Gay-friendly life insurance
Filed under: Free insurance quote, Life insurance quotes
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.
Gay friendly life insurance
Filed under: Free insurance quote, Life insurance quotes
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.