Reasonably priced life insurance for gay people increases sales
A change in the pricing structure of life insurance policies for men and women in the UK who are gay has led to a huge increase in the number of people taking out the products, with the average number of gay people taking out insurance rising by 28% since 2008.
Gay mortgage and insurance advisors, Compass revealed that the average life insurance policy taken out by its customers had reached £242,000, which is the fourth year in a row the figure has risen.
In 2008 this figure stood at just £189,000, and rose to £217,000 in 2009, and then again to £228,000 in 2010.
Marketing manager at Compass, Chris Morgan explained, “The average life assurance sum assured for the gay community has once again continued to increase over the last year.”
He added, “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.”
This year was the first year that Compass extended their survey to looking at income protection and critical illness policies, with around 20% taking advantage of the cover. The research is made up of 100 different gay customers who took out their policies in 2011.
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