Members of the LGBTQ+ community may designate their partners as their life insurance beneficiaries, the Insurance Commission (IC) clarified on Friday.In a statement, the regulator said the clarification was in response to the request by the University of the Philippines Gender Law and Policy Program (UP GLLP) as to who can be designated beneficiary in a life insurance contract acquired by members of the LGBTQ+ community.
Affirming the position of the UP GLLP, Insurance Commissioner Dennis Funa said “there is no legal impediment to the designation as beneficiary of the domestic partner of an insured who has secured a life insurance policy on his or her own life.”
He added that an insured who secures a 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.
According to the UP GLLP, members of the LGBTQ+ community are unable to designate their domestic partners as beneficiaries of their life insurance.
This inability is allegedly due to the unwritten practice of life insurance companies to refuse the designation of non-relatives as beneficiary of the insured.
This is notwithstanding that the said insured was securing (or has secured) the life insurance policy on his or her own life on the ground that a beneficiary must have an insurable interest in the life of the insured, it added.
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