Money Talk | Prudential Life Plans and 30 other Pre-need companies in trouble

 The Insurance Commission on February 3, 2012 issued a “Stay Order” on the request of troubled pre-need firm Prudentialife Plans Inc. for corporate rehabilitation.

With the “Stay Order” decision, all payment of claims by planholders effective February 6, 2012 are suspended. That means starting February 6, all Prudentialife planholders cannot file for any claims against the company until its corporate rehabilitation plan is approved.  All claims being processed, however, as of February 6 will still be honored and funds will be released to planholders.

Notice to Prudentialife planholders and other stakeholders
The Insurance Commission directs all Prudentialife planholders, stockholders, creditors, and other interested parties to view and comment on the verified proposal for corporate rehabilitation submitted by the company. Details of the proposal are available at Prudentialife’s website. Deadline of  comments on the said rehabilitation plan is on February 25, 2012.

Planholders and other interested parties are also encouraged to attend the consultation hearings scheduled on March 2 and 13, 2012, 9 am, at the IC Board Room, 2nd Floor of the Insurance Commission building at United Nations Avenue in Manila. The sessions will discuss the process of corporate rehabilitation for Prudentialife.

source: http://www.pinoymoneytalk.com/prudentialife-plans-rehabilitation/

Licensed Pre-Need companies in the Philippines
Here's a list of licensed pre-need companies as of 2011. Take note that this is as of 2011 only. There are three (3) more companies on this list that had their licenses revoked in 2012.

http://www.insurance.gov.ph/_@dmin/upload/statistics/Pre-Need%20License%202011.pdf

THE VERDICT

http://www.sunlife.com.ph/

Steer clear of pre-need plans and stick with companies that have proven financial strength and long history of service - such a company is SunLife financial.

Sun Life Financial is the country's no. 1 Life Insurance Provider according to the insurance commission (AFYP).

While SunLife also offered pre-need plans, it was diligent enough to step back to give room for more planning on how to better its position in the pre-need market. This means that the company is agile enough to adapt to the changing financial trends.

Meanwhile, it has improved its LIFE INSURANCE policies to integrate the best of educational, pension and health plans in affordable packages.

For a free sample policy or to know more about sunlife and what services it can offer the money-wise investor that you are, send an email with your name,gender,age and protection/investment interests to bryan.d.garcia@sunlife.com.ph. You may also request for a free non-obligatory presentation for your convenience.