Hey guys! Today's post is about Pru Life UK, an insurance company that I have chosen as my partner for my life insurance.I will mainly focus on my views, opinions and reasons behind why I decided to finally get insured. If you are looking for the their background and information as well as their history Please refer to their website (click here ) or you can also search them from google or any search engine. You will find tons of information about them.
| photo grabbed credit to the owner |
It is not very common for Filipinos to get insured privately, most of the time we only rely from our employer's mandated insurance benefits. Many of us are skeptical to spend money in insurances unless we are on the situation that we really need to. This is how we Filipinos think.. how I used to think. You have probably heard about pre-need companies going bankrupt or companies that failed to give out money to their policy holders.These were some of the reasons why I was so skeptical about insurances in general...
Why get insured?
I came to realize that I am not getting any younger.. sooner or later I will hit my 30s and I do not have any long term savings...I started asking my self how do I see myself when I hit my golden age, my answer was ... I don't know? Then i started asking more questions: Will I rely on my children to take care of my finance? What if I seriously get ill whom do I turn to for support?What If I suddenly go to heaven? what will happen to my love ones?It scared me. It scared me that I could become a burden to my family in times of needs. I do not want that. So after thinking so many times on how will be able to at least get my self secured in times of crisis, my first step is to get insured.
How did you choose your life insurance company?
Before deciding on Pru life UK, I have made a thorough research , I have spoken to different Financial Advisers and ask information on the policies they offer based on my financial capacity. I decided to choose Pru life UK because:
◘ It is recognized worldwide
◘It offers good and detailed information
◘The company has a good standing and a very good reputation.
◘The policies they offer are very straight and easy to understand
◘ My financial consultant is also straight forward in terms of explaining things
◘My policy is based on my financial capacity.
What kind of policy did you choose?
They offer different types of policies, it will really depend on your needs and wants. I will only talk about the one I've chosen, for the other policies You can check them out in their website I have posted the link above.
Since I am looking for security and investment at the same time I have decided to get the Prulink Exact Protector (10 years to pay) for my insurance. These are the summary details of my policy:
◘My monthly premium is PHP2,000
◘ It is a 10 years to pay insurance policy - which means after 10 years I am finished paying it.
◘ My benefactor will receive a lump sum amount of PHP 500,000 in case I go to heaven
◘ In case I become incapacitated I will receive the amount of PHP 250,000
◘ If I become disabled and incapacitated Pru life UK will continue to pay for my premium.
◘If I ever I was diagnosed with one of the 36 Life critical illnesses, I will get a lump sum.
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| Prulink Exact protector (10years) |
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| 36 critical illness |
It also a form of investment where in I am authorizing Pru Life UK to invest my money while I am waiting for it to mature.I will leave the investment details to the Financial Consultants since It is a little bit complicated to explain in my blog and I am no expert in explaining things like this. To give you a short summary, The premium I am currently paying is use by the fund manager for investment. So while waiting for my insurance to mature, My money will grow. So its like hitting two birds with one stone.
Aren't you afraid of the risk that you might be wasting money? what If It closes down or goes bankrupt?
There is no such thing as certain in the world. In everything we do , we take risks , we gamble. We cannot be sure of our tomorrow, even in love we cannot be certain that the person you are with is the one for you right?. I would rather gamble and take the risk of having at least a safer future than nothing. :)
So how was the process?
Oh it was easy! After getting in contact with my Financial Consultant, he explained to me in details the policy that would suit me in terms of my financial capacity. Then once I was decided, he was nice enough to travel from manila all the way to my city :) wasn't he a hard worker? C: He was also nice enough to treat me for lunch at pizza hut! har har har If you are looking for a good Financial Consultant I would definitely recommend him.. I will also post his calling card here, he is a man of a few words but he is very straight forward consultant and will definitely answer all your questions.
How is the payment?
They offer many kinds of payment method.. I opted for the Auto debit every month.
Do you get a receipt?
Yes I do get a receipt. From time to time I also get letters from them. Since its digital age, you can also access your account by logging in to their site. You can also view your receipt, policy and details.
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| letter from my pru life |
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| pru life access login page |
Are there anything you do not like about the company?
So far I like my experience with them, hopefully it stays the same.. the only regret I have right now.. is that I didn't start sooner. I wish I could have started sooner..
So what is your plan now?
I will continue to pay m y premium and I am also planning to invest in Mutual fund stocks etc.. I am still on the planning stage I'll let you know once I've decided. :)
Any advice to your readers?
Well, I cannot tell you how you will go about your life.. As I've said above you can never be sure in life, there are some unexpected things that may happen and it is good to be at least financially ready for it. Yes there are risks but it will be worth it. So while you are still young.. think ahead, look at the bigger picture.
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| Prulink provided the folder for my documents :) how cool is that :D |
This comment has been removed by the author.
ReplyDeleteHi...I'm planning to get one..but how is your mutual funds now? Did it grow?
ReplyDelete◘ My monthly premium is PHP2,000 --- I know an insurance that will give you 2M coverage for only 6K Annually
Delete◘ It is a 10 years to pay insurance policy - which means after 10 years I am finished paying it. --- Yes, if your cash value can afford already to pay your premium.
