Prudentialife Plans — License to Sell Pre-need Plans Suspended
SEC Chairperson Fe Barin reported that SEC suspended the license of Prudentialife to sell new pre-need plans because its capital buildup plan did not pass the requirements of the SEC.
Prudentialife President Jose Alberto Alba has responded to the SEC’s suspension of its license to sell new pre-need plans by saying that the firm will continue to operate as a servicing firm for its preneed plans.
He said the firm will continue to pay benefits to planholders.
He also said Prudentialife Market Resource Corp. will continue to sell health plans, mutual funds and other insurance products and will continue to pursue new opportunities beyond the preneed industry.
I’m just bothered by the last statement in the article, saying that only 2 preneed firms submitted their capital build-up plans before the deadline of April 15 — Prudentialife and Cocoplans. Cocoplans’ proposal was approved while Prudentialife’s plan was not.
What about the other preneed firms? What are their capital build-up plans?
In a related article, SEC Chairperson Fe Barin was quoted as saying that planholders affected by the suspension of Prudentialife’s license to sell pre-need plans should go to the SEC for advice.
Source/Reference: Hannah L. Torregoza, author
SEC revokes license to sell of Prudential Life Plans, firm airs side
Manila Bulletin mb.com.ph
Comments
Whether in ENGLISH, TAGALOG or TAGLISH, your comments are well-appreciated, but please, not pure TEXT SPEAK, kasi matagal intindihin. Thanks a lot.
6 Responses to “Prudentialife Plans — License to Sell Pre-need Plans Suspended”
Leave a Reply
-
Custom Search
i had an exsting educ plan for my daughter and youngest son. my daughter is 3rd yr college and my son is grade 4. im asking how could affect their studies for future reimbursement? can you give an advise to refund premium now or to continue for its maturity
Francisca, are you already using your educ plan for your daughter’s tuition? Have you claimed successfully for the past 2 or 3 years for your daughter? Your question on whether to refund your money now or to claim it later is the question of many of us, planholders. Kasi no one of us knows what will really happen. What we know is that many pre-need firms are failing. I suggest that you visit Prudential’s main office. I saw on TV last week that many Prudential planholders went there. Those interviewed on TV said estimates were made on their plans and they were made to choose between getting their money now or claiming it later. Those interviewed said they’re going to think about it and discuss it with their spouses.
Im a planholder of Prudentialife plan,and I have 4 plans in prudential but im not worried because I trust the company,and now im enjoying already for the scholar of my youngest daughter.My pass husband have 2 plans also before,and Prudentialife paid on us,for claiming the benefits that was in the contract even my pass husband was missing on that time at the princess of the orient that was 1998,and I dont have any documents for claiming that benefits,but Prudentialife paid on us instanstly even I submit only a missing certificate,my son studied in Cebu Doctors University for 2 years with out any problem for paying the expences because Prudentialife plan was the one paying all the account for my scholar son, then my son transfer in University of Cebu and still Prudentialife Plan still paying the tuition now he finish already his college and he is graduated as computer programer.I thank for prudentialife that I invest my money for that company,and im waiting for my money back warranty this coming 2014 as my investment,I trust Prudentialife,I know that Prudentialife is the number one company for pre_need.
God bless you all trust only.
Magdalena Diola
Compostela Cebu
I and my son have fully paid pension plans with Prudentialife which will mature in 2016 and 2025 respectively. We are living in Iligan City and your office here is already close. My question is: where will we negotiate our claims by the time our plans mature? I’m hoping for your immediate reply to my query. Thank you.
My mother FELECIANA P. CASAS was a life plan holder and she already paid it with Prudential life in Iligan City and she died today trough the flash flood last night here in Iligan City. Where we gonna claim the financial assistance for her funeral expenses? I’m hoping for your reply. Thank You and God Bless.
Her son Mr. Kristofferson P. Casas
Iligan City
Hi Kristofferson, our condolences to your family. Hindi ko kasi alam kung preneed plan or insurance yong plan ng mother mo. Kung preneed, makukuha lang ang full benefit sa maturity date. Maliban na lang kung meron yang life insurance na naka-attach. Kung life insurance plan naman, maki-claim upon death. Ito ang nakuha kong number ng Prudentialife sa website nila: (02) 840-0050 from Mondays to Fridays, from 8 am to 5 pm.
For SMS: +63915-9321393 or +63918-9797574
Email: helpdesk@prudentialife.com
Hindi ko rin alam kung naka-attach sa lahat ng plans ang memorial service na ito: Memorial services hotline numbers are (02) 8930367 and (02) 8123054, available 24/7. A memorial service personnel will assist you during your time of need.
Merong Prudentialife branches sa Davao City at Cebu City, pero di ko alam kung open pa, pero naka-list naman sa website ng Prudentialife. I hope meron siyang SSS, kasi madali lang i-claim ang benefit na ito.