Life Insurance and HIV- how the impossible became possible
Back 'in the day' (ok in the not so distant 1980's) it was impossible to get Life Insurance for someone who had tested positive for HIV. This was because life insurance companies simply deemed the risk of a policyholder dying abnormally quickly, too high.
Add to this, the fact there was so little statistical date available about treatments, life expectancy increases and medical breakthroughs, the insurance actuarial community didn't want to know about it.
This stance by the life insurance industry had two major effects:
- not only did people living with HIV find it impossible to get life insurance, but
- people who were at an increased risk of HIV were reluctant to have an HIV test in case it meant they would be 'turned down' for a future life insurance policy.
The team behind unusualrisks.com.au decided to be the change they wanted to see if the financial services community and have now designed a framework that helps people living with well managed HIV get their life insurance needs sorted.