Life Insurance News - HIV Life Insurance
Lifebroker has launched a new Over 50’s life insurance comparison engine due the high demand for this product. It was not that long ago that Lifebroker introduced this channel and had an exclusive arrangement with Scottish Friendly, however with Lifebroker’s objective of offering a site where consumers can compare premiums the channel had to evolve.
James Markwich, Managing Director at Lifebroker said “Scottish Friendly has been the preferred partner due to their ease of use. They have allowed our visitors to access their applications online and get instant cover. It was only a matter of time that we expanded this channel to include other providers to offer choice.”
Lifebroker has now added:
- Shepherds Friendly
- Engage Mutual
Posted under : Shepherds Friendly, Scottish Friendly, Over 50's Life Insurance, Life Insurance Quote, Life Insurance Comparison, Insurance Products, Engage Mutua, Aviva, Aegon, Armed Forces Life Insurance, AlcoholKnow more
Lifebroker now offers life insurance quotes for people living with HIV that are more realistic. Lifebroker has been working closely with PruProtect for the last year to make this form of life insurance available via their non intrusive website, however the premiums quoted for life cover have up until now been produced at standard premiums.
James Markwick, Managing Director at Lifebroker said "Quoting standard premiums for this product has been a concern for us at Lifebroker as it does not offer consumers a realistic cost. We have found that all clients that apply for this product have their premium increased due to the higher risk for the insurance company 'PruProtect'. All applications for HIV life insurance are eventually handed over to Hanover Re (PruProtect's re insurer) for strict analysis. Hanover Re then examines the application to calculate what increase to the standard premium should be applied. What has been disappointing for us is that the consumer has not been provided with an approximate cost to gauge affordability."
Lifebroker has raised concerns with PruProtect about this and back in December 2010 added an article to their News Section 'HIV Life Cover Process Needs an Overhaul'. Nothing has been done to improve this.
Lifebroker has taken the initiative and has developed an enhanced HIV life insurance quote engine offering consumers more realistic quotes based on an average increase and are hoping that applicants find that their expectations are now met in terms of affordability.
James Markwick said "We have found that most applicants have their premium increased between £3 - £9 per mille. This simply means that for every £1,000 of cover the premium is increased by £3 to £9 from the standard premium. Therefore the new quotes are increased automatically offering a realistic cost."
Please feel free to contact us if you want to discuss this further or have any other ways in which we can improve PruProtect's process.
You may be aware that Lifebroker specializes in life cover for consumers with HIV. The main provider that is used on the Lifebroker website is PruProtect however there are a few new life insurers attempting to enter the market.
An article this week in MoneyMarketing highlights that PruProtect seem to be the best option based on premium even though their insurance criteria are very strict. You can see their basic criteria here.
The article by Tom Selby looks at some findings by specialist adviser Unusual Risks whereby they accuse life insurance providers of failing to properly consider business from people living with HIV.
Lifebroker has found this very disappointing in that the process is very long and misleading. James Markwick, Managing Director at Lifebroker said "Not enough information is provided to consumers prior to them applying for cover. We cannot even provide them with an indicative monthly premium as each application is referred to the Re Insurer so that it can be costed. We tend to use PruProtect and they seem to be very competitive; however by the time the underwriting has taken place clients are loaded by at least £3 per mille (£3 per £1,000 of cover). For us this is really disappointing as we cannot really even set an expectation on price. Some applicants that have been lucky enough to be accepted have found their premiums to increase dramatically on acceptance."
Lifebroker tells their consumers to apply for cover to just find out if they will be accepted. Emma Davis, a life insurance consultant at Lifebroker said "We sadly find that many applicants get declined, usually due to another condition other than being HIV positive. It is free to apply; the insurance company pays for the Doctor's report and also contacts their HIV Specialist and therefore it has to be worth applying just to find out if they will offer you cover. If you get offered cover you can then decide how much you want to pay. You may find that £20 per month gets you £40,000 life cover for the next 10 years. Unfortunately this is not ideal, however some cover has to be better than none."
