Prudential Life clarifies not link to Prudentialife

INSURANCE firm Philippine Prudential Life Insurance Co. Inc. stressed that it is different from and not connected with financially troubled pre-need firm, Prudentialife Plans Inc.

The 46-year-old Prudential Life’s namesake in the pre-need industry was recently thrown into the limelight after the Securities and Exchange Commission (SEC) revoked Prudentialife’s license to sell securities last April 16 for failure to meet the financial requirements.

The name association resulted in many of Prudential Life’s 1.3 million insurance clients flooding their office with calls and inquiries about the status of their policies. Prudential Life said they clarified the issue through a letter to their policy holders.

Prudential Life president and chief executive officer George Mercado added that his firm was founded by the late Don Daniel Mercado in 1963 and is regulated by the Insurance Commission. On the other hand, Prudentialife Plans is a pre-need company founded in 1978 by businessman Jose Alberto Alba and is under the supervision of the SEC.

“An all-Filipino life insurance company, it has been serving the life insurance needs of more than 1.3 million policyholders and their families with over P35 billion business in force for 46 years now. We are not connected with Prudentialife in any way,” he stressed.

He also said that the insurance firm has already complied with the P100 million minimum paid-up capital requirement set by the Insurance Commission, and has been issued a Certificate of Authority, which is an assurance that the firm was found by the regulator as qualified to transact insurance business.

Mercado added that the legal policy reserves of Philippine Prudential Life amounted to P228.95 million and has paid claims amounting to P60.66 million as of last year.

“With the required legal policy reserves, insurance companies such as Philippine Prudential Life are solvent to pay claims and are financially stable,” he said.

Insurance Commissioner Eduardo Malinis confirmed that Prudential Life has faithfully complied with the government’s capitalization requirements and the margin of solvency requirements while its assets, investments, and reserves remains intact.

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8 thoughts on “Prudential Life clarifies not link to Prudentialife

  1. Just now I received a nasty call from the number 0920-9705881, a post-paid number no less. Some lady named Carla said my name was selected from an SM raffle because I won a brand new Honda City. Luckily for me, I wasn’t at all swayed by all her babble about winning, winning, winning!!! Firstly, I NEVER shop at SM Megamall because it’s far from my residence. There’s a Super 8 Club next door and I have no need to travel when doing groceries.

    Then Carla says the call is recorded along with all the spiels that the call is legitimate. Even gave me her office number, complete with extension (755-1562 local 4018). I was asked what sort of IDs I have and when I said I have SSS and a passport, she goes on to say that it’s not the ID they need. She says I NEED A CHECKING ACCOUNT OR A CREDIT CARD as their ID of choice. TALAGA LANG HA?

    When I said that only my wife has a checking account, all of a sudden, SYA NA DAW YUNG REPRESENTATIVE! All I need to do daw is call them back and they will make me come to their office to spin some dastardly wheel, claim a premium gift and bring home the blasted car. People who know me are well aware that I WILL NEVER BUY A HONDA because you can’t use it as a taxi cab and my loyalty to NISSAN and MITSUBISHI is way past my financial capabilities.

    These people at Philippine Prudential should be sued or something. They dupe people into thinking they won something only to make them waste their time and sit through a presentation then force-sell their products to people who really can’t afford it. Hey, there has got to be a better, effective and legitimate way to sell insurance! They’re behaving like Family First and all those other scammers who cheat us out of our life savings.

    And I told Karla that if she wanted to sell me insurance, she should have just told me flat out. I am looking for non-life insurance, but after this fiasco, I WILL NEVER BUY FROM PHILIPPINE PRUDENTIAL LIFE.

    If Philippine Prudential DOES make someone win just to prove it’s not a scam, think again. There’s a multitude of people out there that you’ve already duped. If you need to prove something, return THEIR money AND CHANGE YOUR MARKETING STRATEGIES! It’s insulting! Your methods only show what you really think of your clients

      1. ha ha ha.. tanga talaga kaming mga biktima ninyo.. pero karma pupunta naman sa inyo someday… mga professional na snatcher…. go to hell!

  2. dear sir/ madam.
    pls. give me quote for car insurance…. vehicle is 1999 isuzu fuego ls,pickup truck
    need full coverage,, fire theft, third party liabilaty and roadside emergency help,,
    i am 66 years old in good health, no acidents in past 25 years.
    pls give me 70% discount .
    thank you, barry

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