Pru Life UK, Prudence Foundation partner with ASSIST for Project Padayon.

Leading life insurer Pru Life UK and Prudence Foundation, the community investment arm of Prudential plc in Asia and Africa, have joined hands with the Asia Society for Social Improvement and Sustainable Transformation (ASSIST) for Project Padayon Bantayan Island.

The project which is funded by Prudence Foundation’s COVID-19 Recovery Grant aims to help uplift the lives of residents of Bantayan Island, Cebu through a series of community-based training and development programs.

“We’ve been supporting the Bantayan Island community for almost a decade now and we are happy to see how it has grown. With Project Padayon, we are positive that it will bring transformative improvements, enabling the residents to thrive in multiple aspects of their lives,’’ says Marc Fancy, Executive Director, Prudence Foundation.

Project Padayon will run from 11 July to 1 December 2023 and include workshops focused on micro, small, and medium enterprises (MSMEs) empowerment, family health and nutrition, jobs and careers, disaster risk preparedness, and climate change resilience. Participants will receive modules that will be cascaded to up to 2,000 students and community members. 

“We are grateful for the opportunity to partner once more with Pru Life UK and Prudence Foundation. This partnership aims to empower the residents of Bantayan Island through a comprehensive learning program that will touch on different topics like financial well-being, health, and disaster resilience to help them prepare for the future,’’ says Francis Macatulad, Executive Director, ASSIST.

The project will culminate with an appreciation and recognition program in December, followed by a Pamaskong Handog with Habitat for Humanity communities that Pru Life UK and Prudence Foundation helped build after typhoon Yolanda

Transforming lives in Bantayan Island

The project was launched at Beach Placid Resort in Santa Fe, Cebu and was attended by local government unit representatives and community leaders of Bantayan Island.

“We are happy to be back in Bantayan Island and see familiar faces. At Pru Life UK, it is our mission to help Filipinos get the most out of life. This project is a big opportunity for us to fulfill our commitment to help Filipinos lead healthier and wealthier lives,’’ says Gizelle Camua, Vice President for Community Investment and Advocacy, Pru Life UK.

Close to 100 micro-entrepreneurs joined a workshop with the theme “MSME Empowerment.” Attendees received modules on business management, finance, and digital marketing materials, which will also be cascaded to 1,000 other micro- entrepreneurs. They also learned best practices from young local entrepreneurs that shared their real-life experiences.

In addition, over 80 mothers with their newborns were given free PRUMedCare Select Infectious Disease coverage plan as part of the PRUBabies campaign. The coverage offers cash assistance for diagnosis and death due to any of the four common types of infectious diseases: dengue, typhoid, measles, and malaria.

Propelling impactful conversations

Project Padayon is a continuing initiative rooted in Pru Life UK and Prudence Foundation’s commitment to developing Filipino lives through impactful conversations on the importance of financial literacy and health awareness.

Pru Life UK has been actively involved in aiding Bantayan Island since 2013 by means of humanitarian initiatives, including gift-giving programs, the provision of essential food packages, and the establishment of water supply networks alongside the deployment of portable ultrasound machines.

The same year, Pru Life UK and Prudence Foundation launched Build Better Now. The project brought PRUVolunteers all over Asia and the United Kingdom to build 126 disaster-resilient homes and disseminate 183 motorized boats with fishing nets and 140 cycle pedicabs to Yolanda survivors on the island.

Build Better Now ran until 2017 and earned the Award of Merit under the Communications Management – Corporate Social Responsibility category.

For more information, visit prulifeuk.com.ph.

Pru Life UK named International Life Insurer of the Year for third consecutive row.

Insurance Asia Awards, one of the prestigious recognition programs honoring the most outstanding insurance companies in Asia Pacific, cited Pru Life UK as the International Life Insurer of the Year - Philippines for the third year. The award-giving body recognized Pru Life UK’s innovations, new products, strategic partnerships, and community investment initiatives related to youth financial literacy, climate health risk management, and OFW protection.

