Being HIV positive doesn’t exclude you from investing in a life insurance policy but certain factors might influence your premiums.
Thanks to rapid advancements in medical science and the widespread availability of antiretroviral therapy (ART), it’s now possible for those with HIV to lead long and fulfilling lives. If you’re one of many of the millions of South Africans diagnosed with HIV, you might be wondering if you’re eligible for life insurance. As it turns out, having HIV doesn't disqualify you from obtaining life insurance coverage. Insurers are not allowed to discriminate against anyone based on their HIV status. However, your insurer's underwriters will still want to assess your level of risk before approving your policy – as they would with anyone diagnosed with a chronic illness.
Know your CD4 Count
To assess your risk factor, your insurance company will want to know your CD4 count. CD4 cells are white blood cells that fight infections in your body. If you have HIV yet have a high CD4 count, this means you’ve been taking your antiretroviral medication responsibly and your system is working hard to keep you healthy. Thus, if you have a high CD4 count, your insurer is much more likely to accept your application for life insurance. Still, depending on this number and other factors, such as your overall health and age, you might have to pay a loading fee.
What is a loading fee?
Insurers may impose a loading fee based on your level of risk. For the record, this isn’t exclusive to those diagnosed with HIV. A loading fee is a small percentage increase in the premium rates, reflecting the increased risk associated with certain factors, such as other chronic illnesses and lifestyle choices. (Top tip – if you’re a smoker and want to enjoy lower premiums, now’s the time to quit!). Even your occupation can affect your premiums. As an example, a firefighter’s premium might attract a loading as their job is deemed riskier than someone who works a desk job.
Loading fees aren’t always for life
At MiWayLife, we know that life is always changing which is why we’re proud to offer flexible policies that can adapt as you do. Thus, our loading fees are not set in stone. If the factors contributing to the loading fee improve or are no longer relevant, we can reduce or remove the loading. In short, if that firefighter decides he’d rather become a teacher or one of our many HIV positive policy holders experience an improvement in their CD4 count, we may reduce or remove the loading.
At the end of the day, living with HIV doesn’t automatically exclude you from having life insurance. Simply disclose your HIV status truthfully, take good care of your health and you can enjoy the peace of mind and financial protection you and your loved ones deserve.
Did You Know:
You can now take out life cover with us online in a few simple steps. No calls and no agents! Make sure to take care of those you love today by buying MiWayLife cover online.
