You may be wondering if it is possible to get life insurance if you are transgender. The good news is that you can! Regardless of the gender you identify as, life insurance is open to all and sundry.
Other than the application process, there is no significant difference when getting a life insurance policy for transgender people.
When shopping for insurance companies that offer life insurance for transgender people, it is best to opt for an insurer that has transparent and cogent underwriting policies for transgender people. Read on to get a better understanding of how life insurance works for transgender people and other valuable tips.
Types of Life Insurance for Transgender People
When deciding on the insurance company to get life insurance from, having a basic understanding of the type of life insurance for transgender people is essential.
Basically, there are two main types of life insurance policies, namely, term life and whole life insurance. These two types of life insurance have their own level of underwriting.
You can reach out to an insurance agent for detailed information on any of these policy types when deciding which one to opt for.
Nevertheless, if you are the type who wishes to maintain privacy on your life insurance policy, you can opt for the following underwriting process:
- Group Life Insurance: There are companies or employers who offer low-cost/free life insurance plans for their employees. Most often, it does not require a medical examination, so you need not worry about going through that stress.
- Guaranteed Issue: This type of whole life insurance policy also skips the medical examination process and questionnaire that other policies may require. However, it is important to note that the cost of purchasing this underwriting process is expensive, and it offers limited coverage.
- Simplified Issue: This usually involves a quick questionnaire for transgender people and is available for both whole and term life insurance coverage.
Selecting Your Gender On a Life Insurance Application
When filing an application for life insurance, you are required to select your gender. Most insurance companies might ask for your current gender identity, while others may ask you to confirm the gender you were assigned when you were given birth to.
Additionally, the insurance company may want you to provide proof of identification that verifies your gender, like a birth certificate or driver’s license.
Investigating the insurer’s practices and selecting a provider with accepting policies for transgender applicants can also be beneficial.
If you’re unsure of where to begin, think reaching out to an insurance broker who has expertise working with the LGBTQ+ community.
Tips for Applicants of Transgender Life Insurance
If at all feasible, obtain group life insurance via your place of employment to avoid having your medical records examined or having to respond to inquiries about your past health.
However, it is important to note that you may not be able to obtain adequate coverage in this manner, and that should you decide to leave that employment, your life insurance coverage is likely to expire as well.
The process might be streamlined by working with a life insurance broker who understands the special requirements for transgender people.
A competent broker can assist you in applying to the firms that are most likely to provide you with the better coverage options at the best rates and with the easiest application procedure.
This is because they are more knowledgeable about the underwriting policies of so many insurance companies.
On the other side, if you prefer to shop on your own, you should select any insurance provider that has a good reputation for giving fair treatment to transgender people.
Remember that the process of applying for life insurance is different across all insurance companies. Some processes may be overwhelming, while others may not.
Whichever way, ensure you do your own research on the application process and review the coverage amount.
How Can Transgender People Shop for Insurance and Receive Fair Treatment?
Finding fair, considerate treatment starts with networking and doing some shopping about. The process will go more smoothly if you work with a life insurance broker who understands the special requirements of transgender people.
In order to avoid having your medical records examined or having to respond to several inquiries about your past health, try to obtain group life insurance through your place of employment.
FAQs
Do transgender people need life insurance coverage?
Being transgender does not imply that you will be restricted from having adequate protection for your overall wellbeing in life.
Transgender people also require life insurance coverage the way every other person does. Most specifically, if they have family members who depend on their income.
Why is it required to identify as male or female on a life insurance application?
The majority of insurance companies determine how you will be charged for your life insurance based on several factors, and one of those factors includes gender.
When calculating the amount to be charged on your life insurance policy, your gender will be factored in. Based on statistics, boys are often expensive to insure because they engage in risky behavior and have a lower life expectancy than girls.
