Monday, February 21, 2011

Life Partner Insurance, Anyone?

Even though full legal status of same-sex couples has yet to be universally accepted, is life partner insurance or insurance for same-sex couples already reached commercial viability?

By: Ringo Bones

Unfortunately, diversity in sexual orientation has yet to gain universal acceptance the world over as some “unenlightened” regions still engage in foot-dragging when it comes to full legal recognition of same-sex couples. But some insurance companies – like Insurance 360 for example – are already offering term life insurance for same-sex couples at very reasonable rates squarely aimed at regions were same-sex couples legally recognized.

As stated in their official website at, rates as low as US$18 per month are advertised which seems only to rove that if one major insurance company is already dipping their toes on providing term life insurance for same-sex couples at very attractive rates, then other insurance companies probably already have their versions already on offer or in the works. But given that the legal status of same-sex couples still vary from state to state in the US and from region to region elsewhere in the world, is life partner insurance or term life insurance for gay / same-sex couples even economically viable at present?

Even though the legal status of same-sex couples is still in limbo in some parts of the world, in areas and regions where it has gained full legal status thanks to the more enlightened citizenry’s political will it makes real economic sense. Not only because places that recognize gay or same-sex marriage have a strong and prosperous economy the resident’s in such regions had also benefited fro the prevailing economic prosperity. Thus making life partner insurance offered in such places a very lucrative business proposition.

According to insurance actuaries, term life insurance is the least expensive way of providing financial security for your partner and family in case of untimely or premature death. Unlike most health insurance companies, many life insurance companies already allow same-sex partners to acquire life insurance with their life partner as their beneficiary. Most life partner insurance policies already in existence are simple and provide rates that are guaranteed for 10, 15, 20, or even 30 years. So does this mean that life partner insurance might soon become de rigueur in a typical insurance company’s portfolio?

Due to plain ignorance or just a lack of political will by the local powers-that-be, there are still some parts of the world that still don’t recognize and some are even vehemently opposed in the legal recognition of gay or same-sex couples. But since the younger generation are becoming more politically-correct in tackling such issues, it would probably be only a matter of time that same-sex couples and life partner insurance will become just another ubiquitous aspect of our social fabric.

1 comment:

VaneSSa said...

Like the legal status of medical marijuana - never mind universal healthcare - the legal status of term life insurance for same sex couples in the United States is still a hot button political issue. Remember the Prop-8 debacle of 2008?