Displaying items by tag: hiv and life insurance

Can I take out Income Protection insurance if I have been diagnosed with well managed HIV?

Yes, you can.

  • Income Protection is also called Disability Income Protection.  The changes in names drive us crazy too). Regardless of the product name they use, all are designed to pay up to 75% of a person’s income if through sickness or injury they are unable to work.

Contact us today for more information on this specialist window of opportunity.

Published in About HIV

During a life insurance application, will you ask me if I'm Bisexual?

No.

There have been significant reforms to the way gay, lesbian, bisexual, intersex people and trans folk are treated by insurance companies.

  • It is no longer acceptable for insurance companies to ask if a person applying for a policy is gay or bisexual and insurers will not ask questions about sexuality.

Companies cannot make assumptions about a persons sexuality from the details of their living arrangements, occupation or medical history.

Published in About HIV

Can I take out TPD (total and permanent disability) insurance if I have been diagnosed with HIV?

For most people, Yes. 

As this is a complex area of speciality, please take our pre-assessment and then call for a call.

Published in About HIV

Can I take out Disability Income Protection insurance if I have been diagnosed with well managed HIV?

Yes, you can.

  • Disability Income Protection is usually another name for Sickness and Accident Income Protection or even just income Protection - (the changes in names drives us crazy too). Regardless of the product name they use, all are designed to pay up to 75% of a person’s income if through sickness or injury they are unable to work.

Contact us today for more information on this specialist window of opportunity.

Published in About HIV
Friday, 05 August 2016 20:10

Can I get TPD insurance if I am HIV positive?

Can I get TPD insurance if I am HIV positive?

Yes, a lot of the time you can. We are in talks with some insurers about TPD (Total and Permanent Disability cover) and we're had success getting most clients full TPD cover.  You should be aware that high-quality life insurance also pays out upon a terminal illness diagnosis, so that may be of assistance if you have mortgage arrangements that require some form of TPD cover.

Published in About HIV

What's the problem with a 'formal decline' on an application?

Your privacy is extremely important.

Having a formal decline on an application for Life insurance (or a life insurance product) is an important thing to avoid where possible.

  • This is because, for any future insurance application, you would be legally bound to disclose the initial refusal.
  • This is covered in the question that's similar to, 'Have you ever been refused insurance for any reason?'.  Failing to declare this formal decline would give every insurance company grounds to attempt to void any future claims.

So how does this happen?

We see time and time again how people have made an application for life insurance either through a Superannuation fund or some form of questionable online comparison service promising the world. After providing all their personal information to a telemarketer or bank clerk and having to deal with all the disclosure issues that for many people with chronic health conditions is difficult, deeply sensitive and personal, they then are told, they are 'formally declined' and a formal decline record is applied to their insurance history.

They are left believing that 'the decline' was solely due to their health and they are left to deal with the uncertainty and associated feelings that come with being told you're not acceptable.

What they were not originally told, but should have been

What they were not told is that particular brand of insurance provider, bank or comparison websites was probably never able to cater to their particular situation in the first place.

  • It’s like going to a fast-food shop and trying to buy a box of healthy fresh fruit – it’s the wrong shop to go to. 
  • They just don’t sell that solution, but they also didn't tell you that ahead of time.

The problem is not you, the shop never had the ability to ever provide what you wanted anyway.  And they failed to tell you that ahead of time.

The bigger problem then is, how do you deal with a formal decline in your insurance, and what does that mean?

This is why people with chronic health issues need the service of a specialist like unusualrisks.com.au who know where to shop for their clients with unusual risks.

Published in Essentials

Is Telemarketer direct insurance good for pre-existing medical conditions?

No. For most people with a pre-existing health condition, it’s an automatic decline. This then triggers a formal decline record.

  • This is a problem because you would then have to disclose this fact on every single new insurance application for the rest of your life.
  • Failing to do so would give a company legal grounds to avoid paying out your insurance claim.

Did you know that one of the common telemarketed direct life insurance products in the market today, has an exclusion for pre-existing conditions for the first 5 years? Additionally, the company will use retrospective underwriting to see if you were eligible for the policy in the first place, not when you take the policy out, but at the time of claim.

  • This means, that if you are assessed as ‘never eligible for the policy in the first place’ when you make a claim, the insurance company has the option to refund any premiums paid and simply state ‘you were never eligible for the policy in the first place so you were never insured, so there is nothing to claim'.

If you want absolute certainty and peace of mind, get your life insurance from a professional Risk Insurance Adviser, not the local bank clerk or a telemarketer.

>When you understand the significance of this issue alone, you will begin to appreciate the value of a professional relationship with a speciality Risk Insurance Adviser from unusualrisks.com.au who is there for you and your loved ones at the time of an insurance claim.

Published in Essentials
Sunday, 10 July 2016 19:10

When might I need personal insurance cover?

When do I need personal insurance cover?

It's all about feeling in control of your future, knowing your options and taking responsibility for how you want to live your life.

Most people particularly need life insurance when:

  • they are in a long term relationship,
  • have joint responsibilities such as a mortgage/rent with someone else,
  • have children, (or nephews and nieces),
  • have family,
  • who are in business with others,
  • who have frail aged or elderly parents,
  • good friends
  • or even charities that they wish to provide a legacy for.

The idea is a life insurance benefit payout will support a partner or family financially if the policyholder dies at a time when they are relying on their income. It could be used to cover things such as mortgage repayments, replace the deceased person’s salary, or pay childcare or education expenses. The options are endless when you have resources to help.

Published in Essentials
Sunday, 10 July 2016 19:09

Do life insurance companies discriminate?

Do life insurance companies discriminate?

Disability discrimination in insurance is now illegal. That said, reasonable distinctions based upon actuarial data in insurance assessments are not considered discriminatory as Life insurance is based upon statistical probabilities and measurement.

In 2000 Mr Graeme Innes AM, the then Deputy Disability Discrimination Commissioner stated “ …insurers are in the business of insuring against risks, not already known certainties. The Disability Discrimination Act allows for distinctions and exclusions based on disability if and where this is reasonable. Reasonableness can be established on the basis of actuarial data that is reasonable to rely on in the circumstances, or by reference to other relevant factors. …"

What is reasonable? Section 46 of the DDA contains a specific exemption for the Insurance and Superannuation Industry to recognise that some informed judgment is part of the nature of most types of insurance in Australia. Reasonable decisions based upon actuarial or statistical data where this is reasonable available are permitted".

Published in Essentials

Do people have to know that I have received Life Insurance pre-assessment services from unusualrisk.com.au?

No. Not at all. Unusualrisks.com.au is an online discrete and focused pre-assessment service run solely by our parent company Sapience Financial & Investment Services.

After completing a successful online pre-assessment, the entire application process, all correspondence, updates and reviews are completed through our standard market branded service, Sapience Financial. They care for a fully rnage of different clients with different needs from mortgage brokering, estate planning, financial advice and strategies and even small business risk management.

Published in About HIV
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