Most life insurance companies have certain conditions which will immediately exclude applicants. HIV is one of these conditions. However, South Africans living with HIV need not worry about being with life insurance cover. More South African insurers are now offering life cover for HIV positive people.
This type of HIV life insurance cover is somewhat unique in the global context. Few insurers around the world would allow people living with HIV to qualify for life insurance cover. Fortunately South Africa has forward thinking insurers who realise that people living with HIV need life insurance just as much as other people do, if not more so.
Requirements for Cover
Although HIV life insurance will cover you if you are living with HIV, there are some criteria that you will have to meet with regards to your CD cell count and viral load. Therefore you will have to undergo an immune screen blood test to verify these levels before your application for life insurance cover will be accepted.
Furthermore you will have to verify that you are seeing a doctor specialising HIV management if you need to be on antiretroviral drugs. You will also need to consult with the doctor on a regular basis, usually every 3 to 4 months, to ensure that any changes in your viral load or CD4 count will be properly managed by accepted medical guidelines.
Amount of Life Cover
Different insurers may provide different maximum amounts payable for HIV life cover. The amount that you wish to have your life covered for will depend on your ability to afford the monthly premium and must also be a reasonable sum based on your earning potential and individual risk profile.
The basic principle is that if you can pay a higher premium then you can qualify for a large sum assured on your life. The premium however will vary depending on your risk profile. In other words a person with a better immune status may qualify for a lower premium.
Inflation and Premium Increases
Life insurance should be considered as an essential form of financial protection for any person, especially if they have dependents who will need financial support for a long time to come. The policy you sign up for today may have substantial monetary benefits but inflation can quickly eat into this sum. In other words the monetary value today will be lower in the future.
Fortunately inflation can be matched or even beaten by instituting annual increases on premiums. This means that the premiums will increase annually which will ensure that the sum assured (payout at claim) will have an equivalent buying power in the future.