Financial inclusion: Why it matters to Filipinos

Financial inclusion: Why it matters to Filipinos
To take a step towards financial inclusion, Pru Life UK protects Filipino families of different types and sizes with PRUHealth Famlove

Editor’s note: This press release is sponsored by Pru Life UK and was handled by BrandRap, the sales and marketing arm of Rappler. No member of the news and editorial team participated in the publishing of this piece.

Strengthening the financial capabilities of Filipino families, the basic unit of society, is of utmost importance, especially at a time filled with uncertainties. Creating programs, products, and services that will put their well-being on top of the priority list will push the country’s financial inclusion level a notch higher.

The changing definition of the Filipino family

With the continuous progress of society, the definition of family has also changed. From the traditional household, the Filipino family now has different forms – from single parents, cohabiting partners, LGBTQ+ couples, and adoptive families.

While these may still be new to Filipino society, it is important for these types of families to be embraced and given equal rights. Among the most vital opportunities that must be afforded to them is the chance to improve their financial standing.

Financial inclusion for all

While financial inclusion in the country has vastly developed over the years with almost 53% of Filipino adults already included in the government’s formal financial system1, it still has a long way to go. 

A part of what needs to be improved is including families from the lower-income households in the system and giving them easier access to services that can help them manage their finances. Equally essential is helping them secure their future through accessible insurance protection that can ease their worries at a time when one hospital expense can cripple their finances for the years to come.

Opening these opportunities for them without the meticulous screening and application process and the stiff price of coverage will boost their financial standing which will benefit not only their household but the economy too.

A game-changer for Filipino families

A key player in pushing for financial inclusion for modern Filipino families is the insurance industry. Insurance firms creating pro-family products and services will change the game for families of different set-ups in terms of prioritizing the safety of their household, from their partners to their children.

With these in mind, leading life insurer Pru Life UK recently launched a game-changer in the insurance industry: the PRUHealth FamLove, a first-of-its-kind critical illness protection product that aims to prioritize wellness of Filipino families.

PRUHealth FamLove is a yearly renewable protection plan that provides long-term coverage up to age 85 against high treatment and hospitalization due to critical illness. It offers a shareability feature that can cover up to four members of the family.

“Pru Life UK launched PRUHealth FamLove because we understand the needs of Filipinos to protect their beloved families. We also want to promote and drive-up financial inclusion for the traditional or the modern families through this latest innovation,” Pru Life UK President & Chief Executive Officer Eng Teng Wong shared.

Having critical illness protection is important as costs including long-term medication and care, and even loss of income can be covered by the plan’s critical illness benefits through the System and Organ Function Insurance (SOFI) concept. This feature makes PRUHealth FamLove unique in the market as it provides coverage should any major organs require surgery, without the need to remember the long list of critical illnesses.

“We developed this product with the overall wellness of Filipino families in mind. This will benefit them and help secure their finances in the years to come,” Wong added.

To know more about Pru Life UK’s PRUHealth FamLove, please visit www.prulifeuk.com.ph. – Rappler.com

1According to Bangko Sentral ng Pilipinas’ Digital Payments Technology Roadmap

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Pru Life UK

Established in 1996, Pru Life UK is a subsidiary of Prudential plc. Pru Life UK is a life insurance company and is not engaged in the business of selling pre-need plans. Prudential plc is a United Kingdom-registered company. Its regional headquarters, Prudential Corporation Asia, is based in Hong Kong. Pru Life UK and Prudential plc are not affiliated with Prudential Financial, Inc. (a US-registered company), Philippine Prudential Life Insurance Company, Prudentialife Plans, Inc. or Prudential Guarantee and Assurance, Inc. (all Philippine-registered companies).