Singapore, 7 June 2018 – Prudential Singapore today launched PRUtriple protect, a new standalone insurance term product that offers a payout of as high as S$9 million for multiple critical illnesses1.This product was developed in recognition that Singaporeans are not sufficiently protected against the financial impact of critical illnesses2.
PRUtriple protect provides financial protection against 36 critical illnesses, including cancer, which accounts for nearly a third of deaths in 20153.
With PRUtriple protect, a customer can receive protection up to three times the basic coverage. To ensure one is prepared for handling multiple illnesses, the plan has a feature that restores the basic coverage to the original amount after a claim is made. If customers are diagnosed with a different critical illness, 12 months after the last claim, they remain covered under the plan until three times of the plan’s basic coverage has been utilised.
Ms Theresa Wu, Prudential Singapore’s Head of Protection said the life insurer has been seeing a steady increase in the number of customers making cancer claims over the years and that these claims are coming from all age groups.
“While nearly 40 per cent of our cancer claims have come from the 30 to 45 age range, we are also seeing claimants as young as 5 years of age. This shows that cancer can strike people at any time, regardless of age. So, it’s never too early to protect oneself against the financial impact of cancer.”
The sudden onset of a critical illness can be life changing. Often, a person diagnosed with a critical illness may become unable to work and face financial difficulties consequently. This could be a source of stress and prevent one from focusing on the recovery.
PRUtriple protect can help cover potential income loss that accompanies a critical illness diagnosis. According to a recent study by Life Insurance Association (LIA)1, Singaporeans are only covered for one year of the total expenses they incur while fighting critical illnesses, which is 20 per cent of LIA’s recommendation.
“With PRUtriple protect, our customers can have peace of mind knowing that they would be able to meet their financial commitments and maintain their lifestyle needs when recovering from a health crisis. These financial commitments could include mortgage payments, children’s education and other outstanding debts. Such protection is important as we know the chances of one recovering from a critical illness has become higher with the advent of medical technology,” said Ms Wu.
PRUtriple protect also offers an optional rider, Early Protector, to provide coverage for pre-critical stages of a critical illness. With Early Protector, one can have comprehensive coverage for up to 106 medical conditions.
1 PRUtriple protect’s maximum sum assured is S$3million. Customers may claim up to three times the sum assured under this plan.
2 Life Insurance Association of Singapore Protection Gap Study 2017
3 Singapore Cancer Registry Annual Report 2015
Notes to Editor:
For more about other Prudential initiatives to address Singapore’s protection gap:
• Prudential helps close protection gap with Singapore’s first insurance plan that covers four types of pre-existing medical conditions
• myDNA - Singapore's first DNA-based fitness and nutrition programme
• Prudential launches Singapore's only standalone male-focused critical illness plan to meet rising demand from customers
• Prudential finds majority of Singaporeans not financially prepared for life's crises
ABOUT Prudential Assurance Company Singapore (Pte) Limited (Prudential Singapore)
About Prudential Assurance Company Singapore (Pte) Ltd (Prudential Singapore) Prudential Assurance Company Singapore (Pte) Ltd is one of the top life insurance companies in Singapore, serving the financial and protection needs of the country’s citizens for 87 years. The company has an AA- Financial Strength Rating from leading credit rating agency Standard & Poor’s, with S$36.3 billion funds under management as at 31 December 2017. It delivers a suite of well-rounded product offerings in Protection, Savings and Investment through multiple distribution channels including a network of more than 4,600 financial consultants.
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