This year Compass, has widened the survey to look at the reasons that LGBT people take out Life Assurance with 76%* of policies taken out to protect Mortgages and 24%* taken out to protect families, partners or children. The current average Life Assurance plan that is currently taken out by the LGBT community now has a sum assured of £176,695*.
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 reduced slightly to £176,695*. The reason for this the continued inclusion in the survey of LGBT people living with HIV, with the average Life Assurance taken out within the HIV Community being lower at £134,733*.
Chris continued …
‘The survey this year, has also focused on LGBT and Alternative Families with the amount of policies being taken out to protect families, partners and children recorded at 24%*. Interestingly only 8%* of people completing the survey also answered that the policy was specifically to protect Children’.
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 LGBT and Alternative Families.
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.
*Compass surveyed over 100 policies taken out by lesbians, gay men, bisexuals and transgender clients between 1st January 2009 and 31st December 2015. They established that the average sum assured of a life assurance policy taken by an LGBT client (including people living with HIV) was £176,695.
They also researched the reasons that applicants had taken their Insurance with 76% of taking out Life Assurance to cover a Mortgage and 24% to cover their family, partner or children. Only 8% of applicants completing the survey indicated that their policy was specifically to cover children.