Average LGBT life policy now over £185,000

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The average sum of life assurance held by LGBT people is now £185,015, a survey by Compass has found.

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 included insurance products that have been made available to HIV Positive people since 2009.

Compass' Chris Morgan surveyed over 100 policies taken out by lesbians, gay men, bisexuals and transgender clients between 1st January 2009 and 31st December 2014.

Chris Morgan, lead financial adviser at Compass Mortgage and Insurance Services said: "For a number of years we have researched the Insurance needs of lesbian, gay, bisexual 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."

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