British gay men and women are insuring their lives for more for the fourth year running.
The average life assurance policy taken by the gay community is now £242,578 ($377,380 €302,035), research published today (25 June) by gay mortgage and insurance advisers Compass shows and based on 2011.
This up from £228,524 ($355,516 €284,536) in 2010, £217,887 ($338,968 €271,292) in 2009 and £189,311 ($294,512 €235,712) in 2008.
‘The average life assurance sum assured for the gay community has once again continued to increase over the last year,’ said Compass marketing manager Chris Morgan.
‘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.
‘This increase in gay life assurance for the fourth consecutive year means that since the survey was introduced in 2008 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 has also looked at the number of gay and lesbian people taking out income protection policies (accident and sickness cover), alongside their life assurance. This figure currently stands at 20%, which is very similar to last year’s critical illness cover figure of 22%.
They surveyed over 100 policies taken out by gay men and women between 1 January 2011 and 31 December 2011 and recorded the sum assured of each policy.
Compass arranges life assurance, critical illness cover, income protection and private medical insurance for gay men and women. They also specialize in finding mortgages and life cover for people living with HIV without unnecessary personal questions and blood testing.