When purchasing life insurance, LGBTQ+ individuals should consider a few factors specific to their situation.

Here are some key considerations:

1. Beneficiary Designation: Determine who you want to designate as your primary and contingent beneficiary. The primary beneficiary will receive the life insurance proceeds upon your death. If your primary beneficiary is deceased, the benefits will be paid to your contingent beneficiary. Ensure your policy allows you to name the person(s) you want, which could include a same-sex partner or chosen family member. You do not need to be legally married to name your partner as a beneficiary.
2. Legal Protections: Research the legal protections available to LGBTQ+ individuals in your country or state. Familiarize yourself with marriage equality laws, domestic partnership rights, and legal recognition of same-sex relationships. These factors may affect your eligibility, rights, and benefits under life insurance policies.
3. Set up a will and/or estate plan: Legally your circumstances may be more complicated. As such, it is critical that your wishes are explicitly and legally stated in your last will and testament.
4. Policy Options: Understand the various types of life insurance policies available, such as term life insurance and whole life insurance, and determine which best suits your needs. Consider factors like your financial obligations, dependents, and long-term goals.
5. Health and Medical Information: Be aware that insurance applications often require you to provide personal health and medical information. It’s important to answer truthfully and accurately. Provide any necessary documentation, such as medical records or prescriptions, to support your application. If you are applying for more than $1,000,000, you will likely need to complete a paramedical exam (blood and urine test). They are testing for AIDS, drugs, nicotine and liver enzymes.
6. Gender Identity: On the application, they will ask if you are a male or female. There are no companies that have a non-binary option. You may state your gender that you identify with on your application.
7. Seek Professional Advice: Consider consulting with a financial advisor or an insurance professional who has experience working with LGBTQ+ clients. They can help you navigate the complexities of life insurance, tailor policies to your specific needs, and address any concerns or questions you may have.
8. Review your policy and situation regularly. Be sure to review your life insurance policies regularly to ensure they continue to suit your needs.

Each individual’s circumstances are unique, and it’s important to research and explore options that align with your specific needs. By considering these factors, you can make informed decisions when purchasing life insurance as an LGBTQ+ individual.