Discover 5 tricks for building a marriage equality insurance portfolio.

Following the enforcement of equal marriage law in Thailand, couples of all genders can now legally register their marriages, marking a significant step towards social equality. However, another consequence is a significant expansion of "financial rights" and "insurance rights." Previously, many same-sex couples faced limitations in planning their lives together, including healthcare, receiving insurance benefits, and managing future assets.

According to data from the Department of Provincial Administration, from 2569 to May 2569, over 31,216 couples registered for equal marriage. Looking at financial planning after "equal marriage," the important thing isn't just choosing insurance specifically for LGBTQ+ couples, but rather selecting insurance plans that meet the needs of "marriage as a couple" and shared financial responsibilities. Once registered, both parties have legal spouse status, allowing them to plan for protection, savings, and asset transfer just like heterosexual married couples.

Today, many aspects of married couples' lives are becoming more similar to those of unequal spouses. However, equal rights don't mean everyone has adequate coverage. The key remains choosing the right insurance plan to suit each couple's life goals and financial situation. So why should equitably married couples start planning for insurance today?

Even though current laws allow for clear legal status for same-sex couples, life's risks always remain. These include illness, accidents, serious diseases, or the loss of income for one spouse. Therefore, without prior insurance planning, the financial burden could immediately fall on the other spouse, especially in today's continuously rising cost of private hospital care.

Therefore, insurance is not just about protecting lives, but also a tool for managing risk and creating long-term financial security for the family.

Discover 5 ways to achieve equal marriage insurance.  

Technique 1: Always start with health insurance. The first thing to prioritize is health insurance, as it represents the most likely risk. Equal spouses should first review their existing benefits, such as social security, company benefits, or group insurance, and then choose to purchase additional health insurance to fill any gaps. For couples just starting to build their financial stability, a mid-range comprehensive plan with reasonable premiums but covering major medical expenses such as room charges, surgery, treatment for critical illnesses, and outpatient care, under specified conditions, might be a good option.

"The key principle is to choose a plan with affordable premiums in the long term, not to select coverage that is excessive and may lead to policy cancellation in the future."

Technique 2: Get life insurance to take care of each other in case one partner is no longer around. Many couples may have shared financial burdens, such as mortgage payments, car payments, or caring for parents. If one partner dies, the other may have to bear all the debts alone. Therefore, life insurance plays an important role in creating a lump sum for the family. The amount of insurance coverage should be considered in line with existing financial obligations.

A simple guideline for planning equal financial risk management for married couples is to choose a life insurance policy with coverage at least close to the loan amount if they have a 3 million baht mortgage. Similarly, if they have elderly family members to care for, they should calculate additional expenses in advance to cover potential future increases. Importantly, they should clearly designate beneficiaries according to their wishes to ensure a smooth transition of insurance payments.

Technique 3: Don't overlook critical illness insurance. Currently, cancer, heart disease, and stroke are becoming more common in younger people. Even with health insurance, some expenses related to recovery, time off work, or alternative treatments may not be covered. Therefore, critical illness insurance can provide a lump sum payment upon diagnosis of a disease according to the conditions, giving spouses a financial reserve for treatment. This is especially suitable for couples where one person's income is the primary source of support, or for freelancers without existing benefits.

Technique 4: Plan Insurance in conjunction with Estate Management. Another important issue for equal spouses is asset and estate planning. While marriage enhances several legal rights, making a will or designating beneficiaries in insurance policies remains essential. Clearly specifying beneficiaries will help reduce potential conflicts in the future and ensure that asset transfer aligns with the policyholder's wishes.

Technique 5: Choose a company with diverse services. Many insurance companies are now developing products and services that cater to diverse gender identities. Therefore, before deciding on insurance, inquire about details regarding adding a spouse as a beneficiary, utilizing family health insurance policies, claim conditions, financial and estate advice, etc. Besides coverage, service experience and customer understanding are also factors that should not be overlooked.

Start with protection first, then increase savings.

The key principle for married couples in an equal relationship is to prioritize risk management, starting with health and life insurance, then adding critical illness insurance and investment products based on each person's budget. Ultimately, good insurance planning isn't about buying the most expensive policy, but about having adequate coverage, being able to pay premiums consistently, and being able to truly care for loved ones in the event of unforeseen circumstances.

An example of an insurance portfolio allocation for equal spouses.

• I have a monthly budget of 1,000 baht.

A suitable insurance plan is one that focuses on protecting against basic risks. This is ideal for those starting their careers, couples building their lives, or those with significant expenses, to reduce the risk of medical costs and provide a lump sum in case of unforeseen events, as well as support for a spouse in the event of premature death. While this type of portfolio may not offer very high coverage, it helps create a minimum level of financial security that every family should have.

The recommended proportions are:

• • Basic health insurance 50% (500 baht)
  • Accident insurance 20% (200 baht)
  • Term life insurance 30% (300 baht)

• I have a monthly budget of 3,000 baht.

As income becomes more stable, coverage should be extended to include critical illnesses, which represent the most significant financial risk today. This covers private hospital expenses, provides a lump sum in case of a critical illness, and protects family income and debt obligations. This is another budget level that offers relatively comprehensive coverage and is suitable for married couples of equal status who are planning to buy a house, start a family, or have shared financial responsibilities.

Recommended proportions

• • • Health insurance with a 45% lump-sum payment (1,350 baht)
    • Critical illness insurance 25% (750 baht)
    • Term life insurance 20% (600 baht)
    • Accident insurance 10% (300 baht)

• I have a budget of 5,000 baht per month or more.

For those with stable incomes and a desire to plan long-term, in addition to protection, insurance should be used as a wealth accumulation tool to safeguard family assets and income, prepare for critical illnesses, build long-term investments for retirement goals, and plan for the transfer of wealth to spouses or future heirs.

The recommended proportions are:

• • Health insurance with a 35% lump-sum payment (1,750 baht)
  • Critical illness insurance 20% (1,000 baht)
  • Term life insurance or whole life insurance: 20% (1,000 baht)
  • Life insurance with investment components (Unit-Linked or Index-Linked) 20% (1,000 baht)
  • Accident insurance 5% (250 baht)

"Marriage equality" is not just about having equal legal rights, but also a crucial opportunity to build long-term financial security for couples. Choosing the right insurance today will help married couples better cope with life's uncertainties, whether it's illness, accidents, or loss of income, without leaving loved ones to face the burden alone.

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