetes.
In the past, life insurance companies would not insure a person they knew to be infected with HIV. However, due to major advances in the treatment of the HIV virus, it is now possible for people with HIV to get life insurance.

When applying for life insurance it is important to know that you must disclose your HIV positive status to the insurance company. If you don’t and the insurance company finds out, your coverage will lkikely be cancelled.

If you contract HIV after your life insurance policy is issued, your life insurance policy cannot be canceled based on your HIV positive status.

Guaranteed Acceptance Life Insurance may be one option for people living with HIV. But there are restrictions on these life insurance policies. There is usually a waiting period of 2-3 years. That means the coverage does not take effect for that time period, but you are required to pay your premiums. If you do not outlive the initial waiting period, the life insurance policy would pay nothing to your beneficiary.
The benefits offered by guaranteed issue life insurance policies are usually limited to up to £25,000 of coverage.

The cost of guaranteed issue life insurance may be expensive, averaging £50 or more per month, depending on the life insurance policy, carrier, your HIV status, and the coverage amount.

This type of coverage is usually only available to people over the age of 40 or 50, in most cases.

Make sure you pay the life insurance premiums, if you miss a payment, your policy may be canceled and you may lose all the money you put into your policy.

Another option for HIV life insurance may be your Employer group life insurance policy. Once your employment ends you may be able to convert your group life insurance policy into an individual life insurance policy. But this change must usually take place within 31 days of the end of your employment.

Or, you may want to join a union, association, or credit union in order to be eligible for enrollment in their group life insurance policy.

There are some life insurance companies that have chosen to offer life insurance policies to people with HIV.

People under the age of 49 may qualify for £25,000-£250,000 of life insurance, depending on your current health, and the level of the virus. About 50% of HIV-positive people who have sought coverage have been denied, from the time Guarantee Trust started offering the coverage in 1997 through 2004. Coverage availability may be limited.

 The requirements as well as the amount of coverage available may vary by company. You may want to contact an independent insurance broker to get your life insurance quote from these companies.