Inadequate Life Assurance Among Gay Couples

September 02, 2009

Financial advisors have warned that a large number of gay couples’ life assurance fall short of securing financial security.

The Compass Mortgage and Insurance Services, found gay couples to have life assurance coverage for an average of £180,000, by looking at the policies as taken out over a two year period.

This figure, when compared to the average home cost of £200,000, according to the insurance companies, show that there is serious a shortfall in the amount and a lack of extra cover to protect their partnership.

Chris Morgan, marketing manager, said: “Our research is the most accurate assessment of gay insurance needs ever conducted. 



He stated that there was a lack of understanding and that “it’s remarkable that even after the introduction of civil partnerships in December 2005, gay couples are still underestimating the level of life assurance they need for their circumstances.” 



He stated that there has been a shit in the approach of the days gone by: “The reason that gay couples are so drastically underinsured is that in the past life assurance companies would automatically send an application from two males for an HIV test. 



Morgan in an attempt to reassure the LGBT community said: “However, since September 2005 this has not been the case as the work of Compass removed the ‘gay question’ from life assurance applications.”