A Parent’s Guide to Future-Proofing Family Finances

by Kevyn Gohu
June 25, 2024

Pru Life UK Branch Manager Mia Ragasa shares how the company’s latest product can help with lifelong family security

Parents always have these questions at the back of their minds, “How can I take care of my kids if something happens to me? How can I secure their future?”

As many parents know, the future is never set in stone. Accidents, death in the family, shifts in the educational system — these are just some beyond anyone’s control. While no one knows what can happen, it pays to be prepared.

Setting aside small amounts until the proverbial “rainy day” comes is essential. Mia Ragasa, one of Pru Life UK’s branch managers, says it best, “It’s something — which is better than nothing.”

Finding a stable stream of additional income for families

Seeking security and peace of mind, families often turn to reliable financial options like bonds, stocks, or insurance plans. Financial markets are dynamic, with frequent fluctuations in the economy.

While periods of stability can seem rare, they often signal new opportunities. This is why more families are interested in traditional solutions like PRULifetime Income as this can provide a sense of protection and financial growth in the future.

What can PRULifetime Income do for families?

“PRULifetime Income is the latest traditional product from Pru Life UK. I’m most excited about the guaranteed 5% annual cash payout that starts at the end of the 6^th year of the policy until maturity. The 5% payout is based on the sum assured,” Mia explains. “Many of our clients are excited to receive payouts.”

With the guaranteed 5% cash payout year on year, the money can be repurposed for all sorts of things.

“Remember, the 5% cash payout is fixed and guaranteed, so it can also help you with family goals. For example, college at the age of 18, so which means you can save your payouts for tuition. Parents want a good education for their kids and, it’s actually part of budgeting and financial planning so they have something for their college education.” As a mom of 3, Mia is no stranger to the rising tuition prices in college. The tuition nowadays is very high. I have three kids, two are still in college which means the budget when it comes to tuition is very tight. Another option where parents can use the cash payouts is for retirement or any needs that they might incur,” she shares.

Families have the option to receive the 5% guaranteed payout in cash or leave it to accumulate with interest set by the company. The payout accumulation rate is not guaranteed. And in the face of extraordinary situations, the plan comes with double insurance. “Besides the guaranteed cash payout, there’s also the 200% insurance protection for your family in the event that the insured passes away. That way, the family can continue their lifestyle.”

Usually, the tricky part about insurance is finding a plan that won’t disrupt their current financial circumstances or lifestyle. It may be putting away certain amounts but when juggling family finances, every cent counts. “PRULifetime Income has a flexible payment term of five years or ten years. A person can be insured as young as seven years old up to 60 years old. So that’s the insurability of this product,” Mia shares.

Getting insurance from the right people

Financial budgeting plays a big role in parenting. From making sure the kids have quality education to making sure there’s food on the table, availing insurance helps secure their future.

And when it comes to finding the best way to future-proof family finances, all the more she recommends PRULifetime Income. A financial advisor for the past 12 years and a branch manager herself, Mia knows that the goal of every parent is to one day “make money work for them” and to take care of their family even when they’re gone.

As a mom, Mia knows the many struggles parents have in futureproofing their family’s financial security.

“As a financial advisor, we help Filipinos and their families achieve financial security. Pru Life UK always makes sure we give the best to our customers. For all parents out there, talk to a licensed financial advisor to find out more about our new traditional product, PRULifetime Income,” Mia closes.

With PruLife UK‘s PRULifetime Income, Filipinos will have better control of their finances and future-proof their families.

Guaranteed 5% annual cash payout and 200% insurance coverage based on sum assured. Annual payout is payable from the end of the 6^thpolicy year until maturity if the insured is alive during the payout date. Product terms & conditions apply.  Policy owner & insured should be in the Philippines at the time of sale.