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What You Need to Know about Life Insurance for Transgender People

Life Insurance for Transgender People

Regardless of gender, everyone is eligible to apply for life insurance. You may have questions as a nonconforming person as you go through the application process. 

(PHOTO: Binary)

Life insurance is an essential part of many people’s financial planning. However, if you are nonconforming, applying for life insurance may be more complicated than cisgender. Still, it’s worth noting that people of all genders can obtain life insurance. 

Transgender Policyholders’ Life Insurance Claims and Payouts

Life insurance companies must pay out death benefits following your policy agreement. However, some situations apply to all policyholders and may cause payout to be delayed or prevented entirely.

How to Avoid Being Denied Life Insurance Coverage

As Chris Rzany of Fidelity Life points out, every consumer situation is unique, including their medical conditions, medical treatments, and history of physical and mental health. 

Life Insurance for Transgender People FAQ

What insurance covers transgender surgery?

Gender-affirming care, including surgeries, is covered by many health insurance companies. See the Health Coverage Guide by the National Center for Transgender Equality for guidance related to health care for gender nonconforming people.

Do transgender people get special life insurance?

Transgender people can’t get special life insurance but can apply for the same life insurance policies.

Can I be denied life insurance because I’m transgender?

You cannot be denied a policy based on gender identity and gender orientation. 

Which life insurance policy is best for transgender people?

There is no universal best policy for all transgender applicants. Choose the best option by speaking with agents from various companies and comparing life insurance rates and coverage.

In a Nutshell: Life Insurance for Transgender People

The life insurance industry is primarily designed for cisgender people. People of all genders, however, can apply for and obtain coverage. Yet, nonconforming people should work with a life insurance agent to ensure the company thoroughly understands their profile.

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