LGBT Insurance Survey 2017 …

“Happy Pride Season” – Birmingham, London Done With Brighton, Cardiff and Manchester Still To Come !!!  Special focus this year on the need for LGBT labelled financial products?

Our friends at Compass, the Gay insurance advisers have today published their latest survey into the insurance needs of the LGBT Community. The research measured the Average amount of Life Assurance currently being taken out by Lesbians, Gay Men, Bisexuals and Transgender people, including policies taken out by LGBT people living with HIV.

The current average Life Assurance plan that is currently taken out by the LGBT community has marginally increased with the sum assured now £178,507. Compass widened their survey this year to look at the average term that an LGBT person takes out Life Insurance with the result 19.2 years. The longest policy found in the survey was 40 years.

Chris Morgan the Lead Financial Adviser at Compass Mortgage and Insurance Services, www.compassindependent.co.uk Said …

‘This year the LGBT Insurance Survey has established that the amount of Insurance being taken out by the gay community has increased slightly to £178.507. This figure has remained fairly constant since the introduction of new underwriting rules that guaranteed Equality for Gay Men in 2005”.

Chris continued …

‘The second part of the survey was of particular interest with our research establishing that the average term at outset of an LGBT Life Insurance is 19.2 years, with the longest policy surveyed being for 40 years. This makes a great deal of sense as the majority of policies are taken by LGBT people for Long Term Family Protection and Mortgage purposes’.

‘We have noticed LGBT “Labelled” Life Insurance products being launched into the market with a short maximum term of 10 years and consumers should be aware that there are many more suitable options that exist, especially if they are looking to protect their families and mortgages in the longer term’.

The LGBT Insurance Survey has been running since 2009 and was initially focused on monitoring the amounts of Life Insurance being taken out by LGBT Consumers. More recently the survey has researched the changing financial needs of the LGBT Community and this year there has been a particular focus on the suitability of new LGBT “Labelled” Financial Products that have been introduced into the market place.

Compass is able to arrange Mortgage Life Assurance, Mortgage Life Insurance, Critical Illness Cover and Income Protection for gay men and women, Bisexuals and Transgender clients. They are also specialists at finding Mortgages and Life Assurance for people living with HIV. They can be contacted on 0845 474 3075.

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

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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.