TIG setting benchmark for high risk insurance

From the archive, first published Friday 2nd Dec 2005.

A ROMSEY company has launched a revolutionary life insurance policy targeted at HIV sufferers.

The 10-year policies, launched to coincide with World AIDS Day this week, fly in the face of standard industry practice which rules HIV positive people too risky to insure.

Called Positively Insured, it is just the first in a series of planned niche products from the Totally Insured Group, which is also considering launching life insurance aimed at cancer sufferers and people with high cholesterol.

The UK has 53,000 people infected with HIV who will now be able to access insurance cover of £10,000, underwritten by Lloyd's of London, with monthly premiums starting at £5. Ron Moonesinghe, managing director at TIG and of sister company Winchester Financial Advisors, said: "TIG is committed to offering insurance cover to people with pre-existing medical conditions that tend to be refused by other providers.

"None of the mainstream or household name insurance companies have been prepared to offer cover to those who are diagnosed as HIV positive and this really is a break through in simplifying the procedures and allowing people to get life cover.

"People with HIV still experience discrimination in many areas of their lives, but `Positively Insured' is a solid step in the right direction."

He said the idea emerged out of talks with charities over arrangements to provide insurance to supporters with the charity getting a slice of TIG's commission. Mr Moonesinghe said: "Charities said `how can we recommend you when the people we are helping are ignored by the major insurance companies'. We started to think about it and thought that's right.

"The insurance industry over reacted when HIV and Aids first came to people's attention; they hyped up the rates. Somebody has to start and show the mainstream insurers that what they think is a bad risk is actually people living longer."

For further information contact 0870 240 8891 or click on www.totallyinsuredgroup.co.uk