IFAs best for HIV - survey

The annual HIV Life Assurance Survey from medical financial advisers Unusual Risks, also discovered that even though 40% of bankassurers now offer HIV life assurance, the reality is that very few of their actual offers of insurance are being taken up.

The main reason is that bank assurers do not offer any indication of terms prior to a client making an application.

Unusual Risks said people with HIV are being asked to complete applications, submit to medicals and blood tests before any accurate indication of cost is offered by bank assurers.

It concluded the needs of HIV Positive people are not being met by bank assurance companies and HIV Positive people should seek specialist advice before applying for HIV life assurance.

Chris Morgan, marketing manager of Unusual Risks, said, "We recently surveyed the top nine life assurance companies servicing brokers and were pleased to see that 66.6% are now offering Life Assurance to HIV Positive people.

"This is an improvement on last year where only 50% were saying they were offering the product.

"This year we also decided to survey all major bank assurance groups and found that only eight out of twenty (40%) would consider offering HIV Life Assurance.

"Of these eight bank assurers we found that seven were in fact offering the same insurance companies products.

"After approaching the main underwriting department servicing the bank assurers it is has become apparent that although they are issuing terms to bank assurance clients, very few offers of HIV life Assurance have actually been taken up by applicants through banks.

"Over this last year we have also seen an increase in the number of HIV Positive people who are reluctant to share their health status with their own bank or building society.

"It appears that HIV Positive People are electing to keep their medical records separate and confidential from the place that provides their mortgage or banking services."