As the life insurance process is so complex when assessing life insurance whereby someone has a pre existing condition such as HIV that it feels like it takes forever to get a decision made. Once it is made and the life insurance provider declines them then this cannot feel too good.
Lifebroker would like the HIV life insurance providers to set a more realistic expectation for consumers so that they can have more understanding on the process.
Lifebroker has launched a new Over 50’s Life Insurance channel and has selected Scottish Friendly as their preferred life insurance partner.
Why has Lifebroker chosen the Scottish Friendly Over 50's Guaranteed Protection Plan?
Brydee Greene, Senior Sales Consultant at Lifebroker said “It's simple; it is a guaranteed and affordable way to provide a lump sum of money for the inevitable. The over 50's life insurance is guaranteed to pay your family a cash lump sum or help pay for funeral expenses.”
Over 50’s Life Insurance Features:
- limited non intrusive health questions
- no medical required
- guaranteed cash lump sum payable on death
On reaching 85 years old your monthly premiums will stop. Your life insurance will remain in force and your loved ones will receive the same payout.
James Markwick, Managing Director at Lifebroker said “This is a new channel for Lifebroker and only time will tell how much interest there is. The early signs are that it is going to be very successful.”
Lifebroker has noticed the emergence of some sub standard life insurance policies entering the market and is worried that they are not what they seem. Bettina Richen, Sales & Marketing Manager at Lifebroker said "more and more life insurance companies are looking seriously at providing life insurance for people who are positive which is great. At the end of the day the more the better, however some new entrants do not seem to have the clients best interests at heart."
Lifebroker only provides life insurance products that are underwritten at the start meaning that once you have been accepted it is very likely that your life insurance is going to pay out. This applies to all life insurance contracts including the ones that are for people living with HIV.
Lifebroker urges you to be wary of HIV life insurance products that do not require a medical. James Markwick of Lifebroker said "you need to ask yourself why the insurer does not want a medical, and if they don't where is the confidence that the insurere will pay your loved ones if a valid claim is made. I know what I would prefer."
Life Insurance that does not require any form of underwriting is normally much more expensive.
Lifebroker looked at other providers and noticed that the premiums vary quite drastically.
Premium Comparison for a male aged 35 non smoker:
Lifebroker's fully underwritten life insurance that pays out for ALL types of death.
• £200,000 HIV cover - £9.48 per month
Competitor's non underwritten sub standard accidental death only life cover (+ £25,000 illness cover)
• £200,000 non HIV cover - £80.00 per month
It is easy to see that using Lifebroker is a decision that will give you peace of mind knowing that your life insurance will pay out in full.
Visit the HIV Life Insurance section of the Lifebroker website and get your personal quote in confidence.
The South African World Cup is upon us but don’t blow your vuvuzela just yet. For England fans at the tournament - Rob Green’s goalkeeping skills are nothing to worry about. Of more concern should be the deadly combination of alcohol and the HIV-positive sex workers who had the ‘the mother of all welcoming parties.’
On Saturday 50,000 football supporters descended on the Royal Bafokeng Stadium and the fanpark in nearby Rustenburg for England versus USA World Cup opener. Mpho, 34, a local sex worker from the Freedom Park Squatter Camp, a sprawling shantytown said “we have been waiting for the English and Americans to come to town and now that they are finally here, we are going to offer them a treat they will never forget.”
England fans need to be aware that South Africa has the highest number of people infected with HIV in the world — 5.7 million sufferers. It therefore goes without saying that as many as half of South Africa's sex workers are HIV-positive.
Georgina Boswell, a community nurse and midwife from west London, is seen as a Mother Teresa figure in these parts for the life-saving frontline work she has been carrying out for two
Georgina message is quite simple “our HIV problem is massive. Don't get involved with these sex workers! Don't even go there! And if you do, make sure you've prepared your will.”
