Most people taking part in the Compass Mortgage & Insurance Services LGBT Insurance Survey take out life assurance policies to protect a mortgage (76%) with 26% taking out a policy to protect families, partners or children.
The annual survey from Compass, the Gay insurance advisers, measures the average amount of life assurance currently being taken out by Lesbians, Gay Men, Bisexuals and Transgender people, including policies taken out by LGBT people living with HIV.
The current average life assurance plan that is currently taken out by the LGBT community now has a sum assured of £176,695.
Chris Morgan the lead financial adviser at Compass Mortgage and Insurance Services, said: “This year the LGBT Insurance Survey has established that the amount of insurance being taken out by the gay community has reduced slightly to £176,695.
“The reason for this the continued inclusion in the survey of LGBT people living with HIV, with the average Life Assurance taken out within the HIV Community being lower at £134,733.”
He added: “The survey this year, has also focused on LGBT and alternative families with the amount of policies being taken out to protect families, partners and children recorded at 24%. Interestingly only 8% of people completing the survey also answered that the policy was specifically to protect children.”
The LGBT Insurance Survey has been running since 2009 and was initially focused on monitoring the amounts of life insurance being taken out by LGBT consumers. More recently the survey has researched the changing financial needs of the LGBT Community and this year there has been a particular focus on LGBT and Alternative families.