The stage of your condition and the risk you pose to the insurer will have an impact on the type of cover you can secure.
Different insurers will also provide different levels of cover and pricing strategies for suffers.
Term life insurance
Term life insurance provides life cover for a specified period of time (usually up to 40 years). If you pass away during the term a pay out is made to your loved ones.
Typically, term life insurance comes as level or decreasing.
Level term life insurance provides a fixed sum assured (pay out amount), whereas with decreasing term life insurance your sum assured will reduce over time.
Previously, the maximum term offered to someone with HIV was 10 years. However, due to medical advances and developments in underwriting, it’s possible to be offered the same level of cover as a non-sufferer.
This will be dependant on the stage of your disease and the risk you pose to the insurer.
Whole of life insurance
Whole of life insurance is a form of life assurance, as a pay out is guaranteed when you pass away.
You’ll be required to pay premiums for the rest of your life to keep the cover in place.
You'll need to provide information such as your age and smoking status, as well as provide medical information.
For this reason it may be an expensive form of cover for HIV sufferers.
Whether you can take out whole of life insurance will also be dependant on the stage of your condition and the risk you pose.
Over 50s life insurance
An over 50s plan offers guaranteed acceptance to UK residents age 50 – 85, with no medical information required.
If you fit into this age bracket and have HIV, this could be a good option as you don’t have to disclose your condition.
However, due to the unknown risk, insurers add a waiting period to the policy (usually 12 – 24 months).
If you pass away during this time, your loved ones won’t receive a pay out. However, the premiums you’ve paid will be refunded.