News By Tag
News By Location
New Financial Services Firm Among First to Offer Life Insurance Options for People With HIV
Experienced Industry Professional Travis MacDonald Opens MacDonald Financial Services in South Florida
By: MacDonald Financial Services
"Life insurance is often the foundation to a solid financial plan, providing security to a family, collateral for a business loan or a buy-sell, or to adopt children," said Travis MacDonald, owner. "Additionally, life insurance can be used to create a legacy, allowing one to pass assets on to family as well as to their favorite charities."
MacDonald has been in the insurance and financial services industry since 1993, but has not been able to offer traditional life insurance to his clients who are HIV positive.
"An HIV diagnosis used to be considered a death sentence and now, when compliantly following an antiretroviral therapy, life expectancies are rivaling those who are HIV negative," said MacDonald. "My goal is to help organizations like Our-Fund, the Pride Center and other non-profits in town educate their participants that new options are available."
At the end of 2015, Prudential Financial announced that the company would begin offering 10 and 15-year convertible term life insurance policies for people with HIV. The Florida Department of Financial Services approved the sale of the product the first week of 2016. Up until this time, HIV positive individuals were not able to buy traditional life insurance, other than a few small, limited benefit policies, or group coverage through the workplace.
MacDonald explained that after an extensive amount of research on viatical settlements, the founders of AEqualis, Andrew Terrell and Bill Grant, approached the reinsurance company Munich Re with data supporting their findings that people living with HIV had a better life expectancy than the insurance company initially determined. Having the world's largest reinsurance companies on board helped Prudential finally decide to move ahead with the project, he said.
"With a focus on income planning and wealth preservation, having the ability to now use life insurance as part of a financial and estate plan makes the playing field a bit more equal - isn't that what it's all about anyway?" MacDonald said.
For more information and details on how to apply for the life insurance, contact:
1881 NE 26th Street, Suite 229
Wilton Manors, FL 33305
Page Updated Last on: Mar 21, 2016