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14:18 | 23rd March 2017

News: UK

Wed 27 Jun, 2012
By Robert Ingham


the gay community are now insuring themselves for far more than the previous year’s figures

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Compass, the gay mortgage and insurance advisers have today published their latest research into the amounts of Life Assurance that gay men and women insure themselves for. The research, which follows on from similar surveys in previous years, shows that the average Life Assurance policy taken by the gay
community is now £242,578*.

This figure means that the gay community are now insuring themselves for far more than the previous year’s figures being £189,311 (2009), £217,887 (2010) and £228,524 (2011). This year the figure has grown further by an astonishing £14,000, which is a 6% annual increase on the previous year’s survey.



Chris Morgan the Marketing Manager at Compass Mortgage & Insurance Services, says: ‘The average Life Assurance sum assured for the gay community has once again continued to increase over the last year. This indicates that Gay Men and Women are now finally getting over the discrimination imposed on them by the insurance industry during the previous two decades’.

Chris continued: ‘This increase in Gay Life Assurance for the fourth consecutive year means that since the survey was introduced in 2009 the average size of a Life Assurance policy taken out within the gay community has now grown in total by 28%. This indication of growth means that gay men and women are protecting their
families, partners and mortgages’.

Compass this year have also looked at the amount of gay & lesbian people taking out Income Protection policies (accident & sickness cover), alongside their Life Assurance. They are able to report that this figure currently stands at 20%*, which is very similar to last year’s Critical Illness Cover figure of 22%*.

Compass is able to arrange Life Assurance, Critical Illness Cover, Income Protection and Private Medical Insurance for gay men and women. They are also specialists at finding mortgages and life assurance for people living with HIV, without unnecessary personal questions and blood testing.

*Chris Morgan surveyed over 100 policies taken out by gay men and women between 1st January 2011 and 31st December 2011 and recorded the sum assured of each policy. Of the people surveyed only 20% included Income Protection and only 22% included Critical Illness alongside the Life Assurance they were applying for.

Compass Mortgage and Insurance Services can be found at www.compassindependent.co.uk

 

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