Pru Life UK has launched a cancer-focused insurance product offering benefits for both early and late-stage cases, as the insurer seeks to address the financial strain faced by Filipino families dealing with the disease.
The insurer said PruCare Cancer Protect is a 10-year renewable term insurance plan that provides up to 100 percent of the sum assured for eligible late-stage cancer claims and 50 percent for eligible early-stage cases.
If an early-stage benefit has already been claimed, the amount will be deducted from the benefit for a subsequent late-stage cancer claim. Policyholders diagnosed with catastrophic late-stage cancer may also receive an additional benefit equivalent to 20 percent of the sum assured.
The launch comes as cancer continues to pose both health and financial risks to Filipino households.
Pru Life UK, citing studies, said more than 40 percent of families affected by cancer experience financial hardship during treatment, with some patients forced to discontinue care.
The insurer also cited estimates showing that around 150,000 to 190,000 new cancer cases are recorded in the Philippines annually, with many patients diagnosed at later stages when treatment becomes more complex and expensive.
‘As healthcare costs continue to rise, preparation has never been more important,’ Pru Life UK chief product officer Garen Dee said.
‘We want to help more Filipinos take proactive steps toward protecting themselves and their loved ones. Having the right financial protection allows families to focus on treatment and recovery instead of worrying about the financial consequences of a serious illness,’ Dee said.
Apart from cancer benefits, policyholders who complete a 10-year term without a successful claim may receive up to 50 percent of their total premiums paid back.
The product also allows policyholders to renew their coverage every 10 years without being reassessed for health or eligibility, which the company said is intended to simplify access to continued protection.
Pru Life UK is also offering health-related services through its partnership with The Medical City. These include discounts on selected outpatient preventive screenings, discounts on selected inpatient services for patients diagnosed with certain critical illnesses and medical concierge support for scheduling tests, doctors’ appointments and hospital navigation.
Customers may also access a non-communicable disease risk assessment aimed at identifying potential risks for cancer and other chronic conditions.