4 insurance companies that allow LGBTQ partners as beneficiaries
Love is best expressed through our will to protect. Since getting an insurance is a way to keep our loved ones secure for their future, everyone should be given such a necessary opportunity, regardless of their sexual orientation or gender identity. After all, health is a fundamental human right, and LGBTQ+ couples must be provided with the service that should have always been theirs to access in the first place.
In 2020, the Philippines’ Insurance Commission (IC) made it clear that policy holders may designate their same-sex partners as beneficiaries in their insurance plans, and thankfully, these insurance companies have taken a step forward to inclusivity by making their service open to the LGBTQ+ community.
Ahead, check out some of the insurance companies in the Philippines that offer such benefits.
AIA Philippines
One of the first to welcome same-sex beneficiary was AIA Philippines. Regardless of the couple's marital status, the insurance company's customers may assign their same-sex partners beneficiaries of their existing and future policies.
Married couples are to submit a marriage certificate or other proof of marriage to be enlisted as a policy beneficiary. For those who are not, AIA Philippines allows same-sex beneficiaries under the condition that they are declared together with family members. But if the clients wishes their partner to be their sole beneficiary, they would need to provide proof of their relationship, as their eligibility will depend on a case-to-case basis.
For more information, inquire with any AIA Philippines financial advisor.
Manulife Philippines
In a Facebook post, Manulife officially announced that LGBTQ+ domestic partners can be approved as the insurance company’s policy beneficiaries.
“We believe in giving everyone the ability to provide for their loved ones and make every day better for the people who matter to them most,” captioned the insurance company," they wrote.
Sun Life Philippines
Like those mentioned above, Sun Life is also allowing policyholders to list their domestic partners as beneficiaries for their life insurance plans.
According to Sun Life financial advisor JE Rustia, their process for same-sex couples includes declaring the intended beneficiary as a “partner” whether they are “legally married or not.”
As for the requirements, Rustia said that two documents that may be required by the insurance company. “Case-by-case, they might require one or more of the following: Proof of financial assets na nakapangalan sa kanilang dalawa. Joint account or business na nakapangalan sa kanilang dalawa.”
Pru Life UK
Meanwhile, Pru Life UK has a new product called PRUHealth FamLove, which is an yearly renewable life insurance and critical illness plan that offers protection for up to four family members under a single policy. Aside from their parents and adoptive children, policy owners can list their same-sex or common-law partners as beneficiaries.
