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 under a single policy — allows for the inclusion of same-sex or common-law partners, parents and adoptive children.
Described as a first in the country, the product also provides coverage should any major organs require surgery, without the need to detail critical illnesses.
This offers clients simple, flexible and future-proof protection benefits against unknown diseases, Pru Life said, adding that long-term coverage is available up to age 85.
"Strengthening Filipino families through financial wellness is one of our biggest advocacies at Pru Life UK. We want every Filipino household to have peace of mind by bringing protection closer to everyone," Allan Tumbaga, Pru Life UK senior vice president, said.
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"PRUHealth Famlove, with its shareability feature, is a step forward in achieving that as it gives families an affordable and accessible life protection option," he added.
AIA Philippines, meanwhile, said customers could now add their partners, regardless of their marital status, as beneficiaries of current and future policies.
A customer and beneficiary who are married must present a marriage certificate or other proof of marriage. Same-sex partners will be accepted as beneficiaries even if the couple is not married provided that they are declared alongside family members. Those who want their partners to be the only beneficiaries will have to provide documents attesting to their marital status.
Upon submitting the necessary paperwork, clients can add their same-sex spouse as a beneficiary regardless of whether they are a current AIA Philippines customer or planning to invest in the future.
"Everyone should have the means to protect their loved ones from life's many risks and expressing love and responsibility to those we care about should not be limited by how we identify as people," AIA Philippines Chief Executive Officer Kelvin Ang said.
"With these adjustments in place, our LGBTQ+ (lesbian, gay, bisexual, transgender, queer and others) customers can protect their loved ones through AIA Philippines' innovative offerings."