LGBT community sees dip in average sums assured

Added 27th July 2016

The average sum assured for lesbian, gay, bisexual and transgender (LGBT) people in the UK fell by more than £8,000, according to gay insurance adviser Compass Mortgage and Insurance Services.

LGBT community sees dip in average sums assured

As part of their annual survey, Compass measured the average amount of life assurance taken out by LGBT people, including those with HIV.

Chris Morgan, lead financial adviser at Compass, said: “This year the LGBT insurance survey has established that the amount of insurance being taken out by the gay community has reduced slightly to £176,695 ($231,801, €210,818).”

“The reason for this is the continued inclusion in the survey of LGBT people living with HIV, with the average life assurance taken out within the HIV community being lower at £134,733.”

The average sum assured, including those living with HIV, was £185,015, according to Compass’s 2015 insurance survey.

Family protection

Only 24% of LGBT people take out life assurance to protect their families, with the remainder doing so to protect their mortgages.

Morgan said: “The survey this year has also focused on LGBT and alternative families with the amount of policies being taken out to protect families, partners and children recorded at 24%.

"Interestingly, only 8% of people completing the survey also answered that the policy was specifically to protect children.”

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About Author

Kirsten Hastings

Senior Reporter

Kirsten is a senior reporter for International Adviser, covering global news stories about the financial services industry. She joined Last Word Media in October 2015 after two years working as a reporter covering the staffing and recruitment industry. Kirsten has a Masters in Financial Journalism from the University of Stirling. 

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