Terrence Higgins Trust and Lifebroker
Lifebroker are delighted to now be able to help Terrence Higgins Trust by featuring in their shop and give section on the THT website. As Lifebroker visitors are aware; Lifebroker is raising awareness that there is life insurance for people living with HIV. James Markwick of Lifebroker said "it goes without saying that we are proud to be on the Terrence Higgins Trust website as it shows that they have confidence in what we are doing. We are trying to raise awareness in a sensitive way and this certainly gives Lifebroker confidence our approach".
Please visit the Lifebroker page on Terrence Higgins Trust website.
Lifebroker want to hear from anyone that can help us create awareness, whatever ideas you might have it is worth calling us on 0845 51 61 71 and speaking to Bettina Richen the Sales and Marketing Manager.
Posted under : Terrence Higgins Trust, PruProtect, HIV Positive Life Insurance, Level Term Life Insurance, Life Insurance Broker, Personal Insurance, Life Insurance Quote, Life Insurance Comparison, Insurance ProductsKnow more
It was not that long ago that the words ‘HIV’ and ‘life insurance’ were unheard of in the same sentence. Traditionally people with HIV have found it impossible to get life insurance after their diagnosis. In the US a company called Guaranteed Life and Trust made a huge step forward by using risk specialists to determine life expectancies giving HIV positive people hope of getting life insurance.
Life insurance, in most cases, is established to cover a financial debt (be it a personal loan or mortgage) or to leave beneficiaries with some sort of financial legacy. Some people that have HIV just want to cover the costs of their funeral whereas others are more interested in providing a larger sum of money for their loved ones for years to come.
Presently the options are unfortunately limited for people living with HIV as there are not many insurance companies that offer cover for this condition. For those life insurance companies that do there are some limitations, however Lifebroker have discovered that these restrictions are being reviewed all the time. Although the HIV life insurance qualifying criteria is in black and white, it is sometimes more flexible than it first appears. One thing that is clear though is that your virus must be strictly monitored and controlled, and you must be able to prove this. You must not have contracted the condition from sharing needles as intravenous drug users are statistically a much higher risk. Once an individual develops full blown AIDS, no insurance company will offer them life insurance.
Life insurance for people living with HIV via Lifebroker provides policyholders and their families with a financial nest egg in the event of death whatever their claim is in relation to. The usual variables determine the premiums; age, sex, smoker status etc, but the huge advances in medical research and the now slow progression of the disease can attract standard pricing for the term of your policy.
It is clear that a person diagnosed with HIV should obtain life insurance as soon as possible if they do not already have a policy in place.
Lifebroker wants to ensure it promotes life insurance in a positive way, sensitively and professionally. As Lifebroker is a specialist Life Insurance Broker that operates wholly online attracts visitors who have not necessarily been refused insurance, but are not willing to speak to a Financial Adviser face-to-face due to feeling awkward or humiliated. Bettina Richen from Lifebroker said “this is something that many clients say, reasons for this can range from having a higher than average Body Mass Index (meaning they are over-weight) or it could be a pre existing medical condition”. Lifebroker has built a reputation for being specialist in life insurance and has been promoting Life Insurance for people living with HIV.
Lifebroker were recently invited to present Life Insurance options to a group of positive members of the Terrence Higgins Trust in Bristol. James Markwick at Lifebroker who spoke with the group said “one thing that came out of the meeting was the fact that many people said that they had applied for life insurance with their bank and were declined. What shocked me the most was that one lady said that she had to write her condition on a small piece of paper and pass it to the adviser as she did not want to say it out loud. I thought that was terrible but it is a realistic image of what everyday people are experiencing in order to get themselves life insurance”.
