LGBTQ+ partners can be life insurance beneficiaries – Insurance Commission

Members of the Lesbian, Gay, Bisexual, Transgender, Queer community should be able to designate their partners as beneficiaries in their life insurance plans, according to the Insurance Commission.

"Upon careful consideration of the present matter, the Insurance Commission affirms your position that the insured who secures a life insurance policy on his or her own life may designate any individual as beneficiary, subject only to the exceptions provided in Article 2012 in relation to Article 739 of the Civil Code,” the document dated March 4 and signed by Commissioner Dennis Funa read.

The UP GLPP, in a January letter sent to the commission, relayed how LGBTQ members failed to share their benefits to their life partners, as some insurance companies refused to accept non-relatives as beneficiaries. The companies have cited lack of “insurable interest”— or the value for the insurance in case of losses— as the reason for their refusal.

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