More Japanese Financial Firms Offering Services for LGBT

May 7, 2018

Tokyo- An increasing number of Japanese financial institutions have started providing services for lesbian, gay, bisexual and transgender, or LGBT, people, amid growing social awareness.

At some institutions, same-sex couples can now obtain joint housing loans and buy insurance policies in the same way as married couples.

In Japan, same-sex couples were often treated unfavorably when using financial services such as housing loans, as same-sex partnerships were not recognized on par with married couples.

For instance, same-sex couples were unable to use a program in which married couples can set up joint housing loans.

In July last year, however, Mizuho Bank became the first Japanese bank to extend the program to same-sex couples, as long as applicants submit certificates issued by municipalities to recognize their partnerships.

Mizuho received more than 10 such applications by the end of February this year, according to the bank.

At Rakuten Bank, no certification submissions are needed for a similar loan product. It is available to users of a housing purchase consultation service at a partner company, with loan eligibility decisions made after interviews.

Major nonlife insurer Tokio Marine & Nichido Fire Insurance Co. offers vehicle, travel and fire insurance products for same-sex couples as well as married couples.

A discount given to spouses is also applied to same-sex partners for one auto insurance product and any harm to same-sex partners is covered by fire insurance and other products.

Among life insurers, Nippon Life Insurance Co. accepts sex changes after the purchase of insurance policies, with benefits switched to reflect differences in premiums for men and women. Jiji Press