When a family member is inflicted with a critical illness, it affects the family budget. Treatment involves long-term medication as well as expensive medical procedures. I lived this experience firsthand when my husband got sick, underwent all sorts of medical procedures, drank all kinds of medicine and supplements, and took many years to fully recover.
According to a 2019 study by Mercer Marsh Benefits, critical illness cost in the Philippines is the second most expensive in South East Asia. Lung cancer treatment costs can cost up to PhP 2.78 million; stroke costs can reach PhP 1.8 million; and suffering a heart attack could cost almost a million. This does not even include the potential loss of income while the family member is being treated and recuperating.
Pru Life UK recently launched PRUHealth FamLove, a protection plan that shares the critical illness coverage to up to four family members in one policy, a first-of-its-kind product in the market. This is available for all Filipino families, including same-sex or common-law partners, parents, and adoptive children.
PRUHealth FamLove is a yearly renewable protection plan that provides long-term coverage until age 85 (applicable when the premium is continuously paid), against high treatment and hospitalization costs due to critical illness. It is flexible as it comes in different packages, with options to choose up to four family members under one policy, depending on the family’s needs.
The PRUHealth FamLove protection plan is a unique product in the insurance market. It incorporates the System and Organ Function Insurance (SOFI) concept, which allows long-term medication and care, and even loss of income to be covered by the plan’s critical illness benefits. SOFI provides coverage should any major organs require surgery, without the need to remember the long list of critical illnesses.
For more detailed information about PRUHealth FamLove, customers may visit the Pru Life UK website or book an appointment with a Pru Life UK insurance agent.