Prudential is making its insurance policies more accessible and inclusive by broadening the concept of family.
This means the insurance group will recognise policyholders’ family members beyond the nuclear family, which recognises only their spouse and children as financial dependents.
The move will allow Prudential’s policyholders to cover different types of family members through their health and protection solutions.
“There is an opportunity to meet the protection needs of more diverse types of families such as single parents, cohabitants or adopted children. Additionally, coverage can also be offered to extended family members such as grandparents, parents-in-law as well as nieces and nephews,” says the group in a statement dated May 10.
To support the needs of more diverse family types, Prudential is now allowing its policyholders to nominate a wider range of family members who are financially dependent on them as a beneficiary in a life insurance policy.
Its customers can also now buy insurance for family members beyond those who are directly related. In addition, there is more flexibility to choose which family member can pay for the policy.
See also: New Key Summary 123
Lilian Ng, chief executive, insurance, at Prudential said that today's protection solutions are not adequately addressing the health and wealth needs of families of different shapes and sizes. Prudential wants to equalise access to insurance solutions by taking a more progressive and inclusive approach in defining a family.
"With eight in 10 people across Asia having no insurance cover, we want to make healthcare and financial security more accessible to more people to help them get the most out of life. By being more inclusive, we can protect more families and in doing so, we can help narrow the health and protection gap which is estimated at US$1.8 trillion ($2.50 trillion)," says Ng.
Mabel Leung, chief officer of Prudential’s brand and strategic marketing arm says, "Life insurance is the greatest proof of love one can give to their family and loved ones. At Prudential, we strive to be relevant to the lifestyle and needs of our customers by providing innovative and targeted solutions covering different types of families."
