Life Insurance If You Are Gay
You are probably going to need life assurance if you want to insure your health or your income should you become ill and unable to work- something which is especially important for single people or people with dependents, including a same-sex partner.
There are also instances, like buying a house, when life insurance may be necessary.
Providers might want to know if you are gay. They will ask you to complete an application form which will include information on whether your partner is in the homosexual category.
The enquiry may not be direct but the insurance company will subsequently send out an intrusive questionnaire on lifestyle.
It might be tempting not to disclose information or to give false details but this would only serve invalidate your insurance and is consequently a very bad idea. Furthermore, this can give rise to considerable difficulties when reapplying to other companies.
Once the form has been completed, you may then be requested to take a test to find out if you are HIV positive. There are no pre-set rules on testing and insurance companies are fairly random in their selection process.
If you do test positive for HIV, it will be difficult to buy products associated with life insurance. Simply taking the test itself can result in a refusal of cover by some insurers, even if the result is negative.
Even if you pass all the tests satisfactorily some companies will still double or treble your premiums. Most companies will insist on HIV testing for gay men who apply for income protection or critical illness policies even though neither would pay out for an HIV related claim.
If you believe life cover has been unfairly refused, write to the Association of British Insurers at 51 Gresham Street, London, EC2V 7HQ.
Phil Carvosso, of Carvosso & Co, a financial adviser based in Brighton, says: 'It is not nice knowing the insurer can claim rights to some of your blood." Understandably the test can be harrowing.
He recommends that you take the test on your own terms in advance of going to an insurer. To avoid insurance companies being allowed access to areas of your medical history, some people suggest getting drug or STD treatment at anonymous clinics which are available in nearly every town or city. The National Aids Helpline or the Terrence Higgins Trust should be able to help you locate a suitable one.
Present guidelines used by the insurance industry in relation to gay applications are very out of date. The ABI has been considering new proposals thanks to tireless campaigning by gay IFA Chris Morgan and the Terrence Higgins Trust.
There has already been an agreement between The ABI and The British Medical Association whereby doctors should not be requested to give information on STIs and negative HIV tests. New proposals would make the risk assessment undertaken by insurance more up- to- date by ensuring that safe sexual behaviour, rather than sexuality, is the criterion.
Although it may be some time before new guidelines are fully implemented, gay applicants can normally still obtain the cover they need even in the present system. Independent Financial Advisors, specialising in gay finance can often find cover without any need for testing and on precisely the same terms that apply to heterosexual applicants.
There are also instances, like buying a house, when life insurance may be necessary.
Providers might want to know if you are gay. They will ask you to complete an application form which will include information on whether your partner is in the homosexual category.
The enquiry may not be direct but the insurance company will subsequently send out an intrusive questionnaire on lifestyle.
It might be tempting not to disclose information or to give false details but this would only serve invalidate your insurance and is consequently a very bad idea. Furthermore, this can give rise to considerable difficulties when reapplying to other companies.
Once the form has been completed, you may then be requested to take a test to find out if you are HIV positive. There are no pre-set rules on testing and insurance companies are fairly random in their selection process.
If you do test positive for HIV, it will be difficult to buy products associated with life insurance. Simply taking the test itself can result in a refusal of cover by some insurers, even if the result is negative.
Even if you pass all the tests satisfactorily some companies will still double or treble your premiums. Most companies will insist on HIV testing for gay men who apply for income protection or critical illness policies even though neither would pay out for an HIV related claim.
If you believe life cover has been unfairly refused, write to the Association of British Insurers at 51 Gresham Street, London, EC2V 7HQ.
Phil Carvosso, of Carvosso & Co, a financial adviser based in Brighton, says: 'It is not nice knowing the insurer can claim rights to some of your blood." Understandably the test can be harrowing.
He recommends that you take the test on your own terms in advance of going to an insurer. To avoid insurance companies being allowed access to areas of your medical history, some people suggest getting drug or STD treatment at anonymous clinics which are available in nearly every town or city. The National Aids Helpline or the Terrence Higgins Trust should be able to help you locate a suitable one.
Present guidelines used by the insurance industry in relation to gay applications are very out of date. The ABI has been considering new proposals thanks to tireless campaigning by gay IFA Chris Morgan and the Terrence Higgins Trust.
There has already been an agreement between The ABI and The British Medical Association whereby doctors should not be requested to give information on STIs and negative HIV tests. New proposals would make the risk assessment undertaken by insurance more up- to- date by ensuring that safe sexual behaviour, rather than sexuality, is the criterion.
Although it may be some time before new guidelines are fully implemented, gay applicants can normally still obtain the cover they need even in the present system. Independent Financial Advisors, specialising in gay finance can often find cover without any need for testing and on precisely the same terms that apply to heterosexual applicants.
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