HIV Life Assurance, HIV Life Insurance and HIV Mortgage Blog

This new editorial partnership will mean that readers can for the first time read Chris Morgan’s writing in the mainstream press.

His column will be covering issues such as Mortgages, Life Assurance and Personal Finance for people with pre-existing medical conditions, hazardous occupations or higher risk pastimes.

Chris’s column will be appearing in The Recorder, one the South West’s of England’s leading monthly newspapers from the January edition.

Visit http://www.woodmanpublications.com/ for local South West news and information.

For more information about Unusual Risks Mortgage and Insurance Services visit http://unusualrisks.co.uk

Do you have a Pre-exisiting health condition? Unusual Risks help client with a heart condition find Life Assurance.

Phillip is looking for Life Assurance for his Mortgage for an amount of £300,000 but is hesitant that he will be able to obtain cover. He has a slight heart condition, which has been controlled by medication.

Phillip said…

‘I realise that it may be difficult to obtain Life Assurance considering my circumstances, but I’d like to try. There have not been any irregularities since starting my medication over 5 years ago. I see my doctor for regular check-ups, where he takes my blood pressure’.

Contrary to common belief, people with pre-existing medical conditions can still obtain Life Assurance, but may be charged a higher premium. It is very rare that Life Assurance companies decline applications for life cover, as most are in the business of doing business.

It’s more probable that they will increase the premium, in line with the underwriting statistics for your particular condition. For example, a person with a slight heart condition may have their premium increased between 50% and 100%.

Phillip continued…

‘I’m perfectly willing to accept an increased premium providing the policy is still reasonably priced. It’s very important that my partner can pay off the mortgage, should anything happen to me. I understand that Life Assurers charge higher premiums in these circumstances, because there is an increased risk’.

Here’s some advice for people with pre-existing medical conditions

You should declare all the details of your medical condition on the application form, as non-disclosure could result in non-payment of benefits later. It’s also possible that your Life Assurance provider will write to your doctor and take a look at your medical records.

With more complicated conditions they may also ask you to undergo a medical examination, either with a nurse or your own doctor. Life Companies make this as effortless as possible, with nurses who can often visit at your convenience.

You are not likely to be treated unfairly, because most medical conditions have standard ‘loadings’, which affect the premium you pay. Remember, if you are asked to pay an extra premium, it’s because you are more likely to use the cover and you should seriously consider taking the insurance.

And Phillip?

Unusual Risks arranged £300,000 of cover for his mortgage at a premium of £100.00 per month, including an additional loading. He was asked to attend a medical examination by the insurer, before finalising his application and the insurance company asked for his doctor to complete a medical report.

If you require specific advice on these issues, or are looking for a quotation then you should contact Unusual Risks. They are one the UK’s leading mortgage and insurance specialists for people with pre-existing medical conditions. They can be found at www.unusualrisks.co.uk

Do you work in a risky occupation? Unusual Risks help one ambulance driver who is having trouble getting insurance cover.

Michael is trying to get accident and sickness cover for his mortgage, for which he pays £600 a month. He’s been declined for cover twice already and, due to his occupation, a third insurance company diluted the terms and conditions of his policy.

Michael Said…

‘My job can be quite dangerous at times, especially when visiting people in their own home. You never know what situation you’re walking into. It’s therefore important to have some kind of insurance against accident and injury. It seems that companies are prejudice against ambulance drivers.

It’s not unusual for people in ‘front line’ occupations to experience difficulty on applying for insurance. Airline Pilots, Ambulance drivers, Cabin Crew, Camera Operators, Famers, Fishermen, HGV Drivers and Working at Heights can all classed as higher risk occupations for insurance cover, even though the focus of many of them is helping other people.

This is especially so with Income Protection as it provides benefits if you are not able to perform your own occupation and work tasks. This means some insurance companies are very wary of covering people in active and risky types of work and either charge higher premiums, or impose adverse conditions on the policy.

