Mortgage Life Insurance & Critical Illness Cover for LGBT Clients …

In a previous feature we shared with you the results of Compass’s latest Gay Insurance Survey, where 74% of Gay Men and Women take out Life Insurance to protect their home or a Mortgage.

In the same survey they also established that 26% of gay men and women take out Critical Illness Cover, alongside their Life Insurance to protect themselves in case they are diagnosed with a serious long term illness. It is in fact possible to package both Life Insurance and Critical Illness Cover together within the same product when taking out a mortgage.

Here’s a recent example of one LGBT client that approached Compass for Insurance advice …

Michael (Aged 37) works for a major house builder as a project consultant and is in the process of increasing his mortgage in order to move home. The new mortgage is going to be for £250,000 with a term of 28 years extended through to his planned retirement age of 65.

He already has two separate Life Assurance plans in place both with Life Assurance and Critical Illness Cover. However, they were only for a total of £110,000 and have a remaining term of only 12 years. He is concerned that the new mortgage runs for longer than this and would like us to raise quotes for the full 28 years.

Life Assurance is designed to pay out a lump sum to clear a mortgage in the event of death, where Critical Illness Cover is designed to pay a lump sum benefit should the policy holder suffer from one of a list of serious illnesses. This list includes conditions like Heart Attack, Heart Surgery, Cancer, Kidney Failure, Liver Failure, Alzheimer’s Disease and Stroke.

Michael was very keen to make sure his mortgage was fully covered through until the time that he is likely to finish work and Compass were able to find him an integrated policy for £250,000, which included both Life Cover and the Critical Illness Cover.

If you are looking for a new mortgage, life insurance, critical illness policy or income protection plan why not give Compass a call.

If you require more information on Gay Life Assurance, Gay Life Insurance, Gay Mortgages & HIV Life Assurance, HIV  Life Insurance, HIV Mortgages you can contact our sponsors Compass Mortgage & Insurance Services on 0845 474 3075, or email at Enquiries@compassindependent.co.uk or on the web at www.compassindependent.co.uk

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  • About Us

    Pink Finance was first launched in the year 2000, as the UK’s first gay finance magazine. Over the years we have covered many discrimination issues affecting gay, lesbian, bi sexual and transsexual people.

    Our articles cover issues such as Gay Life Assurance, Gay Life Insurance, Gay Mortgages, Gay Income Protection, Gay Critical Illness Cover, HIV Life Assurance, HIV Life Insurance and HIV Mortgages.

    We also include feature articles on planning Life Assurance and Mortgages for LGBT and Alternative Families, along with articles with subjects such as Pensions and Investments for LGBT people.

    Our editor, Chris Morgan was part of the consultation group that led to the introduction of HIV Life Assurance and HIV Life Insurance for people living with HIV.

    He was a consultant to the Association of British Insurers for over five years and served on their HIV Insurance Working Group.

    Chris has recently rejoined the ABI working group, assisting them with their latest Best Practice guidelines and agreeing to write a new HIV and Insurance consumer guide.

    Our sponsors Compass have a long history of supporting worthy causes within the gay and HIV communities. Currently they are supporting NAM AIDSMAP who work to change lives by sharing information about HIV and AIDS.

    They believe that, wherever you are in the world, having independent, clear and accurate information is vital in the fight against HIV and AIDS.

    Compass Mortgage & Insurance Services is Authorised and Regulated by the Financial Conduct Authority.