“We are deeply honored to receive this coveted award for the third time in a row. Our heartfelt thanks to our employees, agency force, distribution partners, and more especially, our loyal customers for this remarkable feat,” said Allan Tumbaga, Pru Life UK Executive Vice President and Chief Customer & Marketing Officer.

Adding to its growing list of accolades, Pru Life UK was also conferred with a Bronze Stevie at the recent Asia-Pacific Stevie Awards for the Innovation in Internal Corporate Events category. The Byaheng PRU Engagement Program, a project of its Employee Welfare Committee, has been instrumental in fostering collaboration among employees from various divisions and empowering over 900 full-time employees to lead their own company-wide initiatives for growth and success.

Empowering Filipinos through financial inclusion and affordable protection

Over the past years, Pru Life UK has championed financial awareness, literacy, and inclusion among Filipinos through innovative insurance products.

One such product, PRUHealth FamLove, is a pioneering critical illness protection plan that covers up to 4 family members in a single policy, including adopted families, cohabiting couples, and same-sex partners.

Furthermore, through strategic partnerships with popular e-commerce platforms GCash and Shopee, Pru Life UK has made bite-sized insurance products even more accessible to its customers.

“These recognitions inspire us to continue fulfilling our commitment to helping more Filipino families live healthier and wealthier. With our over 40,000 digitally empowered agency force, we remain dedicated to putting our customers at the heart of everything we do by providing inclusive and affordable products addressing their diverse needs,” said Tumbaga.

These awards mark another milestone for Pru Life UK as Prudential plc, its parent company, celebrates its 175th anniversary, including 100 years in Asia.

To know more about Pru Life UK, visit www.prulifeuk.com.ph.

Pru Life UK taps Ben&Ben as an ally to help Filipino families get the most out of life.

Leading life insurer Pru Life UK officially introduced Ben&Ben as its new brand ambassador to help more Filipino families get the most out of life at a fun-filled family day event held at The Island in Bonifacio Global City, Taguig.

At the launch, the company talked about how the band perfectly aligns with the company's progressive and inclusive approach in defining a family. Testament to this is the insurer’s recently announced product called PRUHealth FamLove, a first-of-its-kind yearly renewable life insurance and critical illness plan that protects up to four family members under one policy. Under this plan, family members also include same-sex or common-law partners, parents, and adoptive children.

“Like many Filipino families, Ben&Ben is diverse, inclusive, and warmhearted. They resonate with the strong family ties that Filipinos are known for representing both the traditional and modern Filipino families. We are delighted to welcome Ben&Ben into our Pru Life UK family as our new brand ambassador and ally in helping more Filipino families get the most of life,” said Pru Life UK General Manager and Chief Commercial Officer Gilbert Simpao.

The top-rating Original Pilipino Music band who serenaded the crowd with its top hits such as Paninindigan Kita, Kathang Isip and Pagtingin, is a perfect example of both traditional and progressive Filipino families who are doing great things together, recognizing their differences, and celebrating diversity and inclusivity.

The event is Ben&Ben’s first public performance as Pru Life UK’s ally to help Filipino families of different types and sizes get the most out of their lives through PRUHealth FamLove, and its unique and game changing features. The product is designed for customers to share their critical illness protection coverage with different types of family members, including single parents, cohabiting partners, LGBTQ+ partners, and adoptive family members.

The product is also the first in the country as it provides coverage should any major organs require surgery, without the need to remember the long list of critical illnesses. This is a new generation of solutions designed to provide customers with simple, flexible and future-proof protection benefits against unknown diseases. It also provides long-term coverage until age 85.

