Reader’s Question:

What is the importance of getting a life insurance for gay couples in San Francisco California?

David

San Francisco, CA

If you have other people with whom you share your life with, a life insurance can play a very important and beneficial role at virtually every stage of your life. Every individual in this country, whether married, single, lesbian, gay, bisexual or transgendered needs to consider what he or she would want to happen in the event of death or disability especially if you have dependents or partners.

• Gay couples purchase life insurance because they realize the need of financial protection for their partner after their death. Yes, it is very vital to secure one because a life insurance policy can:
• Prevent a partner from suddenly dropping from their accustomed standard of living after the death of the breadwinner.
• Pay for one-time costs that are connected with death, such as funeral and burial costs, administration costs estate and inheritance taxes, and outstanding debts.
• Provide cash and income immediately following death, for expenses such as unpaid bills, state taxes and other obligations.
• Grants a constant flow of funds for the living partner.
• Supplements income when earning power is shattered by death, such as covering medical expenses.

Therefore, getting a life insurance in San Francisco CA should be at the forefront of your thoughts because it is always a friend in time of need. Do not hesitate to explore and solicit information. It is important to realize that in the insurance business as a whole, the gay community is now recognized as equal and that it’s only due to the specifics of life insurance that it may appear to be discriminating. You may inquire now for gay friendly life insurance quotes online or through a gay friendly agent.

Tags: Gay Friendly Insurance, life insurance

Q: What kind of policies should I get a free insurance quote for life insurance for?

A: I would say that your best bet to get a low free insurance quote for life insurance is through companies which offer insurance which is no-load or low-load, essentially policies which are sold without commission, which reduces the price by an amazing amount.

A lot of the cost of your life insurance policy comes from things which have little to do with it–not from the amount of benefits given out per year, but from things such as fees and commissions paid to agents and other workers and money used for advertising. These kinds of policies are able to lower the burden financially on you by removing the burden from you to pay for such things.

One benefit of getting a free insurance quote for life insurance from a company which sells this kind of policy is that the money you spend on your premiums builds up more quickly than with a regular policy. You can usually buy one of these policies from financial advisor, although some life insurance companies sell them directly.

Q: How do I lower the cost of life insurance?

A: The best way to lower the cost of life insurance is to take term life insurance over whole life insurance. You get less coverage, sure, but you also pay much lower premiums, and this is recommended by many insurance departments and financial planners. One way to really exploit your term life insurance is to take the money which is left over and start investing it in things such as a mutual fund, so that your assets will grow and you get more money for less.

You may think at first that the cost of life insurance for a term policy is only slightly lower than that of a whole life policy, but this is not actually true. As a matter of fact, a whole life policy will cost you as much as nine times more each and every year than your term life insurance policy will.

Another way you can save is to buy cash value insurance. With this, you have no choice but to save money. One thing you should keep in mind, though, if you have cash value insurance is that if you take out any wihdrawals or loans from it, you will get less upon death.

Your first goal when choosing a gay friendly life insurance agent is to find one who has been licensed by your state department of insurance. If they don’t have that license, then you’re in for a world of trouble. This, of course, is the simplest step. You should also call your local GLBT community center and ask for a lisk of gay friendly life insurance agent. Your agent should:

• get you. They need to be able to comprehend where your income puts you and what you are able to afford, as well as what is required of you, and any other specific thing.
• be able to speak to you on a personal level and describe things in a way you understand without talking down to you.
• give you documentation of your needs and your information which affects what kind of life insurance policy you will need.
• allows you to decide on your own time instead of putting pressure on you to choose a policy and company already
• be able to keep up a consistent relationship with you, so that you can come back every couple of years or so and the two of you can look over your policy and your new circumstances and decide whether any changes need to be made

Q: How can I get the best gay friendly life insurance quote if I am HIV positive?

A: Unfortunately, though medicine has come a long way in treating HIV and HIV related disorders, it’s still so incredibly risky that it is literally impossible to find whole life insurance if you have it, so getting the best gay friendly life insurance quote is a whole other story. Even if you can’t get insured for the big bucks, though, there are still some less generous but better than nothing ways for you to get the best gay friendly life insurance quote.

• Group insurance. If your job, alumni group, or another organization you’re part of offers life insurance, then you can get it even with HIV. However, you will probably only be insured for a low level since in order to get higher amounts you would have to submit proof that you are eligible for insurance.
• Guaranteed issue insurance. This insurance offers small life insurance settlements of around $30,000, but just about anybody can get them regardless of medical problems. There’s no exam.
• You can purchase a policy for Accidental Death & Dismemberment insurance, which will pay only if you die or are dismembered by something unrelated to your health.

Q: I live in a state which does not have gay-friendly life insurance. How can my domestic partner receive benefits upon my death?

A: With states where the policies are more strict and it’s impossible to find truly gay-friendly life insurance, it takes a little more of a creative streak to do what’s best for you and your partner. Typically, if you find yourself in a situation where your state laws do not allow your partner to be a beneficiary, then you would have to get the insurance policy with a trust and include the trust as a beneficiary; the trust would then leave the money to your partner.

If you’re having trouble figuring out how to get a gay-friendly life insurance policy, then I recommend you sit down with an insurance advisor to talk about it; you should be able to find a gay friendly one through your local GLBT community center or advocacy organization. Also, when you ask for advisors, you should request information on attorneys who are gay friendly as well, so that you can get legal help with setting up the trust and so on.

Q: Can my gay friendly life insurance policy include my domestic partner?

A: Anybody can be named as beneficiary on your gay friendly life insurance policy, but one obstacle for long term gay couples is that you cannot get a policy together. Instead, if your intent is to leave your assets to your partner upon your death, and they to you, then each of you should get your own life insurance policy and name the other as the beneficiary. It’s a little more of a hassle than the other way, but in the end it’s best to go ahead and do it, because in states where gay marriage and civil unions are not legal, not specifying who you want your stuff to go through could lead to a lot of trouble for your significant other.

However, if you have children together and are interested in protecting them financially, then you can be insured together with what is called a second-to-die policy. This means that you will have a dual gay friendly life insurance policy, but that nobody gets any money until you both have passed on, at which point the money will revert to the named beneficiary.