MANILA, Philippines - Pru Life UK has beefed up its life insurance products with a more comprehensive suite of riders, allowing clients to tailor their policies according to their needs and preferences.
Riders, or additions to the basic coverage of life insurance products, expand protection options in case of illness, accidents or untimely death. These are usually attached to unit-linked or investment-linked life insurance.
Unit-linked life insurance is a two-in-one product that provides living and death benefits.
"Insurance is about having access to financial resources when you need it most... Life insurance is essential in financial planning, in financially protecting not only ourselves, but also our loved ones, in times of emergency. By attaching riders to life insurance policies, benefits are extended and our savings are protected," said Pru Life UK Senior Vice President and Chief Marketing Officer Belle Tiongco.
Among the riders that may be attached to a Pru Life UK life insurance policy include: the Life Care Plus Benefit, which pays the benefit amount if the life insured has been diagnosed to be suffering from a critical illness or has undergone surgery because of critical illness, while keeping the basic sum assured of the policy intact; Hospital Income Rider which provides daily and lump sum benefits to the life insured to cover the cost of hospitalization due to injury or illness; and the Personal Accident Rider that indemnifies the insured for injury due to accident. Specific life insurance products can accommodate an attachment of up to 11 riders.
Some Pru Life UK financial consultants say attaching riders makes a Pru Life UK policy complete.
"It’s as if the clients are buying a standby fund for unexpected situations that may happen to them. It allows them to have a reserve fund for medical expenses, especially for critical illness," said Cherrylen Lunag, Pru Life UK financial consultant.
"Most of the time I attach riders especially if the client is still in his twenties, as I explain to them that the premium is still low while they are still young. I always tell my clients that they have to protect themselves from unforeseen events,” said Pru Life UK financial consultant May Agno.