Buying life insurance means that when you die, your partner or other dependents are paid a lump sum to help them avoid financial hardship. The amount you pay to the insurer each month (your premium) depends on the size of the lump sum required, the length of the policy and other factors like your gender, your work and your health.
Since 2005, the insurance industry’s approach to HIV, gay sexuality and life cover has changed, and it’s now easy for gay men to buy life insurance, and some companies will insure people living with HIV. Industry guidelines now forbid questions about applicants’ sexuality but all applicants for life insurance will be asked if they have tested positive for HIV and insurers can also ask about your potential exposure to HIV risk. If you are HIV positive, you must answer this question honestly as concealing your status may render the insurance void, resulting in no pay out when you pass away. Specialist insurance brokers or financial advisers should be able to direct anyone with HIV to an insurer who will be prepared to provide them with cover.
For further information on life insurance for people living with HIV, visit Aidsmap or search for ‘HIV’ at the Association of British Insurers’ (ABI) website. The ABI’s 2008 publication ‘HIV and life insurance: a consumer guide for gay men’ can be accessed here.