HSBC Insurance has expanded the beneficiary definitions of its life insurance policies to include grandparents, grandchildren, adopted and step children, and same sex couples, among other relationships.
HSBC’s insurance subsidiary says the new rules will expand access to insurance.
“The changes we are making reflect a need for greater clarity and transparency in addressing new customer needs as a result of a broader range of committed and familial relationships in society today,” said Edward Moncreiffe, chief executive of HSBC Insurance.
“This is the right thing to do. Society is evolving. New and varied family dynamics and relationships are redefining who people are closest to, and thus the nature of financial dependency.”
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