Life Insurance for the GLBT Community

Proper planning now can help reward you with greater security and peace of mind

Financial planning is often challenging. If you are a member of the GLBT community, you may face specific or complex estate preservation issues requiring the assistance of a financial professional. But there is one fairly simple decision that you can make now that can help provide a wealth of peace of mind for you and those you love. Simply put, if anyone depends on you, it’s likely that you need life insurance.

Life insurance is an important and powerful tool in your overall financial strategy. Your partner or children could use the life insurance policy’s death benefit to help:

· Maintain their standard of living.

· Pay off the mortgage and other debts.

· Pay education costs.

· Provide retirement income.

· Settle your estate and pay other final expenses.

· Keep the business you’ve worked so hard to build.

Because you can designate your partner as the beneficiary of your policy, you can rest assured knowing that the person you would most like to receive the death benefit will get that money—and generally free of federal income tax according to IRC § 101(a)..

While the reasons for purchasing life insurance are universal, the needs of members of the GLBT community are unique. When interviewing licensed financial professionals, consider doing business with companies that support causes such as the Gay & Lesbian Alliance Against Defamation (GLADD). Also look for companies that offer spousal discounts for domestic partners that are the same as married couples, and those that offer domestic partner benefits for their employees.

If you haven’t already done so, it may be time to consider how valuable you really are to those who matter most to you. And while you can’t put a price tag on your personal worth, a well-thought out life insurance policy can help safeguard your partner and/or children’s’ financial security, should life take an unexpected turn.

Kurt Schummer is a Manager, Financial Services with The Prudential Insurance Company of America's Packerland Agency located in Wauwatosa, WI. He can be reached at kurt.schummer@prudential.com or 414-456-1770, ext. 7240. Our policies contain exclusions, limitations, reductions in benefits and terms for keeping them in force. I can provide you with costs and complete details.