In June 2000, President Bill Clinton officially designated June as Gay and Lesbian Pride Month in recognition of the Stonewall Uprising and gay activism throughout the years. A more-inclusive name was chosen in 2009 by President Barack Obama: Lesbian, Gay, Bisexual and Transgender Pride Month.
This is a month to celebrate the accomplishments of this community. In addition to celebrating there’s continued work yet to do to pursue equal rights. LGBTQ+ individuals and families also face unique challenges when it comes to insurance and financial planning. According to Life Insurance Marketing Research Association (LIMRA), half of LGBTQ Americans surveyed ― representing 10 million adults — recognize their life insurance coverage is insufficient and 43% say they are likely to purchase coverage within the next year, compared with just 37% of the general population. We’ll cover a short history of the LGBTQ+ movement and provide insight on insurance and financial considerations for the LGBTQ+ community.
The Evolution of the LGBTQ+ Movement
The roots of the LGBTQ+ movement can be traced back to the late 19th and early 20th centuries when people started to formally organize to advocate for equal rights. From the Stonewall Riots in 1969 to the landmark legal victories for marriage equality in recent decades, the movement has experienced significant milestones. These achievements have played a crucial role in challenging discrimination, promoting inclusivity, and fostering acceptance around the world.
Pride Parades: Celebrating Identity and Unity
Pride parades celebrate LGBTQ+ culture, history and achievements. The first pride parades occurred in major cities like New York, San Francisco and Chicago in the early 1970s marking the anniversary of the Stonewall Riots. Pride parades have now become annual events in many cities worldwide drawing millions of participants and spectators.
Insurance and Financial Considerations for LGBTQ+ Individuals and Families
Although strides for equality have come a long way, there’s still work to be done. When it comes to insurance and financial planning, LGBTQ+ individuals and families face specific considerations and potential challenges. Below are four points to keep in mind:
- Understanding Legal Protections: Laws regarding LGBTQ+ rights and protections can vary depending upon where you live in the United States. Familiarize yourself with the laws so you’re aware of your rights and where potential limitations or gaps may exist.
- Choosing Life Insurance: Historically, LGBTQ+ individuals have faced difficulties in obtaining health insurance coverage due to discriminatory practices. Research insurance companies that embrace inclusive policies and have a track record of supporting the LGBTQ+ community. Remember that life insurance is an essential financial tool that provides protection and financial stability for your loved ones. Ensure that the policy you choose covers your specific needs and consider designating beneficiaries and guardianships accordingly. At Bankers Life there are many products to research as you protect the future of your family. Bankers Life and CNO Financial Group are committed to diversity. Read more on our corporate site here.
- Protecting Non-Biological Families: LGBTQ+ families often include non-biological parents or guardians. Always consult with legal and financial professionals to establish important legal documents including wills, powers of attorney and adoption papers to protect your family’s rights and ensure financial security.
- Planning for Retirement: LGBTQ+ individuals may face additional challenges when it comes to retirement planning including potential gaps in spousal benefits and social security entitlements. Work with financial advisors who understand these complexities and can help you develop strategies to secure a comfortable retirement.
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