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 TPD (total and permanent disability) and we're have had success getting some of our 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.
What's the problem with a 'formal decline' on an application?
Your privacy is 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
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 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 feelings that come with being told you're not acceptable.
What they we not told, but should have been
What they were not told is that at that particular brand of insurance provider, bank or comparison websites, was probably never able to cater for their particular situation in the first place.
The problem is not you, the shop never had the ability to ever provide what you wanted anyways. 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 chromic health issues need the service of a specialist like unusualrisks.com.au who know where to shop for their clients with unusual risks.
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.
When do I really need personal insurance cover?
It's all about feeling in control and being responsible. 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), family, who are in business with others, who have frail aged or elderly parents, good friends or charities that they wish to provide a legacy for.
The idea is the benefit payment will support a partner or family financially if the policyholder dies at a time when they are relying on his or her income. It could be used to cover things such as mortgage repayments, replace the deceased person’s salary, or pay childcare or education expenses.
Do life insurance companies discriminate?
Disability discrimination in insurance is now illegal. Reasonable distinctions in insurance are not considered discriminatory for this purpose 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".
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 a successful pre-assessment, the entire application process, all correspondence, updates and reviews are completed through our standard market branded service, Sapience Financial. They all sorts of clients from mortgage brokering, estate planning, financial advice and even small business risk management.
I am part of a seroconcordant relationship – can my partner get the same high-quality life insurance services from you as well at the same time as myself?
Absolutely! The clever people behind unusualriks.com.au are a full financial services practice and provide all our services under the parent company name Sapience Financial & Investment Services. We have a range of standard & speciality clients.
Over the last 18 years, Sapience clients have received in excess of $10,000,000 in insurance claim payments and you're welcomed into our family, regardless of gender, sexuality or diagnosis.
My partner is HIV negative. What is the process for them getting standard insurance cover through you?
No worries. We believe in looking after those who look after you.
For friends, family and supporters who need standard life insurance cover, the process is the same, just no need for a pre-assessment. In today's modern families we believe nobody should miss out.
Can I take out full Sickness and Accident Income Protection policy if I have been diagnosed with well managed HIV?
Yes, you can.
Income Protection insurance can 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.
Can I take out a critical illness policy (aka trauma insurance) if I have been diagnosed with HIV?
For most people, yes. Critical Illness (also referred to as Trauma insurance) policy.