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Hong Kong: HSBC Insurance expands beneficiary definitions to same-sex couples

Source: Asia Insurance Review | Jun 2018

Hong Kong Pensions & Annuities People

HSBC Insurance has expanded the beneficiary definitions of its life insurance policies to include grandchildren, grandparents, stepchildren, de-facto couples and same-sex couples, among other relationships.
   Customers who take out a life insurance policy with HSBC can use the expanded list of relationships to name their beneficiary at the application stage, enhancing overall customer experience and accessibility to life insurance products, the insurer said in a statement.
   Currently, life insurance industry practice limits beneficiaries to relationships by law or blood upon application, with a change in beneficiary only allowed at a later stage, after a policy has been issued. 
   HSBC Insurance Hong Kong CEO Ed Moncreiffe said, “HSBC Insurance understands that our customers have different needs and preferences and we are committed to providing more individuals and families in Hong Kong with greater access to protection solutions. This is an important part of HSBC’s efforts to provide inclusive solutions that reflect the increasing diversity of our customer base.
   “Insurance is about protecting our loved ones in case of unexpected events and in a society that’s evolving, new and varied family dynamics and relationships are redefining who make up the people we are closest to and the nature of financial dependency.”
   HSBC’s general insurance partner AXA has already made similar changes to its medical and travel insurance policies. A 
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