Can people who have tested positive for HIV access life insurance?
As policy who has tested positive for HIV, there are a certain criteria that you will have to meet in order to be considered for any amount of Life Insurance protection.
Firstly you will need to policy medical evidence of your HIV status.
You will need to be able to show that your CD4 Count is greater than 350 and that your Viral Load is registered as 1000 copies or less. It is generally suggested that “undetectable” is the best possible outcome for a person living with HIV who wants to access Life Insurance.
Most insurers will require you to provide evidence of having been on HAART (Highly Active Antiretroviral Therapy), in order to demonstrate that you are actively taking part in ongoing treatments to both increase your CD4 Count and decrease your Viral Load.
You will also be asked to provide evidence of any personal history of mental illness.
In regards to the levels of cover that may be afforded to you, the insurer may decide when assessing your application that the amount that you can be covered for will be limited. It will also be likely that a limit will be placed on the duration of your policy. People with well-managed HIV are generally only able to be offered between 10 to 20 years of active cover.
Most insurers will place a loading on a policy due to the increased risk associated with providing cover to a person with a history of illness. For people living with HIV, even if it is being well-managed, it is likely that a loading will be applied of around 150% to your premium.
Another option available for those living with HIV is making an application for Accidental Death Cover alongside their application for Life Insurance. Accidental Death Cover is not medically underwritten and therefore your application is not affected by your current or previous medical history.
It is important to note that every application is assessed by an insurer on a case-by-case basis using its own underwriting guidelines, and therefore the insurer can only make a decision on what level of cover can be offered after looking at all of your personal circumstance as well as the factors listed above.
Lifebroker has more than 10 years’ experience in helping Australians across the country access the information they need to make confident decisions about their financial futures, to learn more please call a qualified Lifebroker insurance consultant today.