◘ My benefactor will receive a lump sum amount of PHP 500,000 in case I go to heaven --- A 10K/monthly earner should have atleast 1.2M coverage, if your income is more than 10K/month, it means you are underinsured.
◘If I ever I was diagnosed with one of the 36 Life critical illnesses, I will get a lump sum. --- Reimbursement type, means "just in case" you are diagnosed with one of the 36 critical illness, you still need to pay your bills in the hospital and get reimbursement. That's why it's important to have a long term healthcare.
Sir Kenneth, what is the name of that insurance? :)
DeleteVery helpful information.... Thanks.
ReplyDeleteHi :) I've recently applied for a policy in PruLife. Just like yours, the process was fast and easy. There's just few things I'm hoping you could help me with. First one, I don't have an online credential (account&password) in PruLife. May I ask if the credential were given to you by your financial consultant, or you signed up on your own? Another thing is, what are the documents that were given to you? After I signed the documents and paid for my policy, all I had was a single receipt given to me after a couple of days... Am I missing something from the process...? Hoping you could help. Thanks a lot.
ReplyDeleteHi :) I've recently applied for a policy in PruLife. Just like yours, the process was fast and easy. There's just few things I'm hoping you could help me with. First one, I don't have an online credential (account&password) in PruLife. May I ask if the credential were given to you by your financial consultant, or you signed up on your own? Another thing is, what are the documents that were given to you? After I signed the documents and paid for my policy, all I had was a single receipt given to me after a couple of days... Am I missing something from the process...? Hoping you could help. Thanks a lot. Pls reply here, not on the first one. Sorry. Thanks.
ReplyDeleteHi! first Congrats for taking a huge step in getting yourself secured. For the online credential as far as I remember I registered it myself try registering here: https://pruaccess.prulifeuk.com.ph/pruaccess/Home.aspx try to check on your consultant to make sure the right process for it. I think you need to have your policy number first before you can register
DeleteI was given the red booklet which had some of the photocopies of all the filled out forms. I remember meeting my consultant two times one when he had me filled out some forms and I gave him the initial payment and second when he gave my booklet and some information like my policy number and the date I should pay my policy every month.
The process seems about right. you just need to follow up as to when your docs will be available and when will you get it. Your policy should be available once your consultant process your application.
Contact him and let him know your questions and if you have something you don't understand. I am lucky my consultant is one chat away and he really replies to all my queries.
Thank u Ms Jesma, very encouraging and helpful.
ReplyDeleteThank you for sharing this to the world.
ReplyDeleteI am a proud PruLife Uk Financial Advisor here. It would be my pleasure to assist you.
09174777730
I was talking to a financial advisor about this. He told me that the Prulife Exact Protector Package is atleast 3k/month if I'd choose the payment term of 10 years. I really want to get your policy because 2k/month is just right for my current income given that I'm just in my 20s and I want to enjoy and make wise-use of my investment before I reach my 40s. If you could help me out so I can get the same policy as yours, that would be awesome! Thanks!
ReplyDelete-Ken
Hello ken! Have you found an advisor to help you with your concern? Im a licensed financial advisor of Pru Life UK.
DeleteI got a flyers from them when they visited our company and the financial advisor is really persuasive and transparent in terms of how the business goes that makes me silent in a minute. Oh, i am 19, and when i get 30 i can already buy my own car.
ReplyDeleteIts really worth a sacrificing 1/8 of your monthly income as it goes back on me, securing my future.
Jerel
I've been in Pru Life and Im on my 6 yrs with PRo ACTIVE product insurance. I'm paying 10K a month and now I have a value of my investment which is reasonable to start a business and Im still insured with my premium amount. A good way to invest and to get insured.
ReplyDeleteNot everyone can afford 10k a month you moron.
DeleteHi, my name is Jeanette.
ReplyDeleteI'm looking around and I am shopping for insurance.
If you can recommend a Consultant from any insurance companies, that would be great! Preferably based in makati, i'll really appreciate that. You can contact me at 09278560212
Thank you.
Hi Jeanette :) I am a Licensed Financial Consultant of Pru Life UK. I'm not sure if anyone contacted you about your interest. I'd be happy to assist you. I'll contact you within the day. You can also reach me through this email address: plukronalyn.clariza@gmail.com.
DeleteGod Bless :)
There's something wrong your in post. I think what you get is not a "Prulink Exact Protector (10 years to pay)".
ReplyDeleteHere's why:
1. The minimum investment of Exact protector is 3K.
2. The 2nd image,as you can see in the column of maturity date is way beyond 10 years to pay.
3. In the 2nd image also, under "Optional Benefit(s)" you can see Advance Life Care benefits. It means you're only protected on the 1st 15 illnesses listed among the 36.
I think what you have is a PruLink Assurance Account (Low Premium) or PAA Low.
Thanks
Its either your Financial advisor wasn't good enough to explain it thoroughly or You didn't understand what your financial advisor was talking about.
Deletethanks