Term Life

PRUActive Term: Comprehensive Protection with Flexibility

In today's uncertain world, securing your family's financial future is more important than ever . If you're considering term life insurance, you might have come across Prudential's PRUActive Term. But is it the right choice for you? Let's dive deep into this policy, exploring its features, benefits, and potential drawbacks to help you make an informed decision.

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What is PRUActive Term?

PRUActive Term is a non-participating term life insurance policy offered by Prudential . It's designed to provide flexible coverage that can adapt to your changing needs over time. The policy covers three main areas:

  1. Deathbr>2. Total and Permanent Disability (TPD)br>3. Terminal Illness (TI)

Additionally, it offers the option to add various Critical Illness Riders for more comprehensive protection.

Key Features of PRUActive Term

Flexible Policy Terms

Choose from 10 to 82 years of coverage . Ideal for tailoring protection to specific life stages or financial obligations.

Adjustable Premium Payment Terms

Select a premium payment term between 5 to 82 years. Payment frequency options: monthly, quarterly, half-yearly, or annually.

Minimum Sum Assured

Starts at $100,000. No minimum premium, but premiums depend on factors like age, gender, and chosen coverage.

High Entry Age

Available for individuals aged 18 to 75 . Allows older individuals to secure coverage.

Incremental Sum Assured

Option to increase coverage by 1-10% annually without medical examination. Helps your coverage grow with your financial responsibilities.

2X Death Benefit

Ability to increase death benefit up to 2 times the original amount . Provides flexibility to adjust coverage as needs change.

Add-On Riders

Various Critical Illness riders available for comprehensive protection.

Real premiums suggested for PRUActive Term

40, Male making $23,333.333 a month

Coverage:
Critical Illness
$1,000,000
Accelerated Disability
$1,000,000
Early Critical Illness
$250,000
Premium:
$19,042
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24, Female making $8,000 a month

Coverage:
death
$250,000
disability
$250,000
critical illness
$250,000
early stage critical illness
$100,000
Premium:
$3,142.18
Read More

26, Male making $8,083.333 a month

Coverage:
death
$500,000
Premium:
$668
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25, Female making $4,301 a month

Coverage:
death
$100,000
disability
$100,000
critical illness
$100,000
early stage critical illness
$50,000
Premium:
$1,373.87
Read More

26, Female making $3,800 a month

Coverage:
critical illness
$250,000
death and disability
$500,000
early critical illness
$150,000
Premium:
$230.9
Read More
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Coverage Details

Death Benefit

Covers you until age 100 or the end of your policy term. Full sum assured paid out upon death. Policy terminates after death claim.

Terminal Illness (TI) Benefit

Pays out upon diagnosis of terminal illness. Accelerated benefit (reduces death benefit). Policy may terminate if TI benefit equals death benefit.

Total & Permanent Disability (TPD) Benefit

Covers until age 70 or end of policy term. Up to $2,000,000 paid as initial lump sum. Balance paid 12 months later or upon death. Different definitions of TPD based on age.

Additional Features

Automatic Premium Loan

Helps maintain coverage if you miss a premium payment. Uses accumulated surrender value to pay premiums.

Surrender Value

Available if premium term is shorter than policy term. Accumulates after 36 months of premium payments.

Add-On Riders for Enhanced Protection

Crisis Care II

Covers 36 Critical Illness conditions . Up to $3,600,000 coverage. Guaranteed premium rates. Special coverage for diabetic complications.

Early Stage Crisis Cover

Covers early to intermediate stage medical conditions. Up to $250,000 coverage. Special benefit for angioplasty and diabetic complications.

Early Stage Crisis Waiver & Crisis Waiver III

Waives premiums upon diagnosis of covered conditions. Provides financial relief during critical times.

Pricing Comparison

To give you a clear picture of how PRUActive Term stacks up against competitors, let's look at a pricing comparison for a 30-year-old male, non-smoker, seeking $500,000 coverage for 40 years:

  1. PRUActive Term: $685 annually ($27,400 total)br>2. China Taiping i-Protect: $498 annually ($19,920 total)br>3. Singlife Elite Term: $535 annually ($21,400 total)br>4. Tokio Marine Term Assure (II): $545 annually ($21,800 total)br>5. Manulife ManuProtect Term (II): $637 annually ($25,480 total)br>6. NTUC TermLife Solitaire: $733 annually ($29,320 total)br>7. AIA Secure Flexi Term: $536 annually ($21,440 total for 35 years)

As you can see, PRUActive Term is on the higher end of the price spectrum . While it offers flexibility, this comes at a cost premium compared to many competitors.

Pros and Cons of PRUActive Term

Pros

  • Flexibility: Wide range of policy and premium terms to suit various needs

  • High entry age: Allows older individuals to secure coverage

  • Incremental Sum Assured: Coverage can grow with your needs

  • 2X Death Benefit: Option to increase coverage significantly

  • Comprehensive rider options: Ability to customize protection

Cons

  • Higher cost: More expensive than many competitors

  • No conversion option: Cannot convert to a permanent policy

  • Complex structure: May be difficult for some to understand fully

Is PRUActive Term Right for You?

While PRUActive Term offers flexibility and comprehensive coverage options, its higher cost may be a significant drawback for many. Here are some scenarios where it might be suitable:

  1. You value flexibility over cost: If adjusting your coverage over time is crucial to you, and you're willing to pay a premium for this feature.
  1. You're older and struggling to find coverage: The high entry age might make this attractive for older individuals.
  1. You want the option to increase coverage easily: The Incremental Sum Assured and 2X Death Benefit features provide this flexibility.
  1. You're looking for comprehensive critical illness coverage: The various rider options allow for extensive protection.

However, if cost is a primary concern or you're looking for a term policy with the option to convert to a permanent policy later, you might want to consider alternatives like Tokio Marine's Term Assure (II), Manulife's ManuProtect Term (II), or Singlife's Elite Term.

Making Your Decision

Choosing the right term life insurance policy is a significant decision that can impact your financial future. While PRUActive Term offers flexibility and comprehensive coverage, its higher cost means it may not be the best choice for everyone.

Before making a decision, consider the following steps:

  1. Assess your needs: Determine exactly what coverage you need and for how long.
  1. Compare options: Look at other term policies in the market and compare their features and prices.
  1. Consider future plans: Think about whether you might want to convert to a permanent policy in the future.
  1. Seek professional advice: Consult with a financial advisor who can provide personalized recommendations based on your specific situation.
  1. Get multiple opinions: Don't rely on just one perspective. Seek advice from several sources to ensure you're making the best decision.

Remember, the best insurance policy is one that provides the coverage you need at a price you can afford . While PRUActive Term's flexibility is appealing, it's essential to weigh this against its higher cost and your specific needs.

Get Expert Advice

Ready to explore your 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 term life 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 family's financial future to chance – get the expert advice you deserve today .

Click here to get 5 expert opinions on term life insurance

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