Consistent with its goal of bridging the so-called protection gap in the country, Pru Life UK launched an affordable and flexible product aimed at the millennial crowd.
Marketed as the PRUlife Your term, policyholders own a yearly-renewable term insurance customizable to suit every protection and investment need of its customers.
“Pru Life UK aims to help address the widening protection gap in the Philippines through making life insurance affordable and more accessible to Filipinos,” Antonio “Jumbing” De Rosas, president and CEO, said on Friday.
The gap pertains to the difference between the number of insurable Filipinos less those who actually own an insurance policy as buffer against life’s reversals.
“With PRUlife your term’s flexibility, millennials and young professionals who are yet to have any insurance cover can now enjoy the benefits of a life insurance plan and at the same time choose to expand its scope with additional protection and investment benefits to meet their life’s goals,” De Rosas added.
According to the British life insurer, the product may be availed of for as low as P8,000 per year or only P666.67 a month even as a policyholder enjoys a basic coverage of up to P3 million.
De Rosas claimed the offering is the only one of its kind in the Philippines as it is the only term insurance product offering a variable rider convertible into a savings or an investment plan.
“Customers can make their PRUlife your term coverage more comprehensive through various supplementary benefits, including protection against the debilitating financial blow of an accidental death or disability, hospitalization and critical illness,” he said.
The insurer also said that with an investment rider upgrade or add-on, customers who avail of the product will gain the potential of expanding their wealth and ultimately help them reach their financial goals.
Another key feature is that once availed of and should one decide to convert it into another plan, no proof of health even upon diagnosis of a chronic disease will be asked as Pru Life will consider the customer in the same condition he/she were before getting the plan.
Moreover, the annual increment for the renewable product will not be affected by the customer’s health rating.
“With the 170-year legacy and reliability of our parent company Prudential plc as well as Pru Life UK’s expertise in securing the financial well-being of Filipinos, millennials and young professionals can be assured they can start their journey to financial freedom with us,” De Rosas said.