HONG KONG, June 2, 2022 /- Manulife Hong Kong today announced the offering of individual life insurance coverage to customers who are diagnosed with Human Immunodeficiency Virus (HIV). This breakthrough in underwriting means HIV-positive customers in Hong Kong and Macau will be able to apply and be covered by life insurance with Manulife Hong Kong, ensuring financial security for their loved ones and families.
The company also announced that it will allow an expanded definition of family as beneficiaries for policies and accept same-sex partners to purchase life insurance policies for their loved ones where insurable interest exists.
“We are proud and excited to raise the level of protection for the LGBT+ community and other underrepresented individuals, especially so during Pride Month. The definition of family has evolved significantly over the last few years, and it is important that we acknowledge this, so that care and support can be preserved for all our loved ones,” said Danny Lee, Chief Product Officer of Manulife Hong Kong and Macau. “At Manulife, we work hard to build an inclusive and equitable society, and this announcement underscores our commitment to the cause.”
Under the expansion, same-sex married partners can now purchase life insurance policies for their loved ones. Manulife customers in Hong Kong and Macau can also name policy beneficiaries from an expanded list of family members, including their sibling, grandparents, grandchildren, parents-in-law, stepchildren, same-sex partners, legal guardians and more. The new arrangement will be applicable to all Manulife products from June 20, 2022.
Manulife is on a mission to modernize traditional underwriting policies and increase the accessibility of life insurance products and services for customers in Hong Kong and Macau, who may not have been adequately covered under insurance previously. By offering life insurance for HIV-positive Manulife customers, Manulife is proud to evolve its strategy to align with the recent advancements in healthcare, which enable HIV-positive individuals to live a healthy life with a normal life expectancy. Manulife’s announcement means that HIV-positive customers aged between 30 and 65 who meet its criteria, are eligible for individual life insurance coverage up to USD$1 million.
“This breakthrough in policy underwriting takes us one step further towards modernizing insurance and providing protection for people who need it the most. With every initiative in our work, we strive to make decisions easier and lives better. We are glad to take the lead in making life insurance a possibility for HIV+ individuals in Hong Kong and Macau and to offer them a greater level of security and comfort,” added Mr. Lee.
The new launches relate to two key areas of focus within Manulife’s Impact Agenda –empowering sustained health and well-being to support the journey towards a better life as well as driving inclusive economic opportunities to create a more even playing field for all. Manulife was the first insurer to underwrite life insurance applications for people living with HIV in Canada and US. In 2020, the Group announced it would invest more than US$3.5 million to promote diversity, equity and inclusion in the workplace and community. In recognition of the Group’s effort to support gender equality, Manulife has been named under Bloomberg’s 2022 Gender-Equality Index for the fourth consecutive year.