TO help more Filipinos meet their security and financial needs, British life insurer Pru Life UK introduced in Cebu yesterday the Prulink Elite Protector Series, an expanded line of investment-linked products that provides policyholders with flexible coverage terms.
This newest product integrates extensive protection coverage, as well as the opportunity to grow money through a fund investment that is available in both peso and dollar denominations.
The Elite Protector Series is an expanded offering of the company’s Prulink Elite Protector 5, which has earned positive feedback from the market since its launch last year.
“The Elite series was specifically customized to cater to those who are keen on purchasing Elite 5, but want even more flexible payment terms... This will be of great value to customers in achieving their long-term financial goals,” said Pru Life UK president and chief executive officer Antonio de Rosas in a statement.
Policyholders may choose from four payment terms of five, seven, 10 and 15 years depending on their budget. They may also make top-ups or additional payments for enhanced protection against accident, death, disability, critical illness and hospital expenses.
Anthony Garces, vice president and chief investment officer, yesterday said the Elite series targets the upper middle class market segment of Cebu.
“We intend to broaden our reach in the high-earning segment of the market,” he said.
He is confident the product will be well accepted in Cebu, given the province’s highly urbanized landscape and economy that is growing faster from the national level.
Aside from being able to choose from four payment term options, policyholders also have the flexibility to choose where to invest a portion of their premiums from Pru Life UK’s wide range of funds, managed by Eastspring Investments (Singapore) Ltd.
Amid market uncertainties—such as the Brexit, UK snap election, terrorist threats, Fed rate hike—Garces emphasized the value of investing regularly.
“In terms of market sentiment now, there are investors that say it is normal. They take advantage of the drops in the market and there are a number of investors that look at long-term investments. They don’t care whether the market is very volatile or not conducive, and this is what we are communicating to our agents—(to tell our clients) to look at long-term (investment),” said Garces, adding financial education must continue, especially during these times.
Pru Like UK has expanded its reach to over 80 branches in the Philippines and over 17,000 licensed agents. The company has emerged as one of the top five life insurers in the country.
The Philippine insurance industry recorded flat growth of 0.29 percent in terms of total premium income in 2016. Data from the Insurance Commission showed that the industry’s total premium income reached P231.9 billion in 2016, up from the previous year’s P231.2 billion.