Filipino parents want only the best for their children. From choosing the right milk and vitamins to selecting schools and extracurricular activities.
While parents aspire to build generational wealth and secure their financial future, this goal often feels daunting and unattainable due to other pressing day-to-day expenditures.
Driven by its goal of boosting financial inclusion in the Philippines, Pru Life UK has introduced PRULifetime Income, a traditional insurance product that empowers parents to provide a solid financial footing for their children.
Building Passive Income
Building passive income is a key factor in achieving financial security. With multiple income sources, families can better save for life goals and handle emergencies.
PRULifetime Income offers a guaranteed annual payout of 5% of the policy’s coverage, enhancing a family’s passive income.
This payout begins after the 6th policy year and continues for life or until age 100, regardless of market conditions.
For example, if parents of a 10-year-old child purchase a PRULifetime Income plan with a coverage amount of PHP 2 million, payable over 10 years, it will provide an accumulated payout of PHP 900,000 by the time the child turns 24. This payout is guaranteed, regardless of economic conditions.
These payouts can help fund education, passion projects, or even a down payment for a car or house.
With the annual payouts given for life, this passive income can continue to financially benefit the child even into retirement.
Double Protection for Future Generations
PRULifetime Income also includes 200% insurance coverage, providing a double financial safety net.
This ensures the child’s future family is financially protected, potentially leaving a legacy of PHP 4 million (still based on the illustration above).
Additionally, PRULifetime Income provides the option to enhance coverage with additional options such as Total and Permanent Disability Plus (TPD+), Accidental Death and Disablement (ADD), Personal Accident (PA), and Waiver of Premium on Total and Permanent Disability (WPTPD). These riders offer extra protection, ensuring that families are well-covered against various risks.
Supporting the Financial Goals of Filipino Families
“Many Filipinos seek regular income streams to pursue their life goals without the concern of financial instability. Pru Life UK aims to accelerate value creation for customers by offering diverse financial products and solutions tailored to their evolving needs at every life stage. PRULifetime Income guarantees lifelong payouts and double insurance coverage, aiding customers in achieving financial security,” emphasises Allan Tumbaga, Pru Life UK EVP and Chief Customer & Marketing Officer.
As a trusted protector and partner, Pru Life UK remains committed to meeting customer needs and delivering relevant financial solutions through its over 38,000 digitally-empowered agents. This dedication underscores Pru Life UK’s pledge to customer satisfaction and empowerment, ensuring lifelong financial security for many Filipino families.
To find out more about PRULifetime Income, talk to a Pru Life UK agent today or visit https://www.prulifeuk.com.ph/en/prulifetime-income