Pru Life introduces renewable insurance

MANILA, Philippines — British life insurer Pru Life has launched a yearly renewable life insurance plan which customers can customize based on their protection and investment needs.

The first of its kind in the country, PRUlife Your Term” is the company’s most affordable life insurance policy which provides an annual coverage that is renewable until age 89, and can be supplemented with additional benefits and investment options.

“We are pleased to introduce PRUlife Your Term to the Filipino market. Pru Life UK aims to help address the widening protection gap in the Philippines through making life insurance affordable and more accessible to Filipinos,” Pru Life UK president and chief executive officer Antonio De Rosas said.

“With PRUlife Your Term’s flexibility, millennials and young professionals who are yet to have any insurance coverage can now also 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,” he added.

Allan Tumbaga, Pru Life UK senior vice president and chief marketing officer, said PRUlife Your Term was designed to enable millennials to avail themselves of a life insurance plan while being able to maintain their lifestyle.

“For millennials, we want to enable them to keep working hard so they can achieve more, and at the same time we want to help them live comfortably without having to worry about their financial future. It’s like we want to help them do a balancing act,” Tumbaga said.

“This is what PRUlife Your Term offers. A financial protection that milennials can easily avail without having to sacrifice pursuing their other passions,” he added.

The new product may be availed for a minimum base annual premium of P8,000 for ages zero to 39; P15,000 for ages 40 to 59; and P35,000 for ages 60 and above, according to Pru Life UK’s assistant vice president for product management Arabelle Adigue.

Adigue said a female aged 18 years old with a base premium of P8,000 may enjoy a basic life coverage of P3.6 million, which will be slightly adjusted lower as the policyholder grows older.

Moreover, she said the policy may be upgraded with various supplementary benefits, including protection against accidental death or disability, hospitalization, and critical illness.

Policyholders may also choose to add an investment rider to their insurance plan for a minimum of P5,000, which would be poured into PruLife’s investment funds depending on their risk appetite.

From the second policy year onwards, Adigue said customers may also upgrade their plans by converting to a regular insuravest or investment-linked life insurance, which combines lifetime protection with investment.