Term Life Insurance: Protection For All Humans

Written by | The Lens

In this day and age, it’s difficult to comprehend how equality for all humans can be a struggle. Yet members of the LGBTQ community are all too familiar with the disparities. Don’t let those inequalities keep you from a secure financial future  — and life insurance is part of the picture. Here are a few things to consider before you buy a policy.


Planning for the unexpected is an important and responsible thing to do. At some point in your childhood, you probably had a parent or other role model urge you to save the money you earned. It didn’t matter if you were doing odd jobs like babysitting or getting monetary gifts for milestone events like birthdays. The message was the same; set some of that money aside for when you really want or need to use it. As a child, you would save up for a new toy or music CD. 

The lesson behind saving your money as a child was to prepare you for the importance of saving money as an adult. You never know when your car will stop working, house repairs will be needed or any unexpected eventuality that life can throw at you. The point is being prepared. Term life insurance is another way to be prepared and responsible, especially if your family depends on you and the money you bring in to live. 

Term Life Insurance 

There are plenty of life insurance policies on the market and making the right choices for coverage can be confusing and overwhelming. The most straightforward life insurance available is a term policy. You take out a policy for a specified number of years, pay a specified amount monthly and should you pass during the life of the policy, it will pay your beneficiary the specified death benefit. 

In a country where definitions of marriage and spousal benefits may vary from state to state, having LGBTQ insurance coverage in place isn’t just practical, it’s a necessity. 

Regardless of the state you live in, straight marriages systematically designate the surviving spouses as automatic beneficiaries for joint or individual assets. Depending on current legislation, a same-sex marriage might not be afforded the same reciprocity. Or worse, marriage equality can be overturned. This is a perfect example of why having a life insurance policy is especially important to members of such a growing community.

Expiring Policy

You may be wondering what happens to your term life insurance policy if you outlive the length of it. There are a couple of different options available. Some life insurance policies will give you the option to renew that policy for another chosen time frame, or “term”. It’s important to know that your policy must be paid as agreed otherwise it’s subject to being canceled. 

It’s important to understand the rules associated with your particular policy. Outliving your policy may be a concern. Especially if you take the policy out when you are younger versus older. The advantage of starting a policy in your 30s as opposed to in your 50s is the cost. 

Life insurance takes many factors into consideration when determining the cost. One such factor is your age. The younger you are, the less of a “risk” you are, so the policy tends to be less expensive. Especially if you have an expectation of surviving past the end of your term, you need to know if extending your term is an option. 

Of course, there’s nothing to say you have to extend your policy. If you have other policies in place or are no longer feeling the importance of a particular, expiring policy, you simply do nothing after your last payment and the coverage will lapse. 

Regardless if you’re married or not, having life insurance will lessen the potential burden on those who love you, when your time has come. 

Last modified: July 18, 2022