MANILA, PHILIPPINES – The future is uncertain, and one must be prepared for anything. To make protection more inclusive, the country’s premier life insurance company, AIA Philippines, allows customers to enlist their same-sex partners as beneficiaries, as aligned with the Insurance Commission’s position on the matter.
With this update, AIA Philippines customers can enlist their partners as beneficiaries of their existing and future policies, regardless of their marital status. If the customer and beneficiary are married, they would need to submit a marriage certificate or other proof of marriage to be enlisted as a policy beneficiary.
“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. Our promise of helping people live Healthier, Longer, Better Lives is for all,” Kelvin Ang, AIA Philippines CEO said. “With these adjustments in place, our LGBTQ+ customers can protect their loved ones through AIA Philippines’ innovative offerings.”
If the couple is not yet married, same-sex partners may still be approved as beneficiaries if declared together with family members. Those who wish their partners to be sole beneficiaries may still be allowed on a case-to-case basis, requiring documents that show proof of their relationship. Customers may inquire with their AIA Philippines financial advisor for more details.
This inclusion pertains to active policies and products to be procured by customers in the future. Hence, whether you’re a current AIA PH customer or if you’re looking to invest in the future, you can enlist your same-sex partner as a beneficiary upon submission of the requirements. With this update, protection from life’s many uncertainties is no longer limited to heterosexual partners.
This update is in line with the Insurance Commission’s affirmation that any individual, regardless of gender identity, may designate any individual as a beneficiary, subject only to certain exceptions under the Civil Code.
Life is unpredictable, and no one knows what tomorrow may bring. And AIA Philippines is committed to ensuring that a healthier, longer and better life is available to all its customers no matter what.
About AIA Philippines
AIA Philippines (AIA Philippines Life and General Insurance Company, Inc.), formerly AIA Philam Life (The Philippine American Life and General Insurance Company), is the country’s premier life insurance company. Originally established on 21 June 1947 as Philam Life, AIA Philippines has earned the trust of customers for its financial strength, strong brand name, and ability to deliver on its promises.
AIA Philippines has PHP276.73 billion in total assets and PHP72.21 billion in net worth as of 31 December 2021 while serving almost 800,000 individual policyholders and nearly 800,000 insured group members.
AIA Philippines understands the needs of its customers and provides holistic solutions that include life protection, health insurance, savings, education, retirement, investment, group, and credit life insurance. It also offers bancassurance through its subsidiary, BPI AIA Life Assurance Corporation (formerly BPI-Philam Life Assurance Corporation).
Based on the Insurance Commission results as of 31 December 2021, the combined total premium income of AIA Philippines and BPI AIA was at PHP33.91 billion.
AIA Philippines is a member of AIA Group Limited, the largest independent publicly listed pan-Asian life insurance group.
AIA Group Limited and its subsidiaries (collectively “AIA” or the “Group”) comprise the largest independent publicly listed pan-Asian life insurance group. It has a presence in 18 markets – wholly-owned branches and subsidiaries in Mainland China, Hong Kong SAR, Thailand, Singapore, Malaysia, Australia, Cambodia, Indonesia, Myanmar, New Zealand, the Philippines, South Korea, Sri Lanka, Taiwan (China), Vietnam, Brunei and Macau SAR, and a 49 per cent joint venture in India.
The business that is now AIA was first established in Shanghai more than a century ago in 1919. It is a market leader in Asia (ex-Japan) based on life insurance premiums and holds leading positions across the majority of its markets. It had total assets of US$340 billion as of 31 December 2021.
AIA meets the long-term savings and protection needs of individuals by offering a range of products and services including life insurance, accident and health insurance and savings plans. The Group also provides employee benefits, credit life and pension services to corporate clients. Through an extensive network of agents, partners and employees across Asia, AIA serves the holders of more than 39 million individual policies and over 16 million participating members of group insurance schemes.
AIA Group Limited is listed on the Main Board of The Stock Exchange of Hong Kong Limited under the stock code “1299” with American Depositary Receipts (Level 1) traded on the over-the-counter market (ticker symbol: “AAGIY”).