bs-preloader__icon
ru kz en

Does being transgender affect the cost of a life insurance policy?

Prospective LIC clients carefully study the market and products before buying a life insurance policy. This takes time and money. However, it is even harder for transgender people, writes Forbes Magazine (USA).
Does being transgender affect the cost of a life insurance policy?

According to Ryan Pinney, president of Pinney Insurance Center, being transgender in and of itself does not affect life insurance underwriting: “You should not rule out a life insurance policy. After all, the tariffs for all people are the same.”

Some life insurance companies, however, build their entire underwriting on the high death rate of transgender people. “They can take negative statistics. For example, a person born male and transitioned to female has a much higher risk of developing prostate cancer. Women who have made the transition to a man are more likely to develop osteoporosis,” explains Ryan Pinney.

However, according to Jeremy Hallett, founder and CEO of Quotacy, many life insurance companies now accept the gender that the applicant identifies with. The exact underwriting requirements vary by insurer. For instance, several life insurance companies interviewed by Quotacy use the gender specified by the customer.

Pinney believes being transgender generally carries no additional risk in terms of life insurance, “but insurance companies will use your personal medical history to make any additional decisions.”

According to Hallett, transgender people are at higher risk for depression, anxiety disorders, and suicide than cisgender people. Therefore, insurance companies may want to examine your medical history in detail. In some cases, transgender people may be required to provide the doctor's note.

“There are federal laws that protect transgender people from discrimination in health insurance. The situation with life insurance, on the other hand, is unclear. And the coverage varies by state and by insurance company,” Hallett concluded.

Source: https://www.forbes.com/advisor/life-insurance/transgender-life-insurance/

Photos are from open sources.

Share
read also
Simple ways to delay aging
Simple ways to delay aging

Life expectancy, albeit unevenly, is increasing all over the world. It has grown on a...

What you need to know about investing your own funds
What you need to know about investing your own funds

Investing can help anyone to increase income, but it requires assessing the profitabi...

Russian insurers confronted a flat commission in mortgage insurance
Russian insurers confronted a flat commission in mortgage insurance

Russian Prime Minister Mikhail Mishustin at a cabinet meeting stated that current mor...

The most interesting materials of the site you have in the mail! Subscribe to the newsletter.

ASK A QUESTION TO THE EXPERT
ASK A QUESTION TO THE EXPERT
Submit your application