Prudential PRUVital Cover Review

Prudential’s PRUVital Cover is a term life insurance plan for those with Type 2 diabetes, high cholesterol, high blood pressure, or being overweight.

With Death & Terminal illness coverage of up to $500,000 with a simplified underwriting process, this policy could be the answer if you’re struggling to find insurance coverage due to pre-existing medical conditions.

Read our review of the PRUVital Cover to understand this policy better.

My Review of Prudential’s PRUVital Cover

The PRUVital Cover is one of the few available choices for those struggling to get insurance due to pre-existing medical conditions, as it’s tailored for those with Type 2 diabetes, high cholesterol, high blood pressure, or high BMI.

It offers several benefits to make your life easier and financially secure, including Death & Terminal Illness coverage.

Your beneficiaries will receive this payout if you pass away during the policy term.

Additionally, if you are diagnosed with a Terminal Illness, the policy pays out the coverage amount, once again ensuring that your family is financially supported.

The premium you pay for Death & Terminal Illness coverage remains fixed throughout the entire duration of your policy.

This cover means you won’t experience premium increases as you get older or if your health status changes.

You can enhance your coverage by adding protection for 5 specific Critical Illnesses.

These are:

• Blindness (irreversible loss of sight)
• Severe heart attack
• Stroke with permanent neurological damage
• Major cancer, and
• End-stage kidney failure

This expanded coverage provides you with an extra cushion of financial support if you’re diagnosed with any of these severe health conditions.

The Vital Cover Disability is an optional benefit that comes in handy if you experience Total & Permanent Disability.

It ensures you’ll continue receiving financial support, whether you can work or not, up to a specified age or up to the end of your policy term.

The simplified underwriting and application process is quick and convenient, so acquiring this coverage is more effortless without any required medical examinations.

However, what I dislike about the plan is that even if you pay premiums for the base plan, the TPD benefit, and the CI benefit, you can only claim one of them.

Unlike other term plans, this lets you claim based on the insured event as long as you have sufficient sum assured.

But if you are having difficulties getting insurance coverage due to medical conditions, you don’t have a choice and have to settle for this as there aren’t many plans tailored for you in the market.

Despite its cons, it’s an advantage to have this policy for those pre-existing medical conditions, as most health insurance excludes you for a certain period if you have pre-existing medical problems.

If you’re keen to explore alternatives despite your conditions or are looking for a second opinion, our partnered financial advisors have experience getting those with pre-existing conditions covered.

There’s no harm in trying to get the best policy for yourself, especially if there’s a chance to get a cheaper or a more comprehensive one.

Click here for a free, non-obligatory chat.

Now let’s explore the PRUVital Cover features in detail:

Criteria

• If you have existing medical conditions, such as
  • Type 2 diabetes
  • High cholesterol
  • High blood pressure or;
  • High body mass index

General Features

Premium Terms

Prudential’s PRUVital Cover is a flexible plan which allows premiums to be paid monthly, quarterly, every 6 months, or annually.

You will be happy to know your premium will stay the same throughout the policy.

Policy Term

The policy term is specified upon sign-up.

Protection

Death Benefit

If you pass away before the Cover Expiry Date, Prudential’s PRUVital Cover will pay out the higher of 2 amounts.

• The Death Benefit
• The total premiums paid for the policy, excluding extra premiums for any additional coverage added.

However, suppose you’ve already made a successful claim for Terminal Illness, Disability, or Critical Illness, and the sum you’re insured for has been reduced.

In that case, your premiums will also be reduced accordingly.

In this case, the Death Benefit payable will be the higher of:

• The reduced amount you’re covered for, or
• The total premiums you’ve paid, excluding the extra premiums for added coverage.

This way, you’ll still get the best possible benefit for your situation.

Terminal Illness Benefit

With Prudential’s PRUVital Cover, should you be diagnosed with a Terminal Illness before the cover expires, the policy will pay the higher of the 2 amounts listed:

• The Terminal Illness Benefit amount as per the policy
• The total premiums you’ve paid for the policy, excluding the extra premiums for any additional coverage you added.

However, if you’ve previously successfully claimed Disability or Critical Illness Benefit and the amount of money you’re covered for has been reduced, your premiums will also be reduced accordingly.

In this situation, the Terminal Illness benefit payable will be the higher of:

• The reduced amount you’re covered for, or
• The total premiums you’ve paid, excluding the extra premiums for added coverage.

Optional Add-On Riders

Vital Cover Disability Benefit

The Vital Cover Disability is an optional benefit that comes into play if you experience Total & Permanent disability.

It ensures you’ll continue to receive financial support, whether you can work or not, up to the age of 70 or to the end of your policy term, whichever is lower.

Vital Crisis Care

The Vital Crisis Care Benefit is an optional add-on to your insurance that offers extra financial protection if you’re diagnosed with 1 of the 5 critical illnesses.

These illnesses include:

• A severe heart attack
• A stroke that leads to permanent neurological problems
• Major cancer
• End-stage kidney failure
• Permanent blindness

Suppose you’re diagnosed with 1 of the 5 critical illnesses, you become Totally & Permanently Disabled, or Terminally Ill.

You’ll get one of 3 payouts.

• The Vital Crisis Care sum assured
• The Vital Cover Disability Benefit, or;
• The Terminal Illness Benefit.

Should you pass away because of 1 of the Critical Illnesses, the payout is the Death Benefit outlined in the policy, not the additional Vital Crisis Care Benefit.

The benefit ends once a claim is submitted and paid out under Vital Crisis Care.

Summary of Prudential’s PRUVital Cover

References

• Product Summary
• Brochure