HIV name in itself is dreadful to hear. Earlier it was impossible to even think of getting a life insurance for an HIV positive person. The insurance companies debated that the possibilities of the insurance holder dying was way too high. Also, there was a lack of various other factors to determine the premium for such a policy like the mortality rates, reaction to medication etc. This not only meant a bad future for the patient’s family but also people hesitated from taking the HIV detection test.
This scenario has changed for good now. Since the treatment details and other crucial medicinal information are easily available, it has given insurance companies a chance to treat this issue with more sensitivity and fairness. A major reason of the turn of tide is the introduction of Highly Active Antiretroviral Therapy (HAART), known to considerably increase the life of the infected patients.
More and more insurance companies are working together with the help of underwriters and intermediaries to design specialized policies to insure the HIV infected and make their fight for life easier.
Although, HIV infected people do get Life insurance benefits there are clauses to be adhered to:
- Mostly in such policies there is a waiting period of 2-3 years and until then the policy is not termed active. However, one has to pay the premium for the same during that tenure as well. If the insured dies during that period, the insurance company is not liable to pay any sum to the survivors.
- The insurance is mostly not available for a large amount of payment.
- The premiums of HIV insurance is usually on the higher side. Age group is generally a matter of concern as insurance in such cases is given to people over 50 years of age.
- Non-payment of even 1 premium; your entire policy can be canceled.
There are many countries where HIV infected people are still struggling to get life insurance policies likes Belgium, Greece, Finland and many more. However, various industrialized countries like the France, Norway, South Africa and Holland allow HIV positive people to apply for insurance (along with stricter clauses than the regular policies).
In general, it is sad for the people with HIV infection living in most parts of the world where they cannot apply for HIV life insurance. But going by most of the surveys carried out, premiums of such policies are way too high to be affordable for all along with the very strict policy clauses that decrease the overall benefit of the policy.