EVER since the 1960s, changes in population constitution and economic patterns have significantly affected Malaysian families.
Over the last five decades, modernisation, urbanisation, migration and economic development have altered the concept of family and family ties – leading to a more segregated family structure.
While that may sound foreboding, the aforementioned factors have contributed to increased life expectancy for Malaysians in relation to their improved economic and social statuses. In turn, families have gotten “bigger” while structures have evolved.
Think about the modern family structure for a minute.
Families come in all shapes and sizes and your definition of family may differ from the next person. A modern or blended family may consist of a couple living with their children as well as kids from previous relationships, and that’s only one example.
So who do you consider a family member or loved one? Are only those related by blood to you family, when there are extended family members whom you care about that may not share the same genetic makeup?
More importantly, how can you protect people you love for the future?
The meaning of ‘family’ broadens
One of the safest investments you can make for those whom you call family is insurance.
Considering that diverse family units can be nuclear, extended or adoptive, if all these individuals are entitled to insurance plan, there should be no mismatch or gap in coverage at least.
One needs to consider the nuances between parents’ and children’s protection plans, changes in coverage as children approach adulthood, and evolving relationships within the family.
Prudential Malaysia is taking a more progressive and inclusive approach in defining a family through their Made for Every Family campaign by expanding the definition of financial dependents for its insurance policies and takaful certificates beyond traditional relationships such as spouse, children and legal guardian ties.
Based on the new definition, Prudential enhanced its product proposition, underwriting, on-boarding requirements, and scope to protect every type of family – to help more people get the most out of life.
After all, family units can extend to members living outside the immediate household, especially for Malaysians taking care of those beyond the traditional family.
Under the Made for Every Family campaign, you now have protection solutions for your grandparents, adoptive family members, uncles and aunts, nephews and nieces, or any of your kin who are financially dependent on others for living maintenance or education.
Prudential enables customers to protect family members should any untowards happens to their loved ones. It also helps ensure dependents are financially prepared in case of emergencies too.
It is worth noting that parents or other adults in the family unit often are the ones who make decisions for younger members. For instance, an aunt could be the legal guardian of a niece or nephew and is responsible for navigating that system on the child’s behalf.
In another real world example, an aunt looking after her nephew might consider themselves family and feel responsibility towards each other. So if a member in this unit becomes ill, the other would want to see to it that care is provided and paid for.
Despite good intentions, individuals in these family units might not be able to provide insurance for all the members through traditional insurance programmes and may not even qualify for insurance coverage.
With its Made for Every Family solution, Prudential is able to cover more people and families that go beyond the traditional definition of family.
Build your family virtually
Famvatar, a Prudential-only digital experience, lets you create a group avatar starring your family to use as fun-filled chat stickers and more. The avatars and stickers are instantly created from the photos you upload and stitched together as a set.
With Famvatar you can stand a chance to win up to RM40,000* worth of prizes for joining the Famvatar digital experience.
Just follow these steps to join in on the family fun:
1. Customise your family avatar via Prudential’s Famvatar platform. Submit your details and be the first 100 users to download the bonus stickers to win RM200 worth of travel vouchers.
2. Download the Pulse app by Prudential. Head on to “My Communities” and join the “Live Happy” community. Post your bonus Famvatar stickers to the “Live Happy” community and include your answer to “What Does Family Mean to You?” in your caption with the “#MadeForEveryFamily” hashtag in your post title. The first 100 submissions via the Pulse app will win an additional RM100 travel voucher.
3. Stand a chance to also win the grand prize (family portrait photography worth RM10,000*) when you share your Famvatar bonus stickers on Prudential Facebook (in the comments section) or Instagram feed and answer the following question in your caption: What Does Family Mean to You?
Don’t forget to tag @prudentialmalaysia and include #PRUFamvatarMY and #MadeForEveryFamily hashtags.
* Terms and conditions apply. Get your loved ones protected with a Prudential inclusive protection plan. For more information, visit www.prudential.com.my/en or reach out to a Prudential wealth planner.