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Average gay sum assured increases by £10k

The average sum assured taken out by the gay community has gone up by over £10,000 since last year, research from Compass Mortgage & Insurance Services has shown.

The research reveals that the average life assurance policy taken out by the gay community is £228,524, compared to £217,887 in 2010 and £198,939 in 2009.

Compass, which specialises in mortgage and insurance advice for gay and HIV positive communities, says the increase is due to gay consumers realising they can insure themselves for higher amounts without being sent for a compulsory HIV test or being charged higher premiums.

Compass marketing manager Chris Morgan says: “Once again, it is very encouraging to see the figures for gay life assurance are continuing to increase year on year.

“Since our survey began in 2009 we have seen steady increases to the amounts of life assurance that gay and lesbian people have been insuring themselves, their mortgages and their civil partnerships for.”

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