Lifebroker spoke with Danny West, Principal Consultant at RYL Training & Coaching Consultancy to see what he thought of the concept of PruProtect’s Life Insurance product. RYL Consultancy works towards a vision of a society in which people living with HIV experience equality, social inclusion, empowerment and leadership. Danny West made it very clear that some people living with HIV may want Life Insurance. People living with HIV have been denied this basic financial need and right since the beginning of the epidemic and it is encouraging to see that there are now an increasing number of companies making life insurance available to people living with HIV.
Lifebroker met with Bristol's THT group at the weekend to discuss life insurance and what their options are. The presentation was received well and the group all agreed that Lifebroker's online service was ideal for people that are HIV positive as it is non intrusive and remote. The group provided Lifebroker with some great feedback that will help enhance our service - thank you very much for inviting us and making it really enjoyable to meet with you.
Lifebroker currently offers a very secure and personal service that can be tailored and offers online HIV life insurance quotes that can be emailed.
Lifebroker provides:Secure website
Personalised contact (email, phone or both)
Initially Lifebroker does not need your name (if you prefer)
Online HIV life insurance quotes
Online application forms that are encrypted
Lifebroker is flexible and can work around you. We are aware that it can be uncomfortable going to see a Financial Adviser in an open environment.
If there is anything else that you would like to see us provide please let us know and we can build it into our service.
- Armed Forces Life Insurance
- Ageas Protect
- Bright Grey
- Business Protection
- Canada Life
- Engage Mutua
- Insurance Products
- Life Insurance Comparison
- Life Insurance Quote
- Over 50's Life Insurance
- Personal Insurance
- Scottish Friendly
- Shepherds Friendly
- Life Insurance Broker
- Life Insurance Research
- Healthy Living
- Level Term Life Insurance
- Heart Disease
- HIV Positive Life Insurance
- Joint Life Second Death
- Inheritance Tax Planning & Trusts
- Insurance Affiliation
- Mortgage Protection
- Legal & General
- Critical Illness Cover
- Income Protection
- Terrence Higgins Trust
- Gift Intervivos Life Insurance
- Income Protection Quote
- Liverpool Victoria
- Fortis Life
- Key Man Insurance
- Diabetes Life Insurance
- Life Insurance for the Overweight
- Friends Provident
HIV, HIV Life Insurance, personal insurance, income protection, Life Insurance, PruProtect, Terrence Higgins Trust, Charity, life insurance quote, trusts, HIV Positive, life cover, life insurance comparison, Aviva, IHT, Engage Mutual, Over 50's Cover, Over 50's Life, Over 50's Life Insurance, Scottish Friendly, Shepherds Friendly, Insurance Gender Ruling, Heart Disease, Bupa, inheritance tax planning, life insurance affiliation, accountants, Legal & Genera, Christmas, critical illness cover, Serious Illness Cover, Armed Forces, Military, Soldiers, gift intervivos life insurance, inheritance tax life insurance, Capita Financial Software, lifebroker Australia, mortgage protection life insurance, online life insurance broker, Synaptic, Webline, life insurance broker, level term life insurance, life insurance products, life insurance research, financial adviser, compare life insurance, Discovery, Essentials, Lifebroker, Online Life Insurance, Pru, Prudential, Vitality Points, Financial Advice, IFA's, life insurance websites, Money Marketing, Natalie Holt, Swiss Re, BMI, body mass index, exercise, overweight, World Cup, England, health care, health cover, optimiser, pmi, private medical, insurance, HIV life cover, life assurance, Diabetes, diabetes critical illness cover, diabetes income protection, diabetes life assurance, diabetes life cover, diabetes life insurance, business protection, key man insurance, key man quotation, key man quote, key person insurance, life insurance quotation, life insurance for people living with HIV, cyclists, estate planning, inheritance tax , life insurance in trust, Fortis, Caterham, Fortis Life, life insurance for people suffering from HIV
64-66 Wingate Square
London SW4 0AF
Our business hours are:
8am - 8pm Monday to Friday
08442 43 53 63
08442 43 53 64
Calling from overseas:
+44 (0)20 7501 1930