Greater equality for gay people over insurance

There has been a change in attitude when it comes to insuring homosexual people.

Chris Morgan, managing director of Compass Independent Financial Advisors, said that there has been a shift in the last five years.

In the past, he said, it would have been difficult to have assured a £200,000 sum for an “openly gay” customer, whereas now as much £1 million life assurance can be given.

However, he added: “There are other issues you have to consider in finance for example specialised advice for people with HIV and that’s around mortgages particularly because they can’t get life assurance.”

According to the ABI, in October 2005, a Statement of Best Practice was put in place by the insurance industry regarding HIV and insurance that affects the way some types of gay men are insured.

It states that ‘the gay question’ on life insurance forms, income protection and critical illness cover applications that many homosexuals consider unfair. The ABI have put an end to this and “other intrusive personal questions”.

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