Pulse Insurance Harbour
Pulse specialises in ‘helping people that have been turned down by other insurance providers’.
This policy, which is underwritten at Lloyd’s, is a ten year term assurance policy and is available to UK citizens.
The plan is targeted at people with HIV and offers up to £200,000 of accidental death cover (other options are £10K, £50K, £100K and £150K) and either £10,000 or £25,000 of life cover. Pulse says that, crucially, it does not require a doctor’s report or for the applicant to undergo a medical examination and adds that there are currently around 83,000 people living with HIV in the UK.
A male aged 30-34 could pay £15 a month for £10K of accidental death benefit and £10K of life cover. Increasing the life cover to £25K would take the monthly premium up to £40. For £200K of accidental death benefit the monthly premium would be £55 or £80 for £10K or £25K of full life cover too.
There is a seven page application form to complete, which includes a range of medical and other questions.
Plus points: Medical developments have meant that many people with HIV can now go on to lead long lives, but they may still find it difficult or impossible to obtain any life cover; This plan offers them that life cover (albeit only relatively small sums), complete with accidental death benefit too, which can be for a much larger amount (up to £200K).
Not so plus points: Expensive compared to normal rates term assurance—although such cover is very unlikely to be available; Not available if the customer has AIDS; We are not fans of accidental death benefit—if the need is for money on death the cause of death is largely irrelevant; However, for those with HIV, ‘normal’ life cover may be unavailable; And not everyone with HIV will die from non-accidental causes.
Website: http://www.pulse-insurance.co.uk.
Rating (max 10): Innovation: 8. Overall: 6. Bronze.