British life insurer, Pru Life UK, on Tuesday launched its Prulink elite protector series, eyed to allow more people to invest in a protection and investment-linked product.
In a briefing, Pru Life UK president and CEO, Antonio de Rosas, said this latest product, which is available in peso and dollar denomination, is an expansion of the company’s PRUlink elite protector 5, launched in 2016 and the most saleable to date.
PRUlink elite protector 5 has a five-year payment period while the protector series has four payment terms, namely five, seven, 10 and 15 years.
De Rosas said the elite series is “meant to give policyholders extensive protection” and provides more opportunities for their clients to earn.
He said this product is intended for those who want to avail of the Elite 5 at flexible payment terms, which, he said, makes it a good value proposition.
With the success of the PRUlink elite protector 5, de Rosas said they intend to strengthen the offering of more protection type of products.
Meanwhile, the Pru Life UK chief does not expect the current uncertainties in the global economy to affect the company’s business negatively.
He said the sector has seen many cycles of uncertainty, such as the 1997 Asian financial crisis and the 2007-2008 global financial crisis, but these were not big concerns because life insurance companies, for one, view long-term investments.
“Whether good markets (or) bad markets, we always need protection… Uncertainty has no effect in terms of protection products,” he said.
De Rosas however said the issue is in terms of savings products.
“We always encourage people to look over the long term,” he said, pointing out that “markets do not go up on a straight line but over the long term, they do go up and weather all these crisis.”