After contacting all major Life Assurance providers and Banks and Building Societies in the UK, they can now report a significant reduction in availability as only 13%* of financial institutions are currently offering some form of HIV Life Assurance.
This is a significant reduction from the 70%* recorded in last year’s survey and 90%* that they noted earlier this year. This is the eleventh year that Unusual Risks have surveyed the availability of HIV Life Assurance products in the UK, with the first ever survey in 2009 indicating less than 50%* of insurance providers were offering any form of HIV Life Assurance.
The sudden reduction in the availability of HIV Life Insurance is due to the present economic impact caused by Coronavirus and COVID-19. Those living with HIV seeking Life Insurance are advised to seek specialist financial advice before committing to taking cover, as there are currently rapid changes to the product criteria and premium rates on a daily basis.
Speaking about their survey, Chris Morgan, Lead Financial Adviser of Unusual Risks said;
‘We recently surveyed the top twelve life assurance groups and were disappointed to see that only 33%* of companies are now offering some form of Life Assurance to HIV Positive people. This is certainly a backward step that takes us back to the earliest days of the launch of HIV Life Assurance products in 2009’.
‘Within the survey we also assessed the number of high street banks and building societies currently offering Life Insurance to People Living With HIV. Currently 0%* of Banks and Building Societies offer any Life Insurance to People with HIV. Overall only 13%* of Life Insurance Companies and Banks and Building Societies currently have Life Insurance products available to people with HIV.’
Chris Morgan and Unusual Risks have campaigned on behalf of the HIV Community for the last two
decades, firstly for the introduction of HIV Life Assurance, followed by the lengthening of policy terms and then most recently the reduction of monthly premiums. They are still currently able to place Life Insurance for people living with HIV at competitive premiums.
Although Life Insurance has been available for over a decade for People living with HIV, Income Protection and Critical Illness Cover is still unavailable. Unusual Risks are very proud to have played the lead role in improving the accessibility of financial products for people with HIV over the last decade and will continue to work on behalf of the community to secure better products.
*Unusual Risks surveyed the twelve leading UK Life Insurance providers in May 2020. They asked ‘Do you offer Life Assurance Applications to people with HIV?’ With only four out of twelve responding ‘Yes’ to the question. They also approached the top eighteen banks and building societies in the UK and asked the same question ‘Do you offer Life Assurance Applications to people with HIV? With all eighteen responding ‘No’ to the question. Overall the leading thirty financial institutions, only four said they would offer Life Insurance to people living with HIV. Unusual Risks also established that the average amount of HIV Life Assurance being taken out over the last 12 months was £222,466, with the rolling figure now £153,549.
