Leading life insurer Pru Life UK launches PRUHealth FamLove,a protection plan that shares the critical illnesscoverage to up to four family members in one policy, a first-of-its-kind product in the market. This is available for all Filipino families, including same-sex or common-law partners, parents, and adoptive children.
PRUHealth FamLove is a yearly renewable protection plan that provides long-term coverage until age 85 (applicable when the premium is continuously paid),against high treatment and hospitalization costs due to critical illness.
According to a 2019 study by Mercer Marsh Benefits*, critical illness cost in the Philippines is the second most expensive in South East Asia. Lung cancer treatment costs can lead up to P2.78 million, stroke is for P1.8 million, while a heart attack is for P980,000.
Having critical illness protection is important as costs including long-term medication and care, and even loss of income can be covered by the plan’s critical illness benefits through the System and Organ Function Insurance (SOFI) concept.
This feature makes the product unique in the market as it provides coverage should any major organs require surgery, without the need to remember the long list of critical illnesses.
PRUHealth FamLove is flexible and easy to avail as it comes in different packages,with the option to choose how many family members will be covered from one (self) to three– mySelf, myPartner, myChild, myFamily, myParent – depending on what suits the family’s protection needs.
“Pru Life UK celebrates and nurtures every Filipino family of different types and sizeswith PRUHealth FamLove. This protection planfocuses on their ever-changing needs by offering critical illness protection to the whole family,” shared Pru Life UK President and Chief Executive Officer Eng Teng Wong.
“This innovation is a solid testament to our continuing commitment to promote financial inclusion by providing protection coverage to millions of underserved and unserved Filipinostoget the most out of life,” Wong added.
This is the latest product offering from Pru Life UK, ranked number one by the Insurance Commission in terms of New Business Annual Premium Equivalent in 2021.
Established in 1996, Pru Life UK is the pioneer of insuravest, or investment-linked life insurance products, in the Philippines and is one of the first life insurance companies approved to distribute US dollar-denominated investment-linked life insurance policies in the country. Since its establishment, Pru Life UK has expanded its reach to over 190 branches in the Philippines, with the biggest life agency force of about 35,000 licensed agents.