Life insurer Pru Life UK launches PRUHealth FamLove, a protection plan that shares the critical illness coverage 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.
“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,” Pru Life UK said in a media advisory. “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.
“This protection plan focuses on their ever-changing needs by offering critical illness protection to the whole family,” said Eng Teng Wong, president and CEO, Pru Life UK. “This innovation is a solid testament to our continuing commitment to promote financial inclusion by providing protection coverage to millions of underserved and unserved Filipinos to get the most out of life.”
The (Philippine) Insurance Commission ranked Pru Life UK as No. 1 in terms of New Business Annual Premium Equivalent in 2021.
Categories: Business Features