Lesbian and Gay Insurance seems to be a very popular subject in the UK national press at the moment, with what appears to be a special focus on applicants being treated “sensitively” by Insurance companies …
The national press campaign in question seems to miss the most important point, that UK life Insurance companies have made tremendous and real efforts over the last decade to treat the Lesbian and Gay Community Equally. LGBT consumers should these days be focusing on more than just the basic service standards of insurers for choosing their Life Insurance products.
The UK Life Insurance Industry is about to publish their latest industry guidance for HIV and Life Insurance, which once again includes a clear commitment to the LGBT Community not to return to the dark days of asking the “Gay Question” on Insurance applications and sending gay people for automatic HIV Testing.
Only one financial adviser in the UK can genuinely claim to have changed Life Insurance for LGBT people for the better, right across the life insurance industry. Chris Morgan lead financial adviser at Compass led a decade long campaign to remove Life Insurance discrimination for gay people in the UK and to also to secure Life Insurance for HIV Positive people.
Here’s Chris’s basic guide to choosing Life Insurance and Insurance for Lesbian, Gay, Bisexual and Trans people …
Focus on your financial needs – You should choose an Insurance product that completely meets your financial needs and not compromise on product features because a product has been labelled or described as Gay. For example, if you choose Life Insurance, then always make sure the length of the policy covers your whole mortgage term or runs through to a defined date such as your retirement age.
Always take the longest term available – Life Insurance is always more expensive when renewed later in life. If you have good health and the option to take Life Insurance to cover your mortgage term or through to your retirement, then you should most definitely consider doing this.
Short term Life Insurance should be avoided – Only take short term Life Insurance (1 – 10 Year policies) if this is the only option available to you, or have a specific defined reason for doing so. This type of policy will certainly be more expensive to renew, than taking a longer Insurance policy from outset.
Safeguard against changing health circumstances in the future – Short term Life Insurance policies may appear to be a cheap option at outset. But, what happens if your medical situation changes and your not able to renew the policy. Most UK Life Insurance companies offer Life Insurance at Guaranteed premium rates for anything up to a 40 year term, so you should explore the whole of market before making important decisions.
Income Protection and Critical Illness Cover – Most major Life Insurance providers have options for applicants to add cover for sickness and serious illness to your policy. If this is affordable, then this is a great way to enhance the benefits of your policy and to make the policy more useful.
HIV Positive applicants are no longer excluded from taking Life Insurance – Several top UK Life Insurance Companies now offer Life Insurance to people living with HIV. The terms for HIV Life Insurance vary wildly between providers, so it’s a good idea to take specialist advice.
Compass and their lead financial adviser Chris Morgan have been advising LGBT clients for nearly two decades. During this time Chris changed the landscape of LGBT insurance forever, by removing discrimination and securing Life Insurance for HIV positive people.
If you are considering taking Life Insurance, then they are ideally placed to assess the whole of the market for you and recommend the best policies for your financial needs. Nobody has a greater knowledge of Insurance matters for LGBT people then Chris Morgan and the team at Compass.
They also continue to use our long standing reputation to influence the direction of Insurers and define the way that LGBT and HIV Positive people are treated by the UK Insurance Industry.
Look out for the results of their annual “Gay Insurance Survey “, which are due to be published very soon and also the new Association of British Insurers “HIV and Life Insurance” Consumer Guide that Chris Morgan has written on behalf of the UK Insurance Industry.
Our sponsors Compass are the UK’s leading Lesbian, Gay, Bisexual, Transgender Financial Advisers, offering advice on Gay Life Assurance, Gay Life Insurance, Gay Mortgages, HIV Life Assurance, HIV Life Insurance, HIV Mortgages.
They are also the UK’s leading experts at planning Life Assurance and Mortgages for LGBT and Alternative Families and are able to assist LGBT people looking for advice on their Pensions and Investments.
For more information about these services please contact our sponsors Compass by phone 0845 474 3075. Email Enquiries@compassindependent.co.uk or visit us online at www.compassindependent.co.uk