LGBT Life Assurance and LGBT Life Insurance – Questions? …

Our friends at Compass regularly receive questions from concerned Lesbian, Gay, Bisexual and Transgender clients prior to them applying for Life Assurance and Life Insurance products.

They are planning to include the answers to some of these questions in the new “Consumer Guide” that they are writing for the Association of British Insurers and their member Insurance Companies.

If you have any questions about LGBT Insurance that you think should be included in the new Insurance Industry consumer guide please forward these to them at the contact details below.

Here are some of the best LGBT Life Insurance Questions we have received so far … 

Are some forms of Insurance unavailable to LGBT people?

Will I have to take a HIV test when applying for Life Assurance or Life Insurance?

Should I disclose my  sexuality on Insurance application forms?

Where can I find financial advice that is friendly towards LGBT people?

Our friends at Unsusual Risks are also currently running the HIV and Insurance Survey 2015 and would like to ask all HIV Positive people in the UK to complete our anonymous survey https://www.surveymonkey.com/r/YSKH7XG

The data from this survey will be used to promote the new consumer guide that Chris Morgan, Compass and Unusual Risks have been asked to write by the Association of British Insurers.

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

Gay Insurance – Does Your Insurance Policy Have HIV Exclusions? …

Our friends at Compass are the UK’s leading Financial Advisers, advising Lesbian, Gay, Bisexual, Transgender and HIV Positive clients on Life Assurance and Mortgages …

Although they spend the majority of their time arranging Life Assurance and Life Insurance to protect families, children and mortgages, they also find themselves being asked on a regular basis to advise on existing Insurance contracts held by clients.

The main areas of confusion they find are around Life Assurance plans and whether policies include cover for HIV? and If Income Protection and Critical Illness Cover policies contain exclusions for claims relating to HIV?

They also meet Gay Men that were faced with making disclosures to their bank about their Sexuality in the past, who may be paying premiums for insurance that is in fact, invalid due to incorrect disclosures they made on the application forms.

Also they have found there have been many HIV Positive people that may have surrendered or cancelled their insurance in the belief that they are not covered, when in fact they were actually still covered by their Insurance.

Their general advice is to consult with a financial adviser who has specialist knowledge of Gay issues and can offer you advice before you make any final decisions about your Insurance.

If you are HIV Positive and have been effected by any of the issues mentioned here, they would like to ask you to complete the HIV and Insurance Survey 2015, that is being compiled by our friends at Unusual Risks that can be found here. https://www.surveymonkey.com/r/YSKH7XG

The data from this survey will be used in a new consumer guide that Chris Morgan at Compass and Unusual Risks has been asked to write by the Association of British Insurers.

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

HIV and Insurance Survey 2015 …

Our friends at Unusual Risks are currently reaching out across both the UK Gay and UK HIV Communities and asking people to complete their latest survey …

They are currently representing the Gay and HIV Communities in round table discussions with members of the Association of British Insurers (ABI), which are focused on improving the treatment of HIV Positive people by the UK Insurance Industry.

As part of these discussions they have agreed to help the ABI produce a “HIV and Insurance Consumer” guide which will help raise awareness of important issues like   ….

Whether HIV Positive people should cancel or keep their insurance’s on diagnosis?

Which types of insurance are available to people living with HIV?

When should you disclose your HIV Status on Insurance application forms?

The data collected from the enclosed survey will help with the launch of the consumer guide and also help them to continue to press for change around the availability of other financial products.

We would like to ask anyone who is Gay and HIV Positive to complete the anonymous survey below.

https://www.surveymonkey.com/r/YSKH7XG

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 Compass by phone 0845 474 3075. Email Enquiries@compassindependent.co.uk or visit us online at www.compassindependent.co.uk

The Independent on Sunday – LGBT Financial Advice – LGBT Families & Parenting

Our friends at Compass the LGBT Financial Advisers were recently featured in Money Section of the Independent on Sunday as part of their annual Gay Pride edition. Their Lead Financial Adviser was interviewed about all areas of Lesbian, Gay, Bisexual and Transgender financial advice, including questions about Life Assurance, Mortgages and Parenting.

Here are some extracts and comments from the article first published in the Independent on Sunday 28th June 2015.

So is there really a need for minorities to seek specialist finance advice?

Historically there certainly was. Chris Morgan is Lead Financial Adviser at Compass, a mortgage and insurance advice service that specialises in looking after Gay, Lesbian, Transgender and HIV Positive clients. He has spent much of his career working to end discrimination among insurers against the gay community.

He says that in the past there has been a real need for IFAs to champion their client’s interests and steer them towards providers that were less likely to treat them badly simply as a result of their sexuality. “Going back a decade, there was a lot of discrimination towards gay people by the insurance industry in particular, which of course knocked on to their ability to get mortgages”, explains Mr Morgan.

