PRUmortgage

We understand you want to safeguard your home from life's uncertainties.

Purchasing a new home isn't just about renovations, decorations and furnishings. Your home provides shelter and security for you and your loved ones. But a home requires protection too. PRUmortgage ensures your family will always remain sheltered by taking care of the outstanding mortgage payments if you or your spouse were to pass on.

 

Benefits^

  • Provides financial protection for the outstanding capital of a mortgage loan in the event of you/your spouse's death during policy term and disability or terminal illness till 65 years of age
  • Flexible terms of 10 to 35 years
  • Available as a joint-life or individual policy
  • Choice of a range of interest rates from 3% to 7% to ensure your home is adequately covered

 

^ Terms and conditions apply

How it works

The flexibility to buy individually or jointly

If you and your spouse jointly own the property, PRUmortgage offers you the option of dual coverage with two individual policies. Here's an example of how it works for a couple paying off a 30-year housing loan of S$300,000 at an interest rate of 4% p.a..

  Husband (Non-Smoker) Wife (Non-Smoker)
Age next birthday 35 32
PRUmortgage Annual Premium S$3991 S$2192
Crisis Waiver III Annual Premium S$14.764 S$8.895
Total Annual Premium S$413.76 S$227.89

Crisis Waiver III is a supplementary benefit which can be added to the PRUmortgage policy.

 

Alternatively, you can opt for a joint life PRUmortgage policy which pays off outstanding housing loans upon the death of either party7, and then the policy terminates.

  Joint Life Policy
PRUmortgage Annual Premium

S$563.253

Crisis Waiver III Annual Premium S$39.546
Total Annual Premium S$602.79

 

1 Guaranteed premium quoted is on an annual basis for a non-smoking male, age 35 next birthday, for a PRUmortgage policy.
2 Guaranteed premium quoted is on an annual basis for a non-smoking female, age 32 next birthday, for a PRUmortgage policy.
3 Guaranteed premium quoted is on an annual basis for a non-smoking male, age 35 next birthday, and a non-smoking female, age 32 next birthday, for a PRUmortgage policy.
4 Non-guaranteed premium quoted is on an annual basis for a non-smoking male, age 35 next birthday, for a Crisis Wavier III supplementary benefit.
5 Non-guaranteed premium quoted is on an annual basis for a non-smoking female, age 32 next birthday, for a Crisis Wavier III supplementary benefit.
6 Non-guaranteed premium quoted is on an annual basis for a non-smoking male, age 35 next birthday, and a non-smoking female, age 32 next birthday, for a Crisis Waiver III supplementary benefit.
7 For joint life PRUmortgage policy, the benefits will be payable if either one of the two Life Assureds (first occurrence only) dies, becomes totally and permanently disabled or suffers terminal illness during the term of the policy. If both Life Assureds either die, become totally and permanently disabled or suffer terminal illness at the same time, we pay only for the first life assured (not both) named on the Certificate of Life Assurance. Please refer to the policy for specific details.

 

Who can apply

  • For those between 20 and 60 years of age seeking home mortgage insurance.
  • From 10-year and up to a maximum of 35-year term product available for cash funds with Regular Premium payment
  • Available as a standalone plan

 

Buying a life insurance policy is a long-term commitment. An early termination of the policy usually involves high costs and the surrender value payable (if any) may be less than the total premiums paid. You are recommended to seek advice from a qualified Prudential Financial Consultant for a financial analysis before purchasing a policy suitable to meet your needs.

The information on this website is for reference only and is not a contract of insurance. Please refer to the exact terms and conditions, specific details and exclusions applicable to these insurance products in the policy documents that can be obtained from your Prudential Financial Consultant.

The information contained on this website is intended to be valid in Singapore only and shall not be construed as an offer to sell or solicitation to buy or provision of any insurance product outside Singapore.

Information is correct as at 27 May 2016.