LGBTQ+ Community: Life & Health Insurance 2024

NEWPORT BEACH, Calif. - June 18, 2024 - PRLog -- Why Life Insurance for Gay Couples Is Important

You don't need to be married to buy separate insurance policies and name each other as the beneficiary.

There are various types of life insurance policies, and certain considerations for same-sex couples, so choosing the right coverage by considering your specific needs is key. It's also important to review and update your policy to ensure it continues to meet your needs as your life changes over the years.

Life insurance provides financial protection for your loved ones in the event that you die. For gay couples, the same reasons for buying life insurance are the same. Here are the most common reasons:

• Financial Security: You'll want your partner to be able to maintain their standard of living and cover mortgage costs, possibly childcare and other expenses.
• Debt Coverage: Life insurance can pay off any outstanding debts or loans.
• Estate Planning: Life insurance allows you to distribute your assets according to your wishes.
• Children: Life insurance provides for the care and education of any children you may have. If a child is under the age of 18, when you pass, you can designate a beneficiary to disperse funds or wait until the child reaches the age of 18 to claim the cash benefit.
• Legacy: A life insurance policy can ensure that the business you built during your lifetime will receive the death benefit, if you name your organization as the beneficiary.

More on life insurance continued in the full article (link at end)

Health Insurance for the LGBTQ+ Community

It is illegal to deny health insurance to people due to their sexual orientation or sexual identity. Despite all this, 1 out of every 8 LGBTQ+ Americans surveyed claim that they've faced discrimination by insurers, especially transgender people seeking gender-identity care[6]

If you're an LGBTQ+ person, you may be eligible for a state-subsidized health insurance policy, Medicaid or Medicare, depending on your age, income or if you have a disability. You can also buy a private health insurance plan if your employer does not sponsor one or if you just prefer to keep your plan separate from work.

Also keep in mind that when you compare rates, the agent will see whether or not subsidies apply based on personal information, like income and age. Chronic health conditions are no longer a valid reason for insurers to deny coverage or charge you higher rates.

Here's more information before you begin comparing health insurance quotes:

Health Insurance for Transgender Americans

In 10 states, Medicaid programs for low-income Americans won't cover gender-confirming care, including a transition, for patients, and in 13 states Medicaid won't cover gender-related treatment for minors. Some private health care insurers also deny sex-reassignment.

For the full article, visit https://smartfinancial.com/insurance-lgbtq