All gay men need gay life insurance
Today’s life insurance is not your father’s life insurance. Here’s why all gay men need their gay life insurance and how to get it ASAP.
Listen here to get more insight about gay life insurance:
We’re joined by Mark Sayre, Underwriting Product Manager for Haven Life, who gives us all we need to know to get the right life insurance and why all queer people need it. He also shares how his company is making great strides to serve its trans clients.
Gay life insurance and your gay-friendly financial plan
You’ve told us that most of you have never been approached by an advisor to help you create a holistic financial plan. Life insurance is part of a holistic financial plan. If you have any questions or comments after listening to or watching this queer money, please email or direct message us.
The insurance industry is changing with the changing demographics of the country. Even before marriage equality, life insurance started to evolve to cover same-sex relationships.
Mark shares a number of reasons why all single people, single queer people, and queer people in same-sex relationships need such insurance. Most of us only think of this benefit when we get married or have children, but it is critical even for all of us, and the earlier we get it, the better.
Find out the most important question you should ask to decide what kind and how much life insurance you need, and learn what you need to know about accelerated death benefits.
Do you have your gay life insurance?
Because all gay men need life insurance. We usually only think of life insurance when we start families. Leaving behind a spouse or kids to fend for themselves is a scary proposition. So, that seems like a reasonable time for gay men to get life insurance.
But today’s life insurance is not your grandfather’s life insurance. It does so much more – especially if yours isn’t the typical nuclear family. And, as you’re gay, yours is not.
So, what are the main reasons why gay men should get life insurance, even if we don’t have kids and or a husband?
1. To protect your family
If gay men wait until we’re settled down or have children to buy life insurance, we could lose the financial benefits of purchasing less expensive life insurance when we’re younger. If you’re gay, young, and planning on a husband or kids are in your future, your budget will thank you for purchasing life insurance today.
2. To protect your family from lenders
Paying off debt is the number 2 financial concern of gay men, and debt doesn’t disappear when we die. With the escalating costs of college, student loans, and other debts, creditors look to next of kin or co-signer for repayments.
Depending on the size of your debt and their financial situation, your loved ones may or may not be able to repay your loans easily.
David shared on episode 19 of the Queer Money® podcast how retired parents were put into financial ruin after their daughter, for whom they co-signed for $80,000 in private student loans, died prematurely. The banks still wanted their money back and went after Mom and Dad.
3. To leave a legacy
If there are charities or nonprofits you’re passionate about, leave a donation using your life insurance, as outlined by your trust, after you’ve passed to ensure these organizations continue after you’re gone.
These are just three ways having life insurance can help you leave the world a slightly better place after you’re gone. There’s one, not posthumous, benefit to getting life insurance today.
4. Support your favorite charity
If there are charities or nonprofits you love for whatever reason, leave a donation as outlined by your trust after you’ve passed away to help make sure those organizations continue after you’re gone. Leave a single donation to one organization or to multiple organizations in your name.
5. Protect your business
If you own a business and want to make sure it continues long after you do, list your small business or your business partner as a beneficiary of your life insurance – depends on what your policy allows. Whether you’re a younger, older, single, or partnered small business owner, consider this reason for buying life insurance, especially if your business or business partner(s) rely heavily on you.
The Accelerated Death Benefit or Rider
If your life insurance coverage includes an accelerated death benefit rider, it allows you to start borrowing against your life insurance policy death benefit if you are diagnosed with a terminal or life-threatening illness. Ultimately, this helps you get your affairs in order and prevents you from potentially leaving your family with hospital expenses to deal with while also emotionally coming to terms with your death.
These are just 5 reasons why gay men should get life insurance TODAY! Listen to Queer Money® episode 19 to hear the other reasons and an awesome convo!
Or, watch us talk about all the new things about gay life insurance here:
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We’re David and John Auten-Schneider, the Debt Free Guys (www.debtfreeguys.com) and hosts of the Queer Money® podcast. We help queer people (and allies) live fabulously not fabulously broke by helping them 1) pay off credit card debt, 2) become part- or full-time entrepreneurs and 3) save and invest for retirement.