“Strengthening Filipino families through financial wellness is one of our biggest advocacies at Pru Life UK. We want every Filipino household to have peace of mind by bringing protection closer to everyone. PRUHealth Famlove, with its shareability feature, is a step forward in achieving that as it gives families an affordable and accessible life protection option,” Pru Life UK Senior Vice President and Chief Customer & Marketing Officer Allan Tumbaga said.

In celebration of family diversity and championing individuality, Pru Life UK launched Famvatar, a unique digital experience that lets anyone create a personalized group avatar starring one’s family. Users can then use their unique, fun-filled chat stickers in group chats and more.

To make a Famvatar and know more about Pru Life UK’s PRUHealth FamLove, please visit www.prulifeuk.com.ph.

Pru Life UK launches critical illness protection plan for Filipino families.

Leading 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 the first in the market
to cover up to four family members in one policy.

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 Php 2.78 million, stroke is for Php 1.8 million, while a heart attack is for Php 980,000**.

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 sizes with PRUHealth FamLove. This protection plan focuses 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 Filipinos to get the most out of life,” Wong added.

For more detailed information about PRUHealth FamLove, customers may visit the Pru Life UK website or book an appointment with a Pru Life UK insurance agent.

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.

 
References:

*8 Dec 2020. Philippines' Healthcare Cost Inflation Projected to Hit 10.1% in 2020: Mercer Marsh Benefits Study. https://www.asean.mercer.com/newsroom/philippines-healthcare-cost-inflation-mmb-study.html

** Cost of Critical Illness in the Philippines. https://digitalpinas.com/cost-critical-illness-philippines/

Protect Your Family's Future with Cocolife Future Savings Platinum.

Have you ever thought what could happen to your family when you die? Not exactly a good thing to think about, but I'm sure this crosses your mind every once in awhile.

If you’re the sole breadwinner, your family is dependent on you even after you're gone. They may be forced to cut back on even the basics, like food, clothing, transportation, and housing.

Whether it's for replacing lost income, paying for your child's education, saving up for your dream travel, putting up your own business or making sure your spouse get the much-needed financial security, Cocolife Future Savings Platinum can help safeguard your family’s future.

Commitment in Creating Solutions With You
Cocolife remains committed in creating solutions for each and every financials need of our fellow Filipinos. With Cocolife Future Savings Platinum, we aim to provide our clients with optimum insurance protection freeing your loved ones from financial woes in the event of a sudden loss. It ensures that they can enjoy the same lifestyle they had with you. The living benefits/cash bonuses provides you with extra funds so that you can enjoy a more fulfilling life, fund your dream travel, start a business, prepare for education expenses, establish emergency medical funds.

It’s for you and your family’s Financial Freedom, Security and Protection. It’s FSP.

FSP for you and your family.

Exclusively available for Mall Clients
Cocolife Future Savings Platinum is exclusively available for mall clients, with minimum coverage of P 100,000.00 payable for 10 years. It rewards client as much as 200% of life insurance coverage upon maturity should the insured survives age 100.

With Cocolife Future Savings Platinum, clients will also enjoy scheduled cash bonuses:
- 10% of the coverage at the end of the 10th, 11th, 12th, 13th, and 14th policy years
- 50% of the coverage at the end of the 15th policy year
- 10% of the coverage starting at the end of the 20th policy year and every 5 years thereafter up to maximum age 99.

Policyholders may also attach the following riders to enhance their coverage:

A. Accidental Death and Dismemberment Rider
The Accidental Death and Dismemberment is a comprehensive rider providing a wide range of benefits from death to injuries caused by accidents. Accidental coverage is provided until age 65, or until termination of the policy to which the rider is attached, whichever comes first.

B. Waiver of Premium Upon Disability
This rider will pay the future premiums of the policy in the event that the insured sustains total and permanent disability. The rider doesn’t reduce or otherwise affect the amount payable in any settlement of the policy or any dividend or any non-forfeiture or loan values under the policy.

