Income protection / permanent health insurance advice for gay men

Gay Income Protection Cover - The Issues

Are you paying too much for income protection (permanent health insurance - PHI)? Have your premiums been previously increased just on account of your sexuality?

From 30 September 2005, the UK life insurance industry made a big change to the way it deals with risk.

	The Association of British Insurers' new guidelines (from 30 September 2005) mean an end to the discriminatory lifestyle questionnaires, automatic requests for HIV tests and increased ("loaded") premiums based solely on sexuality.
	In place of the old lifestyle questionnaire, ALL those now applying for income protection/permanent health insurance, life insurance (life assurance) and critical illness cover will have to say if they have been exposed to the risk of HIV infection in the last five years. This can be caught through unsafe sex, injecting a non-prescriptive drug, treatment with a blood product or blood transfusion or surgery undertaken outside of certain countries. Saying "yes" to any of this will still result in a request for an HIV test.
	It’s no longer allowable to request an HIV test based on occupation, so all you hairdressers, cabin crew and dancers are now able to apply for life insurance for the first time with ease.

Income Protection Insurance - what is it?

Income Protection Insurance, sometimes called Permanent Health Insurance (PHI) is designed to provide you with a "permanent" regular income (probably of about 50-65% of your salary) should you become ill. Income Protection Insurance payments continue to be made to you whilst you are not able to work, but usually terminate when you reach retirement age.

Permanent Health Insurance - what does it cover?

Income protection insurance covers a wide range of medical conditions, in fact, there is very little that is not covered.

These plans cover a greater range of conditions than Critical Illness insurance. Bad backs and depression, for example, would both be valid claims under income protection plans. 

Income Protection Insurance - what types of cover are there?

You need to be careful with the type of Income Protection policy you choose. One form of Income Protection insurance called " own occupation " will pay out if you are unable to perform your usual occupation. However, others will only pay out if you are so sick or disabled that you cannot work at all.

Make sure you seek advice as to the best plan for you.

Income Protection Cover/Permanent Health Insurance - what next?

Firstly, you should decide the sum of money you think you would need if you were diagnosed with an illness which prevented you from working again. You might need to pay off a specific debt like a mortgage, arrange for nursing care or pay for further medical assistance. Any dependents are likely to need an income which will allow them to continue to live in the same way as they had prior to you giving up work.

When you want to compare policies from different Insurance Companies it is very important to consider the illnesses that they cover before you compare the price that they charge. As with car insurance, cheapest is not necessarily the best. Premiums can be either guaranteed or reviewable - where possible opt for guaranteed. Some have more standard exclusions than others.

If you have had increased premiums in the past, contact us now!

For a personalised income protection insurance quote contact us now or get a free income protection insurance quote. BUT, if you are a gay man please talk to us before you make any final decisions - not all companies will be suitable for you. (Gay men, for example, should not necessarily apply jointly for Life Assurance.)

This site also offers you a free quote for Life Insurance (Life Assurance), Critical Illness cover and free quotes for pensions.

Our truly Independent Financial Adviser Consultants have helped many gay men find income protection/PHI at standard premiums.