I’m very sorry I may have misled some of you when I answered some of your questions/comments in relation to “Prudential.”
My mistake was I thought the Prudentialife Plans Inc. which was suspended recently by SEC is the same Prudential which has been partnering with Danvil Plans since 2007.
Thanks so much to Rolly who made the correction. Based on Rolly’s info and on my quick online research, these are some info that would clear things up:
Philippine Prudential Life Insurance Co. is the company which bought the life insurance portfolio of Berkley/Danvil in 2007. This is also the issuer of life insurance plans and endowment plans being sold by Danvil Plans.
Philippine Prudential is a life insurance company supervised by the Insurance Commission. It is not a pre-need company.
web site: http://www.philprudentiallife.com/pplic/
On the other hand, Prudentialife Plans Inc. is a pre-need company supervised by the SEC. This is the company whose license to sell was suspended by the SEC last April 2009.
web site: http://www.prudentialife.com/
The good news then to many of you whose plans were issued by Philippine Prudential Life Insurance Co. ( sold through Danvil Plans) is that your plans are not affected by the trust fund problems prevalent in the pre-need industry… because your plans are insurance plans issued by an insurance company, which has been operating since 1963, according to its web site.