MANILA, Philippines - Pru Life UK of the Philippines is offering new riders as additional options to existing life insurance policies, thus allowing policyholders more options for both protection and investment.
A riders, or additions to the basic coverage of life insurance products, expand protection options in case of illness, accidents or untimely death. These are usually attached to unit-linked or investment-linked life insurance, which Pru Life UK pioneered in the Philippines in 2002.
The comprehensive suite of riders enables clients to modify their policies according to their needs and preferences.
Riders that may be attached to a Pru Life UK life insurance policy include: the Life Care Plus Benefit, which pays the benefit amount if the life insured has been diagnosed to be suffering from a critical illness or has undergone surgery because of critical illness, while keeping the basic sum assured of the policy intact; Hospital Income Rider which provides daily and lump sum benefits to the life insured to cover the cost of hospitalization due to injury or illness; and the Personal Accident Rider that indemnifies the insured for injury due to accident.
In fact, life insurance products can accommodate an attachment of up to 11 riders.
Pru Life UK senior vice president and chief marketing officer Belle Tiongco said that life insurance is essential in financial planning, in financially protecting not only policyholders but also thier loved ones, in times of emergency.
“By attaching riders to life insurance policies, benefits are extended and the savings through insurance is protected,” Tiongco added.
Attaching riders make a Pru Life UK policy complete. In essence, the policyholder buys a standby fund for unexpected situations that may happen to them. It then allows the policyholder to have a reserve fund for other needs, such as medical needs.