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

Unusual Risks

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.

Survey Results:

*Compass surveyed over 100 policies taken out by lesbians, gay men, bisexuals and transgender clients between 1st January 2009 and 31st December 2016. They established that the average sum assured of a life assurance policy taken by an LGBT client (including people living with HIV) was £178,507.

They also researched the average length of a Life Insurance policy taken by an LGBT application.159 policies were included in the survey with the shortest term taken being 10 years and the maximum term 40m years. The average term was established at 19.2 years, the vast majority of policies were taken for family protection and mortgage purposes.

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Publishes press/media releases of interest for the LGBTQ community.