Gay people increasing sums assured on life policies

clock • 1 min read

Gay people are taking out higher sums assured for life insurance, according to new research.

The Compass survey revealed the average life assurance policy taken out by the gay community is now £228,524, an increase of 5% on the previous year.

It continues a trend which in 2010 saw average the figure as £217,887 which was an increase from £198,939 (for individuals) and £179,684 (couples).

The gay mortgage and insurance advisers also found that only 22% of gay & lesbian people taking out life assurance over the last year have also taken out critical illness (CI) cover.

Chris Morgan, marketing manager at Compass, was pleased with the continued increase in the average sum assured value and believed it illustrated an increasing confidence with the insurance market.

"Since our survey began in 2009 we have seen steady increases to the amounts of life assurance that gay & lesbian people have been insuring themselves, their mortgages and their civil partnerships for," he said.

"We believe the gay community is finally getting over the discrimination that was imposed on it by the insurance industry prior to 2005.

"And gay people are realising they can insure themselves for higher amounts of cover, without being sent for a compulsory HIV test or being charged higher premiums," he added.

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