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 Term Life Insurance?
Term life insurance is an insurance product that insures you for a period of time or until a certain age. It provides coverage against death and there will be a payout in the event of the policyholder’s death/total and permanent disability/terminal illness diagnoses.
Here is the Prudential Term Life Plans available:
Comparison of Prudential Term Life Plan:
PolicyPal’s Review of PRUActive Term and PRUTerm Ascend:
PRUActive Term is a highly customizable term life policy that is built to meet your ever-changing financial lifestyle. This plan gives you the freedom to decide your own premium term (5 to 79 years) and your coverage duration (10 to 79 years) separately. This means that you will still be able to be covered by PRUActive Term on your own terms. With the ability to choose your own annual coverage increment (1% to 10% of basic sum assured), you do not have to worry about insufficient coverage amount over the years.
However, unlike other Term Life policies, PRUActive Term does not have the option to convert your term life plan to another insurance plan.
Good for: Young adults that would like to control both the premium term and coverage term.
PRUTerm Ascend starts at a lower premium, allowing more financial commitment during your early years. With the ability to increase your coverage annually through 2nd to 11th policy year, you do need to worry about the lack of coverage. This policy also allows you to convert the plan to a regular whole life or endowment plan without medical underwriting.
However, PRUTerm Ascent also has its limitations. This policy’s premium term is regular, which means that you will still have to pay your premiums regularly even after retirement if you would still like to be protected under PRUTerm Ascend.
Good for: Individuals looking for high coverage and a convertible term plan.
Want to find out more about Term life Insurance from other insurers? Here is the full comparison of the Best Term Life Insurance.
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