C. Payor’s Benefit Rider
1. Payor’s Benefit Rider Due to Death of the Payor
This rider waives the future premiums due until the Child Insured attains age 25, if the Payor dies before the policy anniversary nearest his 60th birthday.

2. Payor’s Benefit Rider Due to Death and Disability of the Payor 
This rider waives the future premiums due until the Child Insured attains age 25, if the Payor, before the policy anniversary nearest his 60th birthday, dies or becomes totally disabled and has been continuously so disabled for at least six months.

Issue Age of Child Insured : 1 to 17 years old
Coverage Period : until the end of the payment period of the basic plan,or until Payor attains age 60,or until Child Insured attains age 25, whichever is soonest

D. Terminal Illness Living Benefit Rider
This rider provides emergency medical funds by advancing as much as 50% of the death benefit in case the insured contracts a terminal illness, but not exceeding Php 500,000 per insured.

Issue Age of Insured : 1 to 55 years old
Payment Terms : no premium payments required
Coverage Period : until Insured attains age 65 or two years prior to the maturity date of the plan, whichever is sooner

***

Future Savings Sample Computation.

A. Terms of Payment

Premiums for this plan are payable for 10 years with the following Modal Factors:

Annual 1.0000

Semi-Annual 0.5300

Quarterly 0.2750

Monthly 0.0975*

* Monthly mode is available only for credit card auto-charge arrangements

B. Issue Ages

Issue ages are based on the Insured’s age nearest birthday. Premiums are available for ages 1 to 55

C. Underwriting Selection

All applicants shall be underwritten on an individual basis. The existing non-medical and medical limits shall apply depending on the age nearest birthday and the amounts of each life covered under the policy.

Note that the Death Benefit, or 200% of the Face Amount, shall be used as the underwriting basis for this plan.

D. Substandard Issues

Substandard ratings shall be assessed on each life, as the case may be. Substandard Extra Premium Rate is expressed as per 1000 of the basic plan’s face amount and as computed as follows: 

Substandard Extra Premium = Substandard Premium Rate ´ (Basic Plan’s Face Amount) ÷ 1000

Among the Top 50 Most Saleable Products in Life Insurance*

Cocolife Future Savings Platinum ranked third among the traditional plan in the life insurance industry, and among the top 50 most saleable life products in the Philippines.

* Most Saleable Products for Individual Line (Actuarial Department)

***

Make your money grow. :)

ABOUT COCOLIFE

Cocolife, the biggest Filipino-owned stock life insurance company, and the first ISO-certified Filipino life insurance company, offers a complete range of insurance and financial services. It has subsidiaries in the non-life business (UCPB General Insurance), pre-need (Cocoplans), mutual funds (Cocolife Asset Management Co., Inc.) and Security services (Ultra Security Services).

Cocolife boasts of close to four decades of experience and expertise with more than 1,500 highly-trained agents and 253 field managers, a steadily expanding network of fully computerized area and branch offices numbering 64 nationwide.

Aside from providing the most competitive life, non-life and pre-need products in the Individual Market, COCOLIFE has successfully carved a strong niche in Group Insurance and pioneered the EPDI program (Employee Payroll Deduction Insurance) for corporate accounts. It is also an accredited provider of life insurance to migrant workers. Currently, Cocolife is ranked number one in Group Life and Accident & Health, number six in Traditional Life Insurance and one of the country’s leading providers of healthcare services.

Cocolife is a prominent market leader in the industry, ranking number 5 in terms of Net Worth, number 10 in Total Premium Income, out of 34 insurance companies in the Philippines. To date, total assets are close to P25 billion, with Premium Income over P7 billion, and a Networth of over P9 billion. These impressive results are attributed to sound management, prudent investment practices, and efficient cost control.

