Term Life

PRUSafe Income: Safeguarding Your Livelihood from the Unexpected

Have you ever wondered what would happen if you suddenly couldn't work due to illness or injury? It's a scenario that many of us prefer not to think about, but it's more common than you might realize. Even temporary or less severe health issues can significantly impact your ability to earn. That's where PRUSafe Income comes in - a unique insurance product designed to protect your income when life throws you a curveball.

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What is PRUSafe Income?

PRUSafe Income is an innovative income protection plan offered by Prudential . It's designed to provide a stable income when you're unable to work due to illness or injury, including mental health conditions. This plan aims to give you peace of mind, allowing you to focus on your recovery without worrying about financial strain.

Key Features of PRUSafe Income

Guaranteed Income

Receive a fixed monthly income for up to 5 years if you're unable to perform your current job. The income is guaranteed, regardless of future changes in your employment status or income.

Death Benefit

Your family receives 12 times your fixed monthly income if you pass away.

Recovery Support

Includes Rehabilitation Benefit (up to 6 times your fixed monthly income), Get Well Benefit (3 times your fixed monthly income), and Waiver of Premium Benefit.

Customizable Options

Choose your Deferment Period, Fixed Monthly Income, and Benefit Payout Period to suit your needs.

Easy Application

Only 5 questions to answer for sign-up , making it accessible and straightforward.

How PRUSafe Income Works: A Real-Life Scenario

Total Benefits Received: S$243,000 (112 times the total premiums paid)

Scenario 1: Unable to Work for 5 Years

At age 35, Tom suffers an eye infection resulting in partial vision loss. After the 90-day deferment period, he receives S$3,000 monthly for 5 years (total S$180,000), claims a S$18,000 rehabilitation benefit, and all future premiums are waived.

Scenario 2: Recovery and Return to Work

Tom recovers and returns to his job as a Systems Analyst. He receives a Get Well Benefit of S$9,000.

Scenario 3: Unfortunate Death

If Tom passes away in a road accident at age 58, his family receives a Death Benefit of S$36,000.

Why Choose PRUSafe Income?

Financial Security

Provides a safety net when you need it most, ensuring you can maintain your lifestyle and meet financial obligations.

Comprehensive Coverage

Covers a wide range of scenarios, from temporary disabilities to long-term illnesses, including mental health conditions.

Recovery-Focused Benefits

Offers benefits designed to support your recovery, such as the Rehabilitation Benefit and Get Well Benefit.

Flexibility

Customizable options for deferment period, monthly income, and payout period to suit your specific needs and budget.

Simplicity

Straightforward application process, requiring only 5 questions to answer.

Guaranteed Benefits

Fixed monthly income is guaranteed, regardless of future changes in employment status or income.

Who is PRUSafe Income For?

PRUSafe Income is ideal for:

  • Income earners in full-time employment
  • Those with financial dependents (e.g., young families)
  • Individuals with significant financial commitments (e.g., mortgage payments)
  • People looking for an additional layer of financial security

It's particularly valuable for those in professions where even a short-term inability to work could have significant financial implications.

Why Compare PRUSafe Income with other Term Life Options through Whatins?

Traditional Approach

  • Limited term length options from one insurer
  • May push longer terms than needed

Whatins Advantage

  • Compare term lengths across multiple insurers
  • See how different term life insurance periods affect premiums
  • Understand renewal options across insurers
  • See competing term length justifications and determine which one is best for you

Important Considerations

While PRUSafe Income offers valuable protection, it's important to consider a few points:

  1. No Savings Component: This plan is purely for protection and has no cash value if terminated early.
  1. Premium Adjustments: Premiums are not guaranteed and may be adjusted based on future claims experience.
  1. Eligibility: Some self-employed occupations may not be eligible for this plan.
  1. Residency Requirement: No benefits are payable if the insured person is not residing in Singapore.
  1. Coverage Limits: The fixed monthly income is capped at 75% of your current income.

Frequently Asked Questions

Can I change my coverage options after purchasing the plan?

It's best to check with Prudential about options for adjusting your coverage after purchase.

What happens if I change jobs or become unemployed?

The plan continues to provide coverage even if you become unemployed, subject to certain terms and conditions.

Are there any exclusions to the coverage?

Like all insurance policies, there are certain exclusions. It's important to review the product summary for detailed information.

How does the Waiver of Premium Benefit work?

If you start receiving the Disability Benefit, your premiums are waived until you recover. If you've fully claimed the Disability Benefit over your chosen payout period, premiums are waived until the end of the policy term.

Can I claim the Get Well Benefit multiple times?

No, the Get Well Benefit is only payable once and only if you've received at least 6 continuous months of the Disability Benefit.

Conclusion

PRUSafe Income offers a unique and valuable form of protection, safeguarding your income when you're unable to work due to illness or injury . It provides not just financial support, but also peace of mind, allowing you to focus on your recovery without the added stress of financial worries.

However, as with any financial decision, it's crucial to carefully consider your personal circumstances and needs before purchasing. While PRUSafe Income offers comprehensive coverage, it's designed to complement, not replace, other forms of insurance such as health or life insurance.

Remember, the best insurance plan is one that fits your specific situation and integrates well with your overall financial strategy. If you're considering PRUSafe Income or exploring income protection options, it's always wise to consult with a financial advisor who can provide personalized recommendations based on your unique circumstances.

Get Expert Advice

Ready to explore your income protection options further? Don't rely on just one perspective. Get expert insights tailored to your unique needs. Sign up now to receive 5 expert opinions on income protection insurance. These professionals will review your specific situation and provide personalized recommendations, helping you make the most informed decision possible.

By consulting with multiple experts, you'll gain a comprehensive understanding of your options and ensure you're choosing the best coverage for your needs. Don't leave your financial security to chance – get the expert advice you deserve today .

Click here to get 5 expert opinions on income protection insurance