Gay Term Life Insurance: Problems and Opportunities

The life of gay couples is complicated. Not only do they find difficulty in adopting a child, but also in obtaining gay term life insurance.

Only 18 states and the District of Columbia allow gay couples to jointly adopt. Five states effectively ban couples from adopting a child, while the rules in other states are not clear cut. Children of these families may be denied social security disability benefits if the non-legal parent becomes incapacitated or hurt.

If the non-legal parent dies without a will, their kids will not be able to inherit their property. They cannot sue for the wrongful death of their parent or visit their parent in the hospital. It is important for LGBT (Lesbian, gay, bisexual and transgender) parents to have estate and financial planning including an effective and reliable gay term life insurance.

It was not that long ago when lesbian and gay couples were not legally allowed to purchase term life coverage and sign the benefits in the name of their partner. This time has passed but still one need to exercise caution while purchasing coverage.

Not every insurance provider will be willing to provide coverage to LGBT parents. Fewer still will treat them in the same class as heterosexual couples. Lesbian and gay couples have an equal, if not greater, need for life insurance compared to straight couples. They are always on the lookout for companies that can properly understand them and their needs.

Should LGBT Couples Purchase Term Life Insurance?

Gay marriage is much debated topic in social, legal and political terms. The entitlement to each others coverage provided by their respective employers is hotly debated. Fortunately, it is not only advisable but it is also now legal for gay partners to purchase term life insurance.

Many LGBT parents want to protect the financial future of their family by purchasing term life insurance. Many others do so to provide protection for each other. Some of them name their friends, loved ones, or family members as beneficiaries.

There are various reasons for LGBT couples to purchase gay term life insurance. They have the usual basic needs such as making mortgage payments, funding college education and paying medical or funeral expenses. So why choose term coverage over other types of life insurance? It is much more economical compared to other types of plans.

Gay term life insurance is easy and quick to get. In some cases you do not need to go through a medical examination. The simplest way is to search online, ask for a free quote,  compare rates and sign up for the best offer available.

You should pick a plan that fits your budget. The online process is simple and short, and usually gets done by replying a handful of questions. If you are still not clear about anything, feel free to contact one of our experienced insurance advisers.

Gay Term Life Insurance

Like any other couple, Gays and lesbians are equally prone to critical illnesses. Their need for gay term life insurance is equally important. They have financial dependents and care for each other, and fear what will happen in case one of them meets an untimely death. Their life is as normal as any other, they have mortgages to pay, children to take care of, and various other obligations.

A financial institution will not spare a LGBT person from any mortgage or loan liabilities just because they are gay. They have to dispense all the duties that any other human being would. They need financial protection too. When filling in their details to apply for insurance coverage, they are asked to disclose their partner’s sex. For some this can be quite tempting and they may provide false details.

Manipulating facts can be a very bad idea. The insurance provider may be willing to cover you and your partner regardless of sexual orientation, but they simple cannot tolerate the hiding or manipulation of facts. If you are caught your application will not only be turned down but you may find difficulty in finding another provider. Insurers do ask if you have applied with any other provider in the past.

HIV Tests for Gay Couples

One of the primary threats for insurers in covering same sex couples is that they are highly prone to HIV infection. The majority of companies will ask them to go through an HIV test. There are no clearly defined rules and insurers are usually random in their selection process. If either of the partners do test positive, it will be nearly impossible for either of them to find coverage.

If you have taken an HIV test previously you may still be denied coverage even if the tests show negative results. Your insurance company may double the premiums for gay couples, even if there is no problem indicated in HIV tests. This unfair practice means that gay men have to undergo HIV tests to apply for life insurance, income protection or health plans, even though they may never claim for an HIV related disease.

Currently there are no clear cut guidelines on gay insurance. In the majority of cases insurance providers frame their own rules. Thanks to tireless campaigning in various states, the authorities have been made to think, legislate and come out with permanent solutions.  LGBT couples will have to go through the hardship of finding coverage until this is done.

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