View more on these topics

ABI takes steps to help end HIV stigma

kathryn-knowlesA few months ago the Association of British Insurers downgraded HIV. It is no longer on its list of minimum standards for critical illness cover; it is no longer a life-threatening condition.

This is really exciting, as we have been fighting for fairer access to insurance for clients with HIV for years.

At the moment, most insurers will consider clients with HIV for life insurance but there are very limited options for critical illness and income protection.

For those that can do life insurance, the majority offer per-mille ratings (increase the premium for every £1,000 of insurance), which can make it very expensive. It is also standard that life insurance is capped at 15, 20 or 25 years.

This means some clients cannot cover the whole of their mortgage liability, value or term, because the price increase is so steep or the length of the policy limited. They may not be able to provide financial protection until their children reach an age of independence. Is this really fair? According to Public Health England, 96 per cent of people living with HIV in the UK are on treatment, and 94 per cent of these are classed as having undetectable viral load levels. It is often a stipulation for arranging insurance that it is undetectable. So why aren’t more favourable terms being offered?

Roger Edwards: Protection is back on the road to simplicity

Critical illness cover is a further confusion. HIV can cause an increased risk of heart disease, stroke and some cancers but, as far as I am aware, does not increase your risk of limb loss, deafness, traumatic brain injury or third-degree burns. Research suggests HIV treatments can even reduce the risk of some cancers and multiple sclerosis.

Type 2 diabetics have a heightened risk of losing a limb, going blind and having a stroke, yet they can obtain critical illness cover. Some insurers see this risk as a potential, not a certainty. Why are we not treating people with HIV the same?

What is more, you can arrange critical illness cover for someone who has had cancer.

Cancer is unpredictable, brutal and can be virtually undetectable until it is too late. With someone who has HIV and is fully medicated, the condition is not unpredictable, it is not brutal and it is managed. Why do they still have less access to insurance?

The moment of truth for critical illness innovation

And then there is income protection. Again, if the HIV is dormant – non-active, not causing any impact to health, basically non-existent – then why not?

National Aids Trust chief executive Deborah Gold says: “The removal of HIV as a critical illness reflects the considerable progress that has been made in prognosis for those living with HIV over the past 30 years.

“But despite these welcome steps forward, critical illness cover and income protection remain unavailable because insurers deem them too risky for cover. We urge insurers to reconsider their underwriting positions… As people with HIV live longer lives than ever, it is vital they are given fair opportunity to ensure their long-term financial security.”

It is my sincere hope the rest of the insurance industry will take the ABI’s lead and start to see HIV as it is: a manageable lifelong condition.

Kathryn Knowles is managing director of specialist risk experts Cura Financial Services



Lifetime allowance 2018/19 increase confirmed but pensions absent

The Government has confirmed that the lifetime allowance 2018/19 will rise in line with inflation, but savers have been offered little else in the Autumn Budget. The lifetime allowance will increase from £1m to £1,030,000 to match CPI from 2018/19.  Though the maximum amount the can be saved each year into a Junior Isa or […]


SJP investigates independence claims made by adviser

Restricted national firm St James’s Place is looking into why one of its partners told a prospective client he provides independent advice. In an email to a business owner seen by Money Marketing, an SJP adviser offers his advice services, and states he has a long history of being an independent financial planner. He states he has helped similar […]

JP Morgan to set up Luxembourg wealth management unit in Brexit move

JP Morgan is to move some of its wealth management operations from London to Luxembourg ahead of the UK leaving the EU. According to the Financial Times, some investment banking and corporate banking operations will also move. The US firm plans to create a “significant” business in Luxembourg, according to the report, which will allow […]


Hargreaves Lansdown launches delayed cash product

Hargreaves Lansdown has rolled out a cash service tool after more than two years of delays. The new service, Active Savings, will let users save money in cash alongside an Isa, Sipp or in general investments. According to a Financial Times report, the launch follows a series of delays for the product which was initially […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers. Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm