How important is a guaranteed source of income in safeguarding your future?

If there’s one thing the pandemic taught the world, it’s that the Scout Movement’s motto “Be ready” is a streak of genius. For practically the whole of 2020, people, regardless of citizenship, scrambled for resources, jobs, even accurate information about the pandemic. 

Being prepared for anything was a luxury then. Today, armed with valuable insights, people are more alert to the unpredictability of life. This alertness is most palpable at home when parents lie awake at night, plagued with questions. 

“How do I make sure our family can maintain our lifestyle even when I retire?”

“What will happen to the kids when I’m gone?”

“My investments are all that keep my family’s future secure. But inflation is still climbing. What happens if the economy tanks and my family and I are left with nothing?”

Interestingly, it took a pandemic to make these questions reverberate across households. It also led to the realization that insurance should, in fact, be non-negotiable when it comes to family protection. 

An answer to a financially stable future

PRULifetime Income, the latest traditional life insurance product offered by Pru Life UK, is designed to meet the evolving needs of Filipino families. 

Allan Tumbaga, Pru Life UK's Executive Vice President & Chief Customer and Marketing Officer, talks about this exciting product offer. “Our new product is created in a way that allows us to keep our promise to our customers regardless of market conditions,” he says. “Its guaranteed yearly cash payout is one of the features of this product that’s very helpful to parents. People today are looking for steady sources of income. That’s why they work their 8-to-5 jobs,” says Tumbaga. “We realized that even from their investments and savings, people want to receive a fixed amount regularly. PRULifetime Income supports this need.”

Regardless of changing market conditions, PRULifetime Income—with payment terms of 5 or 10 years—guarantees an annual payout (on the sixth year, that is) of five percent of the sum assured until the insured turns 100 years old. For example, if the sum assured is P1 million, by the end of the sixth year of the policy, the insured will receive P50,000 every year. If something happens to the insured, his or her beneficiaries receive 200 percent insurance coverage. *

“The guaranteed cash payout is important particularly for parents,” says Tumbaga. “You can use it to support your kids whether it be for their education, health concerns, or anything that they will need. And when your children grow older, you can use the money as a graduation gift, a birthday surprise when they turn 18 or 21, or as capital if they decide to start their own business.”

A complement to safeguard finances 

“PRULifetime Income doesn’t only give financial protection when something happens. It also complements all the other existing savings and investment products that parents already have,” says Tumbaga. “So, if you have a savings product, like deposits in the bank, it will earn interest. When you get insurance like PRULifetime Income, you can add the guaranteed cash payouts to your savings.” 

“Individuals have unique and varying necessities. Parents think of their and their children’s essentials. Business owners have different financial goals as well as OFWs and high-net-worth clients. The common factor is all these customers look for guaranteed cash benefits. And that’s what PRULifetime Income offers – guaranteed yearly 5% cash payout and 200% insurance coverage,” Tumbaga further shares. 

He adds, “We see the younger generation aspiring for a comfortable lifestyle. They like to travel. For some, they pursue studying abroad or getting a master’s degree. If they have an insurance product that can answer those needs, they are able to achieve their life goals and safeguard their future. PRULifetime Income can support children or even grandchildren’s aspirations. Even a 60-year-old individual can buy this product for his or her child or grandchildren. The premium is cheaper if you buy insurance for a younger age.”

The road ahead

Widespread financial literacy is at the root of a financially smart market. This is one of the advocacies that Pru Life UK has taken on. 

“We want more Filipinos to appreciate the importance of insurance and its benefits,” says Tumbaga. “Aside from organizing financial education programs for communities with NGO partners, and hosting webinars on financial protection, we make sure that our products are affordable and accessible to many customers. This is aligned with our commitment to helping more Filipino families achieve their financial goals.”

To learn more about PRULifetime Income and other Pru Life UK products, visit www.prulifeuk.com.ph. Additionally, follow Pru Life UK on their Facebook, Instagram, and Tiktok accounts.

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Editor's note: BrandedUp is designed to provide you with insightful, inspiring, and educational content created by The Philippine STAR in collaboration with brands like Pru Life UK.