“Gay men used to be sent for an automatic HIV test by insurance companies and there were lifestyle questionnaires where they would ask about a person’a sexual behaviour. There was even a thing called speculative underwriting, where insurers would speculate about a person’s sexuality based on their occupation. For example, male ballet dancers, hairdressers and cabin crew would routinely be automatically sent for an HIV test”.

Today, however a lot has changed, Insurers will not ask life insurance applicants about their sexuality; instead, all life and protection applicants are asked a general question about whether they have been exposed to risk of HIV infection in the past five years. Some insurers may ask whether the applicant practises safe sexual behaviour, but their actual sexuality is not considered relevant.

Chris Morgan believes that many still prefer tailored LGBT Financial Advice.

“I spend most of my time these days planning Life Assurance for gay families – gay and alternative parenting is exploding. ” he says. ” We look after gay & Lesbian couples who have children, transgender people who have children. Last week I arranged Life Assurance for someone who is intersex. There is definately a demand for specific financial advice within the LGBT community.”

For some people, that demand is driven by a desire to keep their relationship or family status private. Mr Morgan explains: “A person’s sexuality can be a private issue that they don’t want in the public domain. For example, a client came to me recently who really didn’t want to talk about his personal affairs with a local IFA – he came from a small village in Scotland.

“Then there was a young guy in Manchester who simply did not want his parents to find out about his sexuality, so did not want to use a  local adviser. People have their own reasons for using an LGBT financial adviser. So, there’s discretion and privacy, but also understanding and empathy with their circumstances. Gay parents, for example, or alternative parents like trans parents, come to me because they feel they can discuss their affairs openly without any judgement or issues”.

Another area where customers may prefer specialist knowledge is insurance for those living with HIV. Mr Morgan suggests that many HIV Positive people of any orientation will prefer to approach an LGBT financial adviser. “Sometimes HIV Positive people simply don’t want to share their health status with a bank, building society or mainstream brokers.

Compass are the UK’s leading LGBT Financial Advisers. They have been at the forefront of fighting for equality for the LGBT Community since 1999 and are currently the UK’s most experienced financial advisers servicing the Gay, Lesbian, Bi sexual, Transgender and HIV Positive communities.

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

LGBT Insurance Survey 2015 …..

Happy Gay Pride Season Everyone !

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

In a number of previous surveys Compass have published the average Gay Life Assurance figures, however, these surveys did not include insurance products that have been made available to HIV Positive people since 2009. The current average Life Assurance plan that is currently taken out by the LGBT community now has a sum assured of £185,015.

Chris Morgan the Lead Financial Adviser at Compass Mortgage and Insurance Services, Said …

‘For a number of years we have researched the Insurance needs of Lesbian, Gay, Bi Sexual and Transgender clients. The aim of our Insurance survey is to highlight the importance of protecting your mortgage, family, children with Life Insurance. This year we have taken the step of including Life Assurance for HIV Positive people in the Survey’.

Chris continued …

‘HIV Life Assurance has been available since 2009 and massive progress has been made in both the number of insurers offering products, premiums being charged and the number of people taking HIV Life Insurance. With five years of data now established it is the right time to include policies taken out by LGBT people who are living with HIV in the survey’.

In previous surveys, Compass established that 74% of LGBT people take out Life Assurance to protect their homes, with the remaining 26% taking out Life Insurance to protect their family, children or partner. They also established that 26% of LGBT people take an average amount of £182,577 of Critical Illness Cover with their Life Assurance.

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 even introduce you to the very best Investment Planning and Pension Transfer Services.

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

London Pride Heroes List 2015 …..

Happy Pride Season 2015 !

Our friends at Compass are very proud to announce that their Lead Financial Adviser Chris Morgan has been included in the “Pride Heroes” list 2015.

The list that has been compiled by the London Pride and includes many notable LGBTI celebrities, business people, community leaders and activists.

Chris has been included for his work relating to HIV and Insurance that led to full equality for LGBTI people with regards to Life Assurance in the UK, removal of the “Gay Question” from Life Assurance applications and also the removal of compulsory HIV testing for gay men by Insurance Companies.

Compass are specialists at offering advice to Lesbian, Gay, Bisexual, Transgender and Intersex clients for Critical Illness Cover, Income Protection, Life Assurance, Life Insurance, and Mortgages. They can even introduce you to the very best Investment Planning and Pension Transfer Services.

You can read about the Pride Heroes list here www.prideinlondon.org/heroes/ 

See who is on the Pride Heroes list here www.prideinlondon.org/heroeslist/

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

LGBTI and Alternative Parenting – Family Protection …

Our friends at Compass are the UK’s most experienced Insurance providers for Lesbian, Gay, Bisexual, Transgender and Intersex clients. They have a long tradition of fighting discrimination and helping LGBTI people find Life Assurance, Life Insurance, Critical Illness Cover, Income Protection and Mortgage Insurance products.

Recently they have seen a growing trend of LGBTI and Alternative parents approaching them for advice on protecting their families and children. Over the years they have arranged many Insurance’s for Gay, Lesbian and Trans parents, who have wanted to discuss their financial requirements privately and without fear of discrimination.

