WINDHOEK – Advances in medical science mean that HIV/AIDS can now be viewed as any other manageable chronic condition, allowing insurance cover to people living with the illness. “The massive resources allocated to HIV/AIDS in the last 25 years mean that it’s now one of the most researched and understood conditions in the world. And as that understanding has evolved, so has actuarial science, which has enabled us to refine our underwriting and provide comprehensive financial protection for those living with the disease,” said Dr Peter Bond, Chief Medical Officer at Old Mutual.
Bond, speaking at a briefing in Namibia recently, said great strides in understanding the condition and advances in antiretroviral therapy have enabled insurance firms to group HIV/AIDS with other chronic conditions like diabetes and hypertension, which can be controlled with medication, therapies and management of lifestyle. “It’s also enabled us to provide more affordable cover than ever before, because we now have a better understanding of each customer’s risk,” said Bond.
Managing and living with HIV/AIDS has become significantly less onerous and expensive. “This is due to the simplification and increased efficiency of treatment. Ten years ago, patients had to take around 20 pills a day and the medication had unpleasant side-effects. Today, that burden has been reduced to one pill daily,” he noted.
Part of removing the stigma around HIV/AIDS is the ability of financial service providers to protect the most valuable asset of someone living with HIV, their income. This will allow protection of their families, business and their retirement savings, Bond said. “People living with HIV now have the power to do great things with their money, just like everyone else,” he added.
Up to now separate products were offered to HIV+ individuals. That has changed and they are now offered a similar comprehensive range available to HIV negative individuals. Patients can for instance now apply for cover with Old Mutual without being on or having to prove that their are on antiretroviral treatment.
This all means that clients living with HIV can now do all the things people without HIV can do, such as acquire assets, obtain capital to start a business, get a bond and protect themselves, their family and their business against disability.
Old Mutual offers a LifePlan for death and disability cover, which as only limited underwriting is required, is limited to R500 000 cover. The other option is Greenlight, that requires full underwriting including medical tests. A more comprehensive range of benefits including death, disability and severe illness (an industry first) can be offered on this option, as underwriting allows better understanding of the health of the patient.
By Staff Reporter