Pru Life UK, the Philippine arm of the London-based insurance giant, has launched a cancer-specific insurance plan to provide Filipinos with additional financial protection against income loss and recovery costs that may not be fully covered by their health maintenance organizations (HMOs).

Garen Dee, chief product officer at Pru Life UK, said during the product launch on Wednesday, Aug. 12, that the insurer is eyeing Filipinos, including young professionals (25 to 35 years old), growing families (30 to 45 years old), HMO-only clients (35 to 55 years old), and convenience seekers (40 to 60 years old).

“We think it’s something that would resonate with young professionals,” Dee said. “For those who have only HMO, this would be a good complementary product.”

Dee emphasized that while HMOs cover immediate hospital stays, they often leave families vulnerable to long-term “pain points” regarding financial stability.

“Once you walk out of the hospital, yes, an HMO can cover that. But how about the income interruption?” Dee asked, noting that the product aims to address the high “cost of the response” that patients face during recovery.

Citing a study, Dee said catching cancer early can increase five-year survival rates to 90 percent, compared with less than 40 percent for late detection. “The early financial cover will really change the outcome drastically,” she said, explaining that having the finances to support immediate treatment is a major factor in survival.

In particular, the newly launched PRUCare Cancer Protect is a 10-year renewable plan with a unique value proposition.

Dee said the core philosophy is: “If cancer strikes, you’re covered. But if it doesn’t, you get the money back.” Specifically, if a policyholder remains claim-free for a decade, the insurer returns half of the total premiums paid.

Dee further said that the plan provides a 50-percent lump-sum payout for early-stage cancer diagnoses, higher than the 20 to 25 percent typically offered in the market.

For cases where cancer is already at a late or metastatic stage upon first diagnosis, a “catastrophic” booster increases the total benefit to 120 percent of the sum assured.

To encourage adoption among those deterred by complex paperwork, the application has been simplified to four underwriting questions. “It’s just four underwriting questions that you need to clear up, then you are issued a policy,” Dee said.