‘I can understand the insurance companies concerns, but surely their business is assessing and covering risk. I’d even be prepared to pay a higher premium for my policy in return for the certainty of my mortgage being covered. It seems that I’m being penalised for doing a job that helps other people.’

HERE’S SOME ADVICE FOR PEOPLE IN UNUSUAL OCCUPATIONS

You should pay special attention to the Terms and Conditions of any insurance cover that you are offered. Some providers will offer those in risky occupations ‘diluted’ cover and require that you meet strict criteria before paying any benefits under the policy.

Income Protection would normally pay benefits after a deferred period of 1, 3, 6 or 12 months, through until your retirement age of say 60 or 65. You should double check that the insurance provider has not limited the benefit payment period to only 1 or 2 years (12 or 24 months).

If you visit different areas of the world on business, then it is essential that you declare this on your initial application form. You will find that a number of income protection plans cover only the United Kingdom, European Union and United States, so in other areas of the world you would need a specialist policy.

And Michael?

We arranged an Income Protection policy without any restrictions to Terms and Conditions with benefit of £11,750 per annum on an Own Occupation basis. The policy pays out after 6 months incapacity, right through until pension age 60, with a premium of £38.85 per month.

If you require specific advice on these issues, or are looking for a quotation then you should contact Unusual Risks. They are one of the UK’s leading mortgage and insurance specialists for people in unusual circumstances. They can be found at www.unusualrisks.co.uk

Do you take part in a higher risk pastime or hobby? Unusual Risks gives advice to one client who is involved in rock climbing.

Steve is trying to get Life Assurance for his mortgage, but is finding that his hobby of ‘sports climbing’ is being rated as a high risk pastime. He’s decided to seek specialist advice because his sport is very different from outdoor abseiling, rock climbing and potholing.

Steve Said …

‘Sports climbing is an indoor pursuit that is supervised and involves bouldering up artificial walls made of fibreglass. The walls vary in height, but are never more than 10 metres high and there are always qualified climbers at hand. I find it difficult to understand why some insurance companies wish to charge me extra for my life assurance’.

It’s not unusual for people who partake in higher risk hobbies and pastimes to be asked for increased Life Assurance premiums. The view of Life Assurance companies is that people who place themselves at higher risk should pay more for their insurance cover.

Some of the pastimes affected include abseiling, aviation, caving, diving, equestrian, hang gliding, motor sports, mountaineering, parachuting, pot holing, powerboat racing, rock climbing, sailing, scuba diving and sky diving. If you partake in one of these activities you are likely to be asked for additional premiums.

Steve Continued …

‘I’ve decided to seek advice before committing to any Life Assurance company. I’m concerned that I’m being charged higher premiums for my Life Assurance, even though my hobby is not so high risk. I’d be interested to know if there are any companies that would insure me at standard rates.’

HERE’S SOME ADVICE FOR THOSE IN HIGHER RISK HOBBIES AND PASTIMES

You should pay special attention to the Terms and Conditions of any insurance cover that you are offered. Some providers will offer those in risky pastimes ‘diluted’ cover, or ask for inflated premiums without considering your individual circumstances in detail.

You should volunteer as much information about your pastime as possible, making sure that if you are involved in a lower risk version of your hobby you should make this clear. For example, if you are an indoor sports climber, climbing walls of no more than 10 metre’s, you should make this very clear.

Some Life Assurance companies may ask you to give them a signed letter confirming the activities you actually get involved with. This may give them confidence to offer insurance at standard rates, providing you have no intention of pursuing higher risk activities.

And Steve?

Steve had no intention of going outdoor rock climbing, so we found him a Life Assurance policy without any restrictions to the Terms and Conditions and without any additional premium charges. We arranged £150,000 of cover at a premium of £46.32 per month over a 21 year period.

If you require specific advice on these issues, or are looking for a quotation then you should contact Unusual Risks. They are one of the UK’s leading mortgage and insurance specialists for people in unusual circumstances. They can be found at www.unusualrisks.co.uk