Life Insurance Options for LGBT
Life insurance is especially important for gay and lesbian families, couples and individuals. Without federal marriage rights, social security cannot be paid to your partner or any children you are not legally connected to either by blood or adoption. Making sure you have adequate life insurance protection can make loss easier and provide valuable financial support for those you have left behind. How much life insurance you require may vary depending upon your lifestyle. If you are single, enough to cover your debts and pay for your funeral may be adequate. Couples may want to allow enough to provide the partner with financial stability for a period of time to allow for grieving and cover debts including a mortgage. Families with children should consider much larger policies, possibly enough to allow a parent to stay at home and cover educational and day care expenses.
Life insurance is typically quite non-discriminatory, with a few exceptions. No life insurance company asks about sexual orientation as a part of the application process, but they may ask about potential HIV risk, STDs and other health issues that can relate to everyone. That said, marital status can impact your overall risk factors and some insurers will treat partnered gay individuals as single. Ask your insurance agent about the specifics of their policies and the impact on the benefits and cost in your personal situation, as each company has its own policies. In states with gay marriage or civil unions, this may be less of an issue. You can assign anyone you like as your insurance beneficiary. Keep in mind that employer provided coverage may default to next of kin, and you might need to specify your partner as the recipient. Life insurance, outside of small, employer benefit programs, does typically require a physical examination, including blood testing. Certain medical conditions can make it more costly or difficult to qualify, and HIV positive status will typically lead to an immediate denial of coverage.
There are two specific types of life insurance. The first is universal life. This combines both a death benefit and a savings and investment account. The cash value may be withdrawn if desired. Monthly premiums will be the same throughout life; however, a higher percentage of the premium will go into savings while young than when older. Term life is more common today, and is what we typically refer to when we talk about life insurance. Premiums are lower when young and higher as age and risk of death increases. Cash value plans do offer some tax advantages over term life; but term life plans are ideal for most people.
I would like a quote on term life, I am 63 yr old, with no outstanding health issues.
It’s good we have the option, thanks for sharing x
Thanks for providing RELEVANT info on your blog…good stuff.
mrster.com
Marti:
I am a licensed financial rep and have helped many from GLBT commmunity. Feel free to contact me for a quote.
My phone number is Houston is 713-577-1174 or you can send me an email at araza@metlife.com. Thanks
Anwar Ollie Raza