Can You Qualify For Life Cover If You Are HIV Positive?
What if you are HIV positive and you need life cover
? You might require it to secure a home loan, a business loan or perhaps you just want to settle your debt and provide an income for your family when you pass on.
In the past, if a life insurance application landed up on an insurer’s desk and the applicant was HIV positive, unfortunately the decision was always a straight ‘DECLINE’. But insurance in South Africa has come a long way since then, and, nowadays if you are living with HIV, the good news is that you can qualify for life cover.
A couple of niche underwriters have looked at the SA market and decided to fill a clear gap. So what do you need to know about getting life cover as an HIV positive person?
The process is exactly the same as any other life insurance application. You phone in and provide your age and income, determine how much life cover you need, get a quote, and if you are happy with the quote accept the cover.
Naturally, just like any other life cover application, the insurer does reserve the right to send you for medical examinations, after the initial underwriting, if they see fit.
This is where HIV life cover differs a little...
You have the life cover
from the date of policy acceptance, but it will exclude any pre-existing conditions. That means if you pass away from an illness you had prior to taking out the policy, the underwriter isn’t going to pay out.
Within the first three months of the policy being active, you need to have a CD4 Count test done. The results of the CD4 Count test will be sent back to the underwriter and based on these they will determine if they can offer you life cover, without any restrictions (you die, they pay), or if they might need to impose some restrictions to the policy.
The fact of the matter is that living with HIV doesn’t mean you can’t get your life covered. Are you living with HIV? Then you should at the very least get a quote