PRULove for Life
What are the maximum ages for PLFL?
5 and 10-pay: 0 to 60 years old
15 and 20-pay: 0 to 55 years old
What is PRULifetime Income’s issue age?
Issue age: 7 days old to 60 years old
What are the available payment terms of PRUSteady Income?
5 years and 10 years only
TRUE or FALSE: Riders can be attached in PLW.
FALSE: Riders cannot be attached to PW10
What is the default dividend option for PLFL?
The default option is: left to accumulate interest
(the other options are: paid in cash or apply to any premium due)
What is PRULifetime Income’s Minimum Sum Assured?
Php 250,000
TRUE or FALSE: The Guaranteed Payout can only be received if the Life Insured is alive on each policy anniversary when a payout is due.
TRUE:
What is the allowable issue age of life insured for PRUWealth 10?
7 days to 70 years old
What are the 3 factors to determine the premium rate?
Premiums rates vary based on: issue age, premium term and SA banding.
TRUE or FALSE: Death Benefit of PRULifetime Income is equal to 200% of the Sum Assured
TRUE
What is the default Non-Forfeiture Option for PRUSteady Income?
Automatic Premium Loan: to keep the policy inforce, any premium due remaining unpaid at the end of the grace period is automatically paid as a Policy Loan from the remaining cash value, which earns interest and is compounded every policy anniversary.
Agents are asked to remind policyholder owners to keep up with the premium payment schedule, to enjoy the maximum benefits of this policy.
What is the minimum single premium requirement for a life insured age 65?
The minimum single premium requirement for a life insured age 65 is 3,000,000.
POLICY LOAN: What happens if the total loan plus interest exceeds the cash surrender value?
The policy automatically lapses
Explanation: If the total loan amount plus interest becomes greater than the remaining cash value, the policy can no longer support the loan that’s why it automatically lapses.
How is the death benefit computed?
The death benefit is equal to the Sum Assured plus any accumulated non-guaranteed dividends less any outstanding policy loans and interest will be payable in the event of death of the Life Insured before the maturity of the policy.
TRUE or FALSE: The Cash Payout Option feature of PRULifetime Income is 5% of the Sum Assured, is guaranteed, and is given at the start of Policy Year 6.
FALSE: The Cash Payout Option feature of PRULifetime Income is 5% of the Sum Assured, is guaranteed, and is given at the END of Policy Year 6.
When can the Policyowner receive the Maturity Benefit?
In the event that the Life Insured survives the 20-year term
Can clients leave their annual payouts with the company to earn interest?
No, payouts must be credited to the client’s nominated bank account
TRUE or FALSE: The current dividend accumulation rate is 4% and is guaranteed while the current policy loan interest rate is at 10%.
TRUE
What are the core product features of PRULifetime Income?
Death Benefit, Maturity Benefit, Guaranteed Cash Payouts, Cash Values, Non-guaranteed Dividends, Flexible Payment Options
What are the core product features of PRUSteady Income?
Death Benefit, Maturity Benefit, Guaranteed Cash Payouts, Cash Values, Flexible Payment Options
What is the guaranteed annual payout rate of PRUWealth 10?
The plan provides a guaranteed 5% of the single premium as annual payout for 10 years.
What is the significance of Sept 30 and Oct 1 in terms of training
Training on Products and Funds must be completed on or before Sept 30