First-of-its-kind product on the market, Pru Life UK releases PRUHealth FamLove, a protection plan that shares critical illness coverage with up to four family members under one policy.
This is open to all Filipino families, including those with same-sex or common-law partners, biological parents, and adopted children.
PRUHealth FamLove is an annual renewable protection plan that provides long-term coverage against high treatment and hospitalization expenditures due to critical illness until age 85 (applicable if the premium is constantly paid).
According to a 2019 report by Mercer Marsh Benefits*, the Philippines has the second most expensive critical illness costs in South East Asia. Lung cancer therapy can cost up to P2.78 million, a stroke costs P1.8 million, and a heart attack costs P980 thousand**.
The concept of System and Organ Function Insurance (SOFI) enables the plan's critical illness benefits to cover expenses such as long-term medicine and care, as well as loss of income. This is why critical illness insurance is essential. This feature distinguishes the policy from others on the market, since it provides coverage for surgery on any major organ without the need to recall a lengthy list of essential ailments.
PRUHealth FamLove is versatile and simple to obtain as it is offered in a variety of packages, with the opportunity to select from one (self) to five (family) family members to be covered. mySelf, myPartner, myChild, myFamily, and myParent, based on the family's protection requirements.
"Through PRUHealth FamLove, Pru Life UK honors and supports every Filipino family, regardless of its size or composition. This protection plan focuses on their ever-changing needs by providing critical illness cover for the entire family, according to Eng Teng Wong, president, and chief executive officer of Pru Life UK.
Wong added, "This innovation is a solid demonstration of our ongoing commitment to promote financial inclusion by providing protective coverage to millions of underserved and unserved Filipinos so they can maximize their lives."
Customers can visit the website of Pru Life UK or make an appointment with a Pru Life UK insurance representative for additional information about PRUHealth FamLove.
This is the most recent policy offering from Pru Life UK, which was ranked first by the Insurance Commission in 2021 in terms of New Business Annual Premium Equivalent.
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