Prudential was founded in 1848 in the United Kingdom. By 1914, one in three British households had an insurance policy with Prudential. Fast forward till today, Prudential has grown rapidly across the globe. Prudential has become a trusted name in the Singapore insurance industry. Prudential Singapore is one of the market leaders in their savings and whole life plans with more than $30 billion in funds under management as of 2016.
What Is Whole Life Insurance?
Whole life insurance is a life insurance product which is guaranteed to remain in force for the policyholder’s lifetime provided that the full premiums are paid or until the maturity date of the policy. There will often also be a surrender value or cash value of the plan after it has been held for a specified period of time.
Here are the Prudential Whole Life Plans available:
Comparison of Prudential Whole Life Plans:
Want to find out more about Whole Life Insurance from other insurers? Here is the full comparison of the Best Whole Life Insurance Plans.
PolicyPal’s Review of Prudential Whole Life Plans
PRUActive Life is a participating whole life plan that holds cash value. This plan also provides flexibility to choose your own Multiplier Benefit (up to 5x) and Multiplier Benefit Expiry Age (65, 70, 75 or 80 years old). You can add on riders to protect yourself against Early and Intermediate Stage Medical Conditions, and Special Benefits is also an option for more comprehensive coverage. Hence, with high flexibility to choose the terms of your policy, this plan is tailored for individuals who want a policy that can accommodate their financial abilities.
This plan can be purchased for a newborn, bundled with PruMum for mother and child coverage. You can purchase this plan with up to 400k of life insurance coverage.
The PRUActive life is suitable for individuals with a stable source of income as the premiums are regular. The policy’s suitability largely depends on its ability to help you achieve your long-term financial goals. Therefore, a comprehensive needs analysis should be done before purchasing this plan. The policy may not be suitable for students that are currently still studying or workers that have part-time/ temporary occupations unless it is a plan purchased by their parents.
PRUActive Life does not provide much wealth accumulation as it focuses more on protection coverage.
Good for: Expectant mothers or parents may purchase this plan for their children.
PRULife Multiplier is a participating whole life plan with cash value that provides high protection at an affordable premium. Similar to PRUActive Life, the cash value in this plan allows you to enjoy financial returns over a long period of time. PRULife Multiplier also has an option to choose your desired premium term and multiplied coverage expiry age.
PRULife Multiplier has its limitations. Although this plan provides you with options to choose your premium term and multiplied coverage expiry age, it is not as flexible as PRUActive Life. The available premium term is only at 10, 15, 20 or 25 years, while the options for multiplied coverage expiry age is only age 65 or 70.
If you have decided to purchase a whole life plan with an added critical illness coverage, this plan is very competitive due to the value that you get for your protection value over cash value. This competitive rate is calculated based on your premiums paid for your overall sum assured coverage amount.
Hence, this plan is tailored for individuals looking for relatively higher coverage within the multiplied coverage expiry age at an affordable premium.
Good for: Individuals looking for high coverage.
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