South Africa Offers Affordable Term Life Insurance to HIV Positive People

HIV positive people have been greatly discriminated against worldwide by insurance agents. Many people living with HIV or AIDS have been unable to get home loans because they could not get life insurance or were offered life insurance at nosebleed prices.

Some companies in South Africa have came up with innovative ways to offer life insurance at an affordable rate, based largely upon the risk factors associated with how well the policy holders adhere to therapy. Moneyweb reports:

A key component of AllLife’s innovative model is the direct offering to
consumers. Products include Term life insurance (duration of cover
varies, with premiums remaining fixed for the duration of the policy -
Level cover for ten years and twenty years is available); Whole Life
“standard” life insurance, similar to life insurance policies available
to non-HIV+ individuals that provides level cover for as long as
premiums are paid, and is available on a fixed monthly premium or
increasing monthly premium basis. This product is a pure risk life
insurance policy and not a funeral policy; and Home Loan Protection
insurance providing cover for the amount outstanding on the
individual’s home loan. Central to the calculation of premiums is the
prospective policy holder’s health profile and commitment to adherence
to appropriate therapy. Cover is extended up to R1 million.