To learn more about the Cocolife Future Savings Platinum, please contact:

CLIENT RELATIONS OFFICE:

(02) 812-9015 local 114 or local 594

(02) 864-0968

TERESA BOSE

CLIENT RELATIONS MANAGER

Globe (+63917) 844-7704

Smart (+63998) 843-4588

Sun (+63932) 844-1731

Text: Globe (+63917) 556-2058

Email: clientrelations@cocolife.com

Operating in the Expensive Horse Industry Gets Easier with Insurance.

Participating in the wonderful world of horses can be expensive. Horse racing is a multi-billion dollar business around the world. Between the massive stud fees that go to the owners of horses with desirable genes to the purses that go to horses that win big races, there is a lot at stake for those who work with these animals.

This can make it difficult for many to get involved. In addition to needing capital to get started, some worry about the liability of working with horses. Because they are so valuable, and because horses can suffer injuries or sickness, some fear they'll be sued if they make a mistake. The good news is that solid insurance is there to make it easier for people to get involved.

Photo credit: Beth Thomas.

Horse trainer insurance is especially important. Trainers play a critical role in ensuring the business can go forward. A trainer's primary job is to make sure a horse is fit and ready to go by the time a race rolls around. This can require the trainer to try and get in touch with the needs of the horse. If the trainer pushes too little, the horse will not be ready to run the race. This risk injury and ensures that the horse won't win the race. If the trainer pushes too hard, the horse can get sick or come up lame. It is a delicate balance that must be maintained if one wants to have success. Insurance is there in case something goes wrong.

There are many different kinds of insurance policies depending on the needs of the individual trainer. Some trainers need insurance policies for big dollar amounts to protect themselves from major liability. Others are just trying to break into the business and can go with a smaller insurance policy to cover small mishaps. The wide range of possible insurance options makes it easier than ever for people to get their start in the business.

Horse insurance is a must for people who want to work with the best horses in the world. Many owners will not allow a trainer to touch their horse unless that trainer is backed by insurance. It is a means of showing that a person is serious about getting involved in the horse industry. Those who want to have success should shop around for the policy that makes the most sense.

Think of Loved Ones Now Before it's Too Late.

None of us wants to think about our life ending. However, since death is inevitable it is important for you to get your affairs in order while you are alive and well so that when you do die, your loved ones will still be cared for. There are several things you can do to make the loss of your life slightly easier on those who love you.

Life Insurance
The first thing that comes to most people's minds should be life insurance. In the event of your death, your life insurance will give your loved ones the money they need to take care of your final expenses. Funerals, as well as coffins or cremation can be very expensive. You do not want your loved ones to have to put aside their grief long enough to determine how to pay for your funeral. Therefore, applying for an obtaining life insurance is something that must be done as early in life as possible.

Photo credit: The Insurance People

Will and Last Testament
Be sure to have a will draw up stating who gets your belongings, your money and your estate when you pass away. Most people choose to go to a lawyer to obtain their will, but if you are strapped for cash you can also use a do it yourself (DIY) will. You will have to obtain a will kit and fill it out, stating all of your final wishes. Once you have filled it out it needs to be signed by yourself and a few witnesses. To determine the exact procedure for this, you will need to find out what the laws are in your state regarding a legal will. Experts advise you to have an estate lawyer help you review your will before making it official.

Pre-Planning
A Funeral One of the biggest burdens your family may feel after your death is the planning of your funeral. Save them the pain of having to do this by planning it yourself. Many people now plan their own funeral and even pick out their own coffin to spare his or her loved ones from having to do it once they are gone. To do this, some people turn to funeral insurance. If you choose to do this, you can probably save your family a great deal of money. Funeral expenses are constantly going up and you have no real way of determining how much your family would have to pay for your funeral. The typical funeral costs between $8,000 and $10,000, which your loved ones may not be able to come up with. Having funeral insurance to cover the expenses can be a huge relief to your loved ones.

Preparing for your own death is never easy or fun, but it will give you the peace of mind of knowing that your family is taken care of financially when the inevitable happens. Do what you can to ease their pain before they have to experience it. You will be able to die peacefully.