Summer 2017 Column from Chris Morgan.
“Announcing The HIV & Finance Tour 2”
Over the last seven years, since HIV Life Insurance was introduced the opportunities for people living with HIV have changed dramatically in regards to Mortgages and Life Insurance. The market has opened up considerably allowing people living with HIV to buy houses and protect their families.
In August of last year we helped the Association of British Insurers (ABI) publish their new consumer guide for HIV and Life Insurance, which is focused on raising awareness of the availability of HIV Life Insurance and highlighted issues with people cancelling their Insurance following their diagnosis.
In two surveys we conducted in early 2016 we established that 33% of HIV Positive people were unaware that Life Assurance was available to them, even though it had been for seven years. Also, 22% of HIV Positive people had cancelled an Insurance policy due to their HIV diagnosis, even though they would have been covered by their policy.
Throughout 2017 we have been doing something that we’ve been asked to do for many years. We are touring with the “HIV & Finance Tour” which was created with the help of the Terrence Higgins Trust – Health, Wealth & Happiness project.
So far we have visited Bristol, Cardiff, Brighton, London, Birmingham and Manchester and we are now announcing a series of regional events. Northern Ireland, South Coast, East Midlands and Yorkshire are all confirmed dates. We are still working on dates for Scotland and North West.
The tour features a presentation from the UK’s leading financial adviser on HIV issues, plus group discussions and question & answer sessions. The workshop is offering free training and a chance for HIV Professionals and Peer to Peer Supporters to share experiences.
Some of the topics include exclusion of people living with HIV, current position of Life Insurance, financial planning for over 50’s, current position on Mortgages and other products for people living with HIV such as the current position on pensions, Income protection and Critical Illness Cover.
HIV Professionals and Peer to Peer Supporters can visit our blog www.unusual-risks.co.uk to register for the HIV & Finance Tour. If you would like the HIV & Finance Tour to visit your region, city, charity or organisation please contact us on the email address at the end of this article.
“Disclosure of HIV Status – Moving Home Option”
Our latest case study focuses on someone that has benefited greatly from the change of attitude from Insurance companies. Rosemary is aged 33 and was recently faced with a difficult decision on whether to disclose her HIV Status to her Life Insurance company.
Rosemary Said …
“I’ve noticed a clause in my Life Insurance policy that states that I can increase my Life Insurance policy, without any medical checks if I’m moving house. I’m worried about whether to exercise this option due to my HIV status”.
Rosemary Continued …
“I know that in the past Life Insurance Companies have discriminated against people with HIV and I’m worried about calling them, in case they ask difficult questions. I thought it best to seek out professional financial advice, before making a decision”.
Many Life Insurance policies that are taken out for mortgages, have something called “Home Moving Option” built in, which allows a policy holder to increase their policy without any medical evidence. This facility is designed to allow people to secure extra cover, even if they have been diagnosed with a serious medical condition since taking the original policy.
Rosemary’s case is the first time that I have ever exercised this option for a HIV Positive client and we advised her to disclose her HIV status, because on this occasion it most definitely was in her benefit and best interests to do so.
Unusual Risks are specialists at finding mortgages and Life Insurance for a HIV positive people and their financial advisers have nearly two decades of experience in doing so. We offer Independent Financial advice and always assess the whole of market for products to meet our client’s needs.
And Rosemary?
We arranged Life Insurance for £142,000 which is exactly the same as Rosemary’s mortgage and double the sum assured of her previous mortgage. The premium for the additional cover was only £27.50 per month, without us presenting any medical evidence to the insurer.
Unusual Risks make donations to the charity NAM/AIDSMAP from every Life Assurance and Mortgage we arrange. We have brochures and PDF Fact Sheets now available to charities, support workers and medical professionals.
Chris Morgan is the Lead Financial Adviser of Unusual Risks Mortgage & Insurance Services. www.unusualrisks.co.uk, Editor of Positive Finance Magazine www.positivefinance.info and is a consultant to the Association of British Insurers HIV and Insurance Working Group. He may be contacted by phone 0845 474 3075 or by Email chris@unusualrisks.co.uk . Unusual Risks are authorised and regulated by The Financial Conduct Authority.
