Economy · August 7, 2022

Insurers allow same-sex partners as beneficiaries

PRU Life UK and AIA Philippines clients can now designate same-sex partners as life insurance beneficiaries.

A new Pru Life product called PRUHealth FamLove, a renewable life insurance and critical illness plan that offers protection for up to four family members with a single policy, allows for the inclusion of same-sex or entitlement partners common, parents and adopted children.

Described as the first in the country, the product also provides coverage for major organ surgery, without the need to detail critical illnesses.

This offers customers simple, flexible and future-proof protection benefits against unknown diseases, Pru Life said, adding that long-term coverage is available up to the age of 85.

“Strengthening Filipino families through financial well-being is one of our biggest advocates at Pru Life UK. We want every Filipino family to have peace of mind by bringing protection closer to all,” said Allan Tumbaga, senior vice president of Pru Life UK.

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“PRUHealth Famlove, with its shareable feature, is a step forward in achieving this goal as it offers families an accessible and accessible life protection option,” he added.

AIA Philippines, meanwhile, said customers can now add their partners, regardless of their marital status, as beneficiaries of current and future policies.

A married client and beneficiary must present a marriage certificate or other proof of marriage. Same-sex spouses will be accepted as beneficiaries even if the couple is unmarried as long as they are declared together with family members. Those who want their partners to be the only beneficiaries will have to provide documents proving their marital status.

After submitting the necessary documents, customers can add their same-sex spouse as a beneficiary regardless of whether they are a current AIA Philippines customer or plan to invest in the future.

“Everyone should have the means to protect loved ones from life’s many hazards and expressing love and responsibility to those we care about shouldn’t be limited by how we identify as people,” said AIA Philippines CEO Kelvin. Ang.

“With these changes in place, our LGBTQ + customers (lesbian, gay, bisexual, transgender, queer and others) can protect loved ones through AIA Philippines’ innovative offerings.”