Prudential Mortgage Insurance
Prudential mortgage or home insurance plan is named PRUmortgage which ensures your family will always remain sheltered by taking care of the outstanding mortgage payments if you or your spouse were to pass on. It has following benefits:
- Provides financial protection for the outstanding capital of a mortgage loan in the event of you/your spouse’s death during policy term and disability or terminal illness till 65 years of age
- Flexible terms of 10 to 35 years
- Available as a joint-life or individual policy
- Choice of a range of interest rates from 3% to 7% to ensure your home is adequately covered
How it works
If you and your spouse jointly own the property, PRUmortgage offers you the option of dual coverage with two individual policies. Here’s an example of how it works for a couple paying off a 30-year housing loan of S$300,000 at an interest rate of 4% p.a..
| Husband (Non-Smoker) | Wife (Non-Smoker) | |
| Age next birthday | 35 | 32 |
| PRUmortgage Annual Premium | S$3991 | S$2192 |
| Crisis Waiver III Annual Premium | S$14.764 | S$8.895 |
| Total Annual Premium | S$413.76 | S$227.89 |
Crisis Waiver III is a supplementary benefit which can be added to the PRUmortgage policy.
Alternatively, you can opt for a joint life PRUmortgage policy which pays off outstanding housing loans upon the death of either party7, and then the policy terminates.
| Joint Life Policy | |
| PRUmortgage Annual Premium | S$563.253 |
| Crisis Waiver III Annual Premium | S$39.546 |
| Total Annual Premium | S$602.79 |
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| 1 | Guaranteed premium quoted is on an annual basis for a non-smoking male, age 35 next birthday, for a PRUmortgage policy. |
| 2 | Guaranteed premium quoted is on an annual basis for a non-smoking female, age 32 next birthday, for a PRUmortgage policy. |
| 3 | Guaranteed premium quoted is on an annual basis for a non-smoking male, age 35 next birthday, and a non-smoking female, age 32 next birthday, for a PRUmortgage policy. |
| 4 | Non-guaranteed premium quoted is on an annual basis for a non-smoking male, age 35 next birthday, for a Crisis Wavier III supplementary benefit. |
| 5 | Non-guaranteed premium quoted is on an annual basis for a non-smoking female, age 32 next birthday, for a Crisis Wavier III supplementary benefit. |
| 6 | Non-guaranteed premium quoted is on an annual basis for a non-smoking male, age 35 next birthday, and a non-smoking female, age 32 next birthday, for a Crisis Waiver III supplementary benefit. |
| 7 | For joint life PRUmortgage policy, the benefits will be payable if either one of the two Life Assureds (first occurrence only) dies, becomes totally and permanently disabled or suffers terminal illness during the term of the policy. If both Life Assureds either die, become totally and permanently disabled or suffer terminal illness at the same time, we pay only for the first life assured (not both) named on the Certificate of Life Assurance. Please refer to the policy for specific details. |
As Independent Financial Consultants, we provide insurance plans from most of insurance companies. We list several popular mortgage insurance plans from different insurance company for your comparison as below:
- AIA Mortgage Insurance
- NTUC Mortgage Insurance
- Great Eastern Mortgage Insurance
- Prudential Mortgage Insurance
- Tokio Marine Mortgage Insurance
- HSBC Mortgage Insurance
If you feel difficult to find a trusty and professional financial consultant, or if you need an independent financial consultant for unbiased advice. We can recommend a trusty financial consultant to discuss your insurance needs FREE of Charge, please fill below online form to Contact Us now. Our recommended financial consultant will contact you to make you understand how to choose suitable insurance to meet your needs.