NEWARK, N.J.--(BUSINESS WIRE)--Prudential’s Individual Life Insurance business (NYSE:PRU), simultaneously introduced an updated version of its variable universal life product, VUL Protector® and a new term product, PruTermSM One. Both products offer consumers tailored coverage depending on their specific needs.
Issued by Pruco Life Insurance Company and Pruco Life Insurance Company of New Jersey, subsidiaries of Prudential Financial, Inc., the enhanced VUL Protector provides life insurance protection with a no-lapse guarantee as well as an optional rider, the BenefitAccess Rider, which allows consumers to accelerate the death benefit to cover costs associated with a chronic or terminal illness. VUL Protector also features 6 new underlying investment options from well-known investment companies that offer the potential to accumulate cash value that clients can utilize during their lifetime.
Seven in ten people age 65 and older will need some type of chronic illness care according to 2013 data from the U.S. Department of Health and Human Services. “VUL Protector can provide flexibility to help consumers meet different challenges throughout their lifetime,” said Mark Hug, Executive Vice President, Product and Marketing, Prudential Individual Life Insurance. “Enhancements to the product strike a balance between the need for life insurance protection and the ability to access cash should unexpected needs arise,” said Hug.
PruTerm One, a one-year, annually renewable, convertible term product is a new product offered through Prudential and is designed to cater to consumers with short-term needs. The product offers consumers the peace of mind that accompanies life insurance protection without a long-term commitment.
“There are many situations that can arise over the course of one’s life that could require the need for life insurance protection on a shorter-term basis. Whether supporting an existing life insurance policy, fulfilling the need to close a temporary life insurance coverage gap or protecting a business in case an owner or key person dies, PruTerm One can be an ideal solution,” said Hug.
Both products further solidify Prudential’s wide array of product solutions for consumers with diverse needs. “The enhancements made to VUL Protector and the introduction of PruTerm One demonstrates our commitment to meeting the evolving needs of consumers,” said Hug.
Prudential Financial, Inc. (NYSE:PRU), a financial services leader, has operations in the United States, Asia, Europe and Latin America. Prudential’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit http://www.news.prudential.com/.
0261195 0261195-00001-00 Ed. 04/2014 Exp. 10/30/2015
VUL Protector® and PruTermSM One are issued by Pruco Life Insurance Company except in New York, where, if available, they are issued by Pruco Life Insurance Company of New Jersey. Both are Prudential Financial companies located in Newark, NJ, and each is solely responsible for its own financial condition and contractual obligations. VUL Protector ® is offered through Pruco Securities LLC (member SIPC), Newark, NJ. Variable life insurance is also offered through broker-dealers who have entered into agreements with Pruco Securities, LLC. The policy form numbers are VULNLG-2014 & ICC14 VULNLG-2014 (VUL Protector) and PART-2014 or ICC14 PART-2014 (PruTerm One).
You should consider the investment objectives, risks, and charges and expenses carefully before investing in the contract, and/or underlying portfolios. The prospectus, and, if available, the summary prospectus, contains this information as well as other important information. A copy of the prospectus(es) may be obtained from Prudential.com. You should read the prospectus carefully before investing.
It is possible to lose money by investing in securities.
The BenefitAccess Rider is available for an extra premium. Additional underwriting requirements and limits may also apply. Obtaining benefits under the terms of the rider will reduce and may eliminate the death benefit.
Benefits paid under the BenefitAccess Rider are intended to be treated for federal tax purposes as accelerated life insurance death benefits under IRC §101(g)(1)(b). Tax laws related to the receipt of accelerated death benefits are complex and benefits may be taxable in certain circumstances. Receipt of benefits may affect eligibility for public assistance programs such as Medicaid. Accelerated benefits paid under the terms of the Terminal Illness portion of the rider are subject to a $150 processing fee ($100 in Florida). Clients should consult tax and legal advisors prior to initiating any claim.
A licensed health care practitioner must certify that the insured is chronically or terminally to qualify for benefits. Chronic illness claims will require recertification by a licensed health care practitioner. Other terms and conditions may apply