 |
‘Pride Without Prejudice’
is Underwritten by Lloyds of London
Groups with High Disposable
Income to be Targeted as Customers
By Patricia
Conklin
|
The world’s first income-protection
policy issued in the wake of the AIDS crisis and underwritten by Lloyds
of London is being offered by Pride Without Prejudice, a London-based insurer.
The policy does not require buyers to submit to medical examinations, nor
does it ask, as other insurers do, if the buyer is HIV-positive.
''I'm aiming for the male
population with a high disposable income, who also have great concerns,
because of fears over AIDS, for their own mortality,'' explained the insurance
agency's managing partner, Simon Burgess.
''The perception of risk
is far greater than the reality, which is why we ought to be successful,''
he added. Like most mortgage or income-protection insurance, the
Pride without Prejudice policies offer coverage in the event of unemployment
or disability, accident or illness.
Previously insurers have
been denying coverage for pre-existing AIDS or HIV conditions; and for
many sexually transmitted diseases.
Burgess maintains that gay
males remain frustrated by mainstream insurers because of having to answer
intrusive questions about their lifestyles.
Pride Without Prejudice’s
customers will not be exclusively gay, although most of its clients, it
maintains, are most likely to be gay men,
Many heterosexuals, however,
live in fear that they may contract AIDS, as do lesbians and others who
may appreciate the insurance company’s straightforward approaches.
The pink application form
ignores all talk of sexual habits.
The policy has been underwritten
by a consortium of three syndicates at Lloyd's . There is an initial premium
income limit of 5 million pounds ($8.2 million).
AIDS activists have
reflected that it seems appropriate that insurers should design policies
to include coverage against the risk of HIV or AIDS infections.
The policies will be distributed
on the Internet and through brokers and independent financial representatives.
Pride Without Prejudice’s primary target will be Europe’s gay male population.
The first customers, however, will be will be in Great Britain.
Sales of the policies are
expected to top 50,000 by the end of the century
|
