In previous survey’s Unusual Risks have looked closely at the average term for a Life Assurance being taken out by someone living with HIV. The average term for policies taken out between 2009 and 2013 was only 10* years, where with policies taken between 2014 to 2018 it is now possible to obtain a term of between 15 and 25 years.
Chris Morgan, Lead Financial Adviser of Unusual Risks, Mortgage & Insurance Services said,
‘The average sum assured has remained fairly stable for HIV Life Assurance over the last few years at between £125,000 and £130,000 as the products have become established and premiums have remained stable. This is due to there being several product providers that now offer Life Insurance to people living with HIV’
‘Due to the complex nature of the underwriting of HIV Life Assurance and the range of different policies, premiums and terms available it is advisable to seek specialist professional advice before taking out HIV Life Assurance. It is not a product that can be bought instantly and directly via online money and insurance websites’
The terms being offered by Life Assurance providers for people with HIV have gradually been improving over the last few years and one of the areas where there have been significant improvements has been the length of policies offered, with the majority of new policies now being offered for between 15 and 25 years in line with applicants Mortgages.
Unusual Risks always research the “Whole of Market” for each applicant and have market leading specialist knowledge that allows us to compare all HIV Life Assurance products. Mainstream brokers and Money websites simply do not have the necessary knowledge to give “Best Advice” in this field. Our lead financial advisers have been advising people living with HIV for almost two decades.
Unusual Risks surveyed 200 Life Assurance policies taken out by people living with HIV between April 2009 and December 2017 and established that the average sum assured was £125,933 They also researched the average term of the policies that people had taken out. Between 2009 and 2013 the average term was 10 years and between 2014 and 2017 the average term was 19 years, with the longest policy taken out recorded at 25 years.