MANILA, Philippines - With critical illness draining the resources of many Filipino families and individuals, Pru Life UK provides more affordable and practical protection options with a health insurance product.
The Pru Life Care series is a yearly, renewable term product providing cash benefits to help cover the cost of treatment of life threatening diseases or critical illness. The series is issued to clients from age 18 to 65.
According to the Philippine Health Statistics covering the periods 2004 to 2009, the Department of Health (DOH) cited diseases of the heart, diseases of the vascular system and malignant neo-plasms or cancer as the top causes of death in the Philippines.
Hospitalization can be a burden to the common Filipino, as a study after a three-year implementation of the Health Sector Reform Agenda (HSRA) in 1999 revealed that the average hospital bill costs three times the average monthly salary in the Philippines.
Pru Life UK senior vice president and chief marketing officer Belle Tiongco said that critical illness affects all aspects of life which derail plans for family’s future and personal advancement.
“The Pru Life Care Series protects you from financial depletion especially during your most productive years,†Tiongco added.
Pru Life Care Advance Plus advances 25 percent of the sum assured or coverage, if the insured is diagnosed with any of the 10 identified early stage critical illnesses – heart attack, stroke, cancer, major organ transplant, renal failure, heart valve surgery, coronary artery bypass surgery, brain tumor, end-stage liver failure and brain surgery.
This can be availed up to four times for unrelated illnesses. Any remaining unpaid coverage is paid if the insured is diagnosed as being in the advanced stage of any one of the 36 listed critical illnesses.
Pru Life Care Plus pays out 100 percent of the coverage if the insured has been diagnosed or has undergone surgery due to any of the 36 pre-identified critical illnesses.
Pru Multiple Life Care Plus allows filing for claims up to three times for unrelated illnesses, granting up to 310 percent of the sum assured.
Each claim may be payable for 100 percent of the sum assured, provided the illness falls under separate categories – cancer and major organ failure; heart-related and stroke; and neuromuscular and others.
Tiongco said that Pru Life UK constantly works on heightening the financial security it makes available to the Filipino. Should critical illness strike, making a complete recovery should be the only concern.
“We believe that life insurance is vital in a successful financial plan – and the core of that plan should always be protection,†she added.