These are some examples of the types of Insurance that they have been able to arrange for concerned parents …

Income Protection – This type of insurance safeguards a persons regular income in case they are unable to work due to long term Illness or disability. It is designed to pay a regular monthly tax free benefit should the worse happen. This type of Insurance is also sometimes referred to as Permanent Health Insurance (PHI).

Critical Illness Cover – This type of Insurance is designed to pay a tax free lump sum benefit should a person be diagnosed with one of a list of serious illnesses. This type of Insurance is also sometimes referred to as Critical Illness Benefit.

Family Life Insurance – Life Assurance and/or Life Insurance that pays out a lump sum to provide security for your family or loved ones should you die. This type of Insurance is also sometimes referred to as Level Term Assurance or Whole of Life Assurance.

Mortgage Life Assurance – Life Assurance and/or Life Insurance that pays out a lump sum to repay a Mortgage debt should you die. This type of Insurance is also sometimes referred to as Decreasing Term Assurance.

Compass are highly experienced at helping parents calculate the right amount of insurance for their requirements, offering advice on the best ways to structure their family protection and advising if their Insurance policies should be written into a special type of trust fund for their children.

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

LGBT Parenting … Gay Life Assurance & Gay Critical Illness Cover

Our friends at Compass have been at the forefront of advising LGBT Clients on their Life Assurance, Life Insurance and Critical Illness needs for the past 16 years. During this time they have seen many changes in the way that the LGBT Community have been treated by the Life Assurance Industry in the United Kingdom …

They have campaigned on behalf the LGBT Community on many important issues, such as the removal of the “Gay Question” from Life Assurance applications, the removal of Compulsary HIV testing for Gay Men and most recently the introduction of Life Assurance for people Living with HIV. Chris Morgan, their lead financial adviser is currently campaigning to secure Income Protection and Critical Illness Cover for HIV Positive people.

Over the last decade and a half they have witnessed many changes in the way that LGBT people apply for their insurance products, with a gradual shift from decisions being influenced by discrimination through to decisions now being influenced insurable needs, such as partners, spouses, children and families.

During this time their annual Gay Insurance Survey has developed from a simple measure of the amounts of Insurance being taken out by Gay Men into a study of the insurance needs of the wider LGBT Community. In the past year they established that 74% of LGBT Clients who take out Life Assurance do so to protect their homes and 26% of LGBT Life Assurance applicants do so to protect their families and children.

They are seeing an increase in the number of LGBT Parents approaching them for financial advice with the aim of securing their families future. Compass has become the natural place for alternative families to discuss important issues such as home finance and family protection.

In response to this over the next few months they will be publishing more “family friendly” content that is focused on LGBT families and alternative parenting, covering issues such as Mortgages, Life Assurance, Income Protection, Critical Illness Cover and Child Trust Funds.

If you require more information on Gay Life Assurance, Gay Life Insurance, Gay Mortgages, LGBT Life Assurance, LGBT Life Insurance, LGBT Mortgages you an 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

 

LGBT Mortgage Advice Service …

Did you know that our friends at Compass offer a ‘Private and Confidential’ Mortgage Service? …

Many people may not realise that Compass have been offering Mortgage advice within the Lesbian, Gay, Bisexual, Transgender & HIV Communities for many years and have helped literally hundreds of LGBT and HIV positive people buy their homes.

Sometimes we meet people in the most desperately difficult circumstances, who need urgent advice to protect their privacy and confidentiality. Recently we were approached by Gavin who is 41 years old and working in London as a fashion designer.

He had been trying to secure a mortgage through another Mortgage Adviser, when he had come across a serious problem. The Mortgage Adviser was demanding that he take out Life Assurance alongside his mortgage!

Gavin has already told the adviser several times that he did not want Insurance products, but the adviser had been very pushy and insistent on the matter. The adviser had even produced a disclaimer form demanding to know the exact reason why he had decided against taking insurance.

This had caused Gavin considerable stress because he is single and does not need Life Insurance. He also does not wish to disclose his HIV status on any Insurance applications and certainly not on any disclaimer form that he was being required to sign. Gavin decided to approach Compass to see how we could help him through this worrying situation.

He was relieved to discover that we could arrange a Mortgage for him without any requirement to take Life Assurance and certainly without the requirement to sign a disclaimer form. Compass separate any Mortgage and Life Insurance transactions because we recognise that some of our clients may have reasons not to take out Life Assurance products.

By offering Mortgage advice in return for reasonable “Set Fees” we are able to maintain our independence and arrange mortgages without insisting that our clients take out Life Assurance. This is especially useful for people who are not eligible to take out Life Assurance due to their HIV status or those who may not have any need life insurance products.

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 sponsros Compass Mortgage & Insurance Services on 0845 474 3075, or email at Enquiries@compassindependent.co.uk or on the web at www.compassindependent.co.uk

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

  • 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.