As we navigate through life, one of the most critical aspects of financial planning is preparing for the later years. A fact of life is that one day, we may need long term care. For Malaysians, the time to act is now. Whether it’s ensuring financial independence or safeguarding against unforeseen accidents and debilitating illnesses that could impact your daily life, having the right protection in place is no longer a luxury—it’s a necessity.
Malaysia’s aging population is rapidly increasing (By 2043, 14% of people in Malaysia will be 65 and above)[Source], with longer lifespans bringing new challenges. Chronic conditions, disabilities, and accidents are common risks that could affect your ability to perform daily activities such as eating, bathing, or dressing. These conditions often require long-term care, which can place a significant financial burden on families if not planned for early.
Even with medical insurance, it is just half the battle as this takes care of hospital related expenses only. What if you need months or even years of assistance with daily living activities like bathing, eating, or dressing? Long term illnesses like stroke, dementia and Alzheimers require post-hospital care, and these bills need to be paid every month. (In Malaysia, 55% of post stroke survivors require partial or complete dependence on a caregiver) [Source]
These ongoing care requirements, whether provided by professional caregivers or family members, come with significant costs. Are you prepared for the financial strain of long-term care that will be required?
As a result of no long term care plan, many Malaysian families are forced to rely on their savings, dip into retirement funds, or depend on loved ones for financial and physical support. This not only creates a financial strain but can also impact the emotional and physical well-being of caregivers.
This is where PRULive Well, Prudential’s ground-breaking long-term care insurance, steps in. It is a unique plan, specifically designed to ensure that you can age with dignity, financial independence, and peace of mind.
How Long-Term Care Insurance Helps You
Accidents or health conditions can strike unexpectedly, affecting your ability to maintain your daily routines. Without proper income protection, the cost of caregiving and long-term support can potentially wipe out your savings and cause significant financial stress. This would be a huge burden, not just for you but for your family and loved ones.
Prudential’s PRULive Well addresses this by offering:
Guaranteed Monthly Income: Financial support to cover caregiving needs, whether for professional care or assistance from loved ones.
Lifelong Protection: Coverage for life or for duration of your choice, ensuring that you’re supported no matter when the need arises.
Support for Disabilities and Cognitive Impairments: Helps if you’re unable to perform Activities of Daily Living (ADLs) (e.g., bathing, eating, dressing, moving around) or face conditions like dementia or stroke.
Guaranteed Continuity Benefit: Waives future premiums upon triggering of Guaranteed Monthly Income
Money Back Benefit: Lump sum refund of all premiums paid upon maturity of plan, less any Monthly Income paid.
Death Benefit: Pays 250X lump sum upon death, less any Monthly Income paid.
This means that, should the unexpected happen, you and your family are financially prepared to handle the costs of long-term care without compromising your savings or lifestyle.
Let’s take a closer look at how PRULive Well provides comprehensive long-term care and financial security through Paul’s story.
Meet Paul:
Age 40, Paul purchased the PRULive Well plan with the following benefits:
Monthly Income Benefit (MIB): RM8,000
Death Benefit: RM2 million
Premium: RM3,003/month for up to 20 years
Age | Event | Monthly Income Benefit (MIB) | Other Benefits | Total Benefits Received |
40 | Paul purchased PRULive Well | - | Coverage starts (Death Benefit: RM2 million) | - |
50 | Bad fall; unable to perform 2 ADLs | RM4,000 (50% of MIB) | All future premiums waived | RM48,000/year |
55 | Severe stroke; unable to perform 3 ADLs | RM8,000 (100% of MIB) | Full MIB payout begins | RM96,000/year |
55-70 | Continued financial support | RM8,000/month | Total payout for 15 years = RM1.68 million | RM1.68 million |
71 | Paul passed away | - | Remaining death benefit paid to family = RM320,000 | RM320,000 |
90 | If Paul had survived till policy term end | - | Refund of all premiums paid (~RM720,000, less any MIB received) | ~RM720,000 (full premium refund, if no earlier payouts) |
Why You Should Act Now
As we age, the cost of insurance and caregiving increases. Locking in your coverage early ensures more affordable premiums and better financial planning. Don’t miss out on the opportunity to guarantee your long term care protection. Take care of yourself or your parents now.
Prepare for Aging Gracefully: Avoid being a burden on your family during your later years.
Protect Against the Unexpected: Accidents or health issues can arise at any time—having adequate protection prevents unnecessary financial strain and stress.
Secure Your Lifestyle and Savings: Your savings should be used for enjoying life, not covering unexpected caregiving costs.
Why PRULive Well Stands Out
Prudential’s PRULive Well is a unique long term care insurance, ensuring that you’re not just getting insurance—you’re gaining peace of mind knowing that your future is protected, no matter what life throws your way.
Take This Step Towards Financial Independence
If you’re between 40 and 70, this is your opportunity to secure your golden years with confidence. Don’t let accidents or chronic health conditions define your future—take control today.
To learn more about PRULive Well, contact us for a personalised consultation with an advisor. Let us work together to build a financial plan that guarantees that you will age with dignity and financial independence.
📞 WhatsApp: https://wa.me/60108360627
📧 Email: customercare@octave.com.my
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