This means people using PrEP can get a full range of insurance covers;
It's now all available to Australians taking PrEP - stigma and attitude free - through the specialist financial advisers behind unusualrisks.com.au
You may have already heard about PrEP or perhaps you're looking for more information about how it affects your chances of getting Life Insurance or Income Protection cover?
Either way, PrEP is a medical breakthrough that's already playing a vital role in the efforts to end HIV by 2020. Now the medication is listed on the PBS (Pharmaceutical Benefits Scheme), just about anyone can now get on it.
Taking PrEP is a highly effective medication for preventing exposure to HIV.
Whether exposure to HIV is through sex or needlestick injuries, there are many people using PrEP to prevent them from being exposed to HIV and taking control of their sexual health and future wellbeing.
Research shows that the medication used for PrEP is highly effective at preventing HIV transmission among these population groups.
You can learn more about PrEP here.
Up until now, Australian's taking PrEP have faced uncertainty, stigma and discrimination from Life Insurance companies towards the use of PrEP (and routinely find they also have to be the educator about PrEP).
Most insurance companies and super funds simply do not provide underwriting for people with unusual occupations, hobbies, pastimes or lifestyles - if you get what we mean.
That's why people use the expertise of unusualrisks.com.au to get their insurances sorted - stigma-free.
The New York Times broke the story of Dr. Philip Cheng, a urologist in Boston taking PrEP and being denied full insurance cover until he stopped taking, Truvada (the pharmaceutical brand name for PrEP) to prevent HIV infection.
Today as many people get their news from the internet, the growing risk is it may not always be relevant in Australia.
Many American Life Insurance companies take a discriminatory approach to how they underwrite the use of PrEP and outright deny any form of insurance coverage.
Many Australian Life Insurance companies and Super funds formerly decline applications for insurance by people using PrEP and discriminate in a similar way against people with well managed HIV or Diabetes.
The good news is Australian's using PrEP and who need Life Insurance or Income Protection, now have a clear pathway to getting their cover sorted - stigma and discrimination free - through unusualrisks.com.au
Can I transfer my existing life insurance policy to you to manage ongoing for me?
Yes. It makes good sense to have your important policies safely in the hands of trusted and understanding people. Our Transfer & Manage Service is another speciality service available to our clients where you can have all your personal insurances with a single trusted professional who appreciates the importance of your situation and understands what you want.
Just send us an email and ask us how we do that.
Why does unusualrisks.com.au use pre-assessments?
By informally pre-assessing your situation up front, we can determine if you would qualify for cover. This means we can position you so you have the best chance of being offered fair and reasonable policy terms should you decide to make a formal application. It's all about having absolute certainty before you make an application without any hidden exclusions or uncertainties.
If you are unsuccessful in your pre-assessment, you don't end up with a formal refusal or decline recorded against your name.
So what type of life insurance policies don’t do underwriting upfront?
Usually, those sold by telemarketers and other low grade insurance sellers. Some of the more common life insurance policies sold through telemarketers have the bulk of their underwriting assessment done at claim time. For the uninformed consumer, we say this is dangerous (probably bordering on crazy) because you never really know if you are insured until you have to claim.
Where is the peace of mind with this type of policy you ask? Yep, we’re still looking for that ourselves. Without the assistance of a risk adviser from unusualrisks.com.au you’re totally on your own. And who will be there for you and your loved ones at claim time? A different telemarketer this time perhaps?
What does it mean when a policy is fully underwritten upfront?
Peace of mind. The degree of risk is assessed and the application completed at the time you make the application, not when you need to make a claim. Having a professional policy that's fully underwritten upfront ensures all the assessments by the insurance company are completed so you (or your family) don't have nasty surprises at claim time.
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 Risk Insurance Adviser who is there for you and your loved ones at the time of an insurance claim.
Life Insurance 101- Why is Life Insurance so important?
Life insurance is all about giving the people you care about most, financial security if you’re no longer alive to support them. With life insurance, when you die, (or become terminally ill), your nominated loved one(s) can receive a lump sum payment.
They can use this to continue living the life you want them to. (Mortgages can be paid out, children’s private education fees paid, people aren't forced to leave the home or area where they have been used to living and frail aged or special needs people in your life can be cared for etc.)
If you’re in business, it can mean that if you’re not there, your business debts are paid out and that the business doesn't have to be wound up or forced into a sale. It means that you (or your business partners) are not forced into business with the remaining family of business partners. The possibilities are as individual as your needs.
As part of the typical underwriting process, a life insurance company will usually request a medical report from a person's nominated GP or Medical Specialist.
A formal written request for a medical report is sent in the post, along with payment, an explanatory letter and a copy of the person's signed Authority to Exchange Information waiver. The request is usually in a question and answer form that asks about specific outcomes.
If you would like an editable PDF version of such a form, you can request one by sending us an email.
You will need the following information close to hand:
It’s a good idea to keep a Health Diary of important dates, tests, current medications or results that are significant for you.
Our Director and Senior Adviser Drew Browne works personally with every one of our specialty risk clients. Here is a link to his >Public LinkedIn professional profile< if you would like to know more about him. He's a good guy to know and have in your corner as an advocate for you.