People’s desire for guaranteed financial benefits change throughout their lives, driven by the different needs they have over their lifetime.
Alvin and Marie, a married couple in their early 30s with a young son, are already thinking ahead. With a stable income, they are prioritizing and ensuring saving for their child’s primary education in a good school.
Approaching retirement, Anne, who is soon to be 60, is finding new ways to save.
Belle, an entrepreneur, has extra money that she wants to invest. This money could serve as additional funds for her business in the future.
As more people become aware of the importance of wealth planning, financial advisers are seeing a trend of clients considering these scenarios.
Garen Dee, Vice President and Chief Product Officer of the country’s leading insurer Pru Life UK, said some individuals prefer to trade off risk for superior returns. On the other hand, there are some people who strongly prefer safe and sure investments with zero to minimal risk exposure.
“These individuals recognize the importance of having a reliable safety net in place to protect their finances against unforeseen circumstances and market fluctuations. An example is those retiring – they want a stable income stream and opt for definitive liquidity at a certain period,” said Dee.
It has been observed that the country is seeing a rise in the demand for guaranteed financial products and this is likely due to the recent volatility in the markets and the upcoming wave of Filipinos entering retirement.
Relatedly, most Filipinos believe that the pandemic served as a stark reminder of the importance of financial preparedness, both for the short and long term. Building an emergency fund and crafting a financial plan are crucial to achieving this security.
“I think Filipinos are reassessing their financial portfolio to include products or services that guarantee financial benefits and protection to address their needs and life goals,” said Dee.
PRULove Wealth goes beyond protection
Pru Life UK, the country’s leading life insurer, introduces its latest offering, a testament to its commitment to be the most trusted partners and protectors of every Filipino family. This new product provides a wealth of benefits, giving customers peace of mind through insurance protection and guaranteed earnings.
“PRULove Wealth is Pru Life UK’s latest product that provides Filipinos life insurance coverage and guaranteed annual cash payouts with returns comparable to those from a high-yielding time deposit,” said Dee.
She further explained that customers will enjoy these guaranteed benefits for seven years regardless of market conditions – stable earnings with its guaranteed 4% annual cash payout for 7 years received as soon as the first policy anniversary; secured wealth with 100% cash back of the one-time premium in as short as 7 years, and peace of mind for the family with up to 125% of the one-time premium as insurance protection during the seven-year period.
For a minimum one-time premium of PHP 500,000, customers or policy owners aged 18 to 99 years old can take advantage of this offer and unlock the three benefits. The insured can be from seven days old newborn up to 60 years old.
“With this wealth of guaranteed benefits, customers can freely enjoy life without worrying about the market fluctuations or economic uncertainties affecting their income stream,” added Dee.
PRULove Wealth is Pru Life UK’s first single-pay traditional endowment plan that provides guaranteed cash payout relevant to customers. With its clear and simple features, this product empowers customers to understand how it supports their financial aspirations while keeping them protected.
To illustrate, if Anne avails of PRULove Wealth for her retirement and pays one million pesos for the plan, she will receive P40,000 every year for seven years, get back the P1 million pesos premium paid after seven years as long as she is still around, and enjoy life with assurance through its insurance coverage of up to Php 1.25 million during the seven-year period.
PRULove Wealth is designed for individuals seeking financial products that offer both life insurance coverage and guaranteed cash or liquidity they need. This product also caters to those looking for a one-time payment for their short-term goals and ensuring the value of their money is protected at the end of the policy term.
Dee added that PRULove Wealth resonates more to conservative individuals who are looking for alternative options to diversify their wealth.
“PRULove Wealth is available for a limited offer only. We encourage customers to know more about how this product can help them achieve their financial needs and take advantage of this limited opportunity. They may get in touch and avail PRULove Wealth through our over 42,000 Pru Life UK insurance agents.”
“Another great thing about this product is that the application process is easy and seamless. Customers don’t have to answer a long list of questions to purchase the product,” said Dee.
To find more information about Pru Life UK, talk to a Pru Life UK agent or visit www.prulifeuk.com.ph
About Pru Life UK
Pru Life UK boasts a strong 27-year track record in the Philippines. It has the largest life insurance agency force of over 42,000 licensed agents with over 170 branches and general agency offices in the Philippines. The company ranks #1 for New Business Annual Premium Equivalent and Total Premium Income from Variable Life Insurance Products according to the Insurance Commission’s 2023 Full Year Report. Pru Life UK is headquartered in Uptown Bonifacio, Taguig City
4% payout and 125% insurance coverage based on single premium paid.
Product terms & conditions including on cash back apply.
Limited time offer and subject to availability.