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Is Life Insurance for HIV Sufferers Too High?

Tuesday, August 9th, 2011

Unusual Risks – the UK based medical financial advice group – is attempting to get life insurance companies to pay more attention to the way they treat individuals who are suffering with the HIV virus. They recently carried out a survey which looked at how life insurance providers in the UK behave towards people with HIV, and discovered that only four out of the UKs largest life insurance companies offer life cover for this group.

Only the Top Four Life Insurance Companies in the UK offer Life Insurance to Aids Sufferers

Just Zurich, Scottish Provident, Prudential and Fortis currently give life coverage to HIV sufferers and that out of these four just the Prudential could be said to offer competitive life insurance cover premiums. The researchers offered the big four insurers the opportunity to provide cover for a ‘test case’ HIV sufferer, and found that only two companies – Zurich and Prudential were prepared to take the presented individual on. Zurich quoted life cover of £10 per £1000, and Prudential £5 for every British £1000.

Life Insurance for HIV Sufferers Too High

Life Insurers not clear about how much Premiums should be

According to Chris Morgan, the Marketing Director at Unusual Risks “What you have got is companies coming to the market on a pot shot, trying to take a bit of the market and get some claim experience at the expense of the client.”

When asked for a response to the these research findings a spokesperson for Fortis asserted that it was not Fortis’ policy to routinely turn down people with existing medical conditions and that they always took every case on merit.

Phil Brown, Head of Underwriting and Claims at Zurich UK Life stated “the insurability of HIV-positive customers is still in its infancy and as such our position is to continue to assess each applicant on their own merits, considering the many aspects of risk involved.”

Source: Life Insurance.co.uk posted 26 Nov
photo credit: Sully Pixel

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Looking at Life Insurance Needs

Wednesday, March 9th, 2011

Life Insurance Rate of Return

The tough economy of the past few years has led many to shift their finances. As Americans become aware of their current financial status, they are afraid of losing even more of their hard earned assets. With high unemployment, loss of insurance benefits, and lost 401(k) savings, couples may have to drastically change the way they live – and the way they plan.

Shifting Finances

More Americans than ever are struggling with pay cuts, job loss, and other financial setbacks. This causes feelings of anxiety, especially when you factor in the potential loss of the financial breadwinner. Today, couples and families are putting together stricter budgets in order to make ends meet. But even those budgets could fail – especially if the primary income earner suddenly passes away.

An Even Greater Need for Life Insurance

Because of the loss of savings and income, it is even more important now to protect loved ones financially. Life insurance provides a great vehicle with which to do so. A life insurance policy provides funds to the policyholder’s beneficiaries in the event that he or she passes away. These funds can be used to pay immediate expenses, such as funeral costs, as well as ongoing and future expenses such as a mortgage payoff, children’s education expenses, food, and utilities. Proceeds from a life insurance policy can also be used to pay off any of the insured’s business debts or to set up a future emergency fund for loved ones.

Unfortunately, although many couples acknowledge the need for life insurance coverage, it is estimated that nearly one-third of households in the U.S. do not have a policy in force. One reason for this is that many couples feel that conversations about life insurance are too stressful. And, primary breadwinners feel averse to discussing life insurance as they do not want to hurt the feelings of their loved spouse.

Finally, due to the economic pressures of 2008-2011, couples have avoided purchasing life insurance due to their concerns about being able to afford the premium – especially if their income were to drop or be eliminated. In order to ensure that loved ones are taken care of – especially in hard economic times – a life insurance policy could be the answer.

Tags: 401k, life insurance, mortgages, unemployment
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First-time Parents and Life Insurance

Tuesday, June 29th, 2010

Parent and Baby Becoming a parent for the first time is a happy but turbulent time –the change from having only yourself to look after to having dependents is one of life’s greatest challenges. As well as the practicalities of looking after children there are also important financial implications for your new family – and especially- what would happen in the event of the death of either yourself or your partner? Life Insurance should be a priority for both parents since childcare costs, should the stay at home mom or dad die, could be astronomical.

First Time Parents are Getting Older

Couples who delay having children into their late thirties or even forties will have dependent children in their sixties. According to the U.S. Census Bureau, last year over six percent of males with children aged eighteen or under were over 55.This is a jump up from 3.6% in 2000 and it’s a trend which seems set to increase.

If you delay having children then the sooner you take out a life insurance policy the better, since the younger you are when you apply the better the terms which can be negotiated. Life insurance cover will also help protect children with older parents from having to pay out on medical care for them later on.

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