Unusual Risks discovered that 22%* of respondents have cancelled an Insurance policy following their diagnosis with HIV. The respondents were asked to confirm if they had cancelled any Insurance’s including Life Insurance, Endowments, Income Protection and Critical Illness Cover.
The survey also established that 40%* of the respondents who indicated they had cancelled their Insurance, would of in fact been covered by their policy for HIV. It is not uncommon for Life Insurance policies to continue offering Life Insurance to people who have been diagnosed with HIV.
Speaking about their survey, Chris Morgan, Lead Financial Adviser of Unusual Risks Said;
‘The results of the survey indicate there is still a great deal of work to do to raise awareness around cancellation of policies for people living with HIV. HIV Positive people are still cancelling and surrendering Life Insurance policies that could continue to provide valuable benefits to them”.
‘I meet people every week who are thinking about cancelling their insurance, who have recently been diagnosed with HIV. There is still a great misconception that Life Insurance does not cover people living with HIV, when in fact in most cases these days it does’.
Chris Morgan and Unusual Risks have recently been working with the Association of British Insurers and have helped them to produce a new HIV and Life Insurance Consumer Guide. Register your interest in the new Consumer Guide by contacting them at enquiries@unusualrisks.co.uk
The guide includes information about Sexual Orientation and Insurance, Key Principles of HIV and Insurance, HIV Testing, Availability of Insurance products, Cancellation of Life Insurance following diagnosis and disclosure of HIV status on Life Insurance applications.
The aim of the guide is to improve awareness of HIV and Insurance within the community and to deliver clear and accurate information about the availability of Insurance. Unusual Risks hope this will encourage HIV positive people to protect their families and look after their financial future.
Survey Results
*Unusual Risks surveyed 100 HIV Positive people between August 2015 and October 2015 and asked them the following questions.
Following your diagnosis have you ever cancelled an existing Insurance policy? 22% answered Yes and 78% Answered No. (Policies included Life Assurance, Life Insurance, Mortgage Endowment Plan, Income Protection, Sickness Cover, Critical Illness Cover, Private Medical Insurance).
Respondents were also asked. If you have cancelled an Insurance following your HIV diagnosis to indicate which types of Insurance were cancelled? 40% of respondents indicated that they had cancelled a Life Insurance or Mortgage Endowment which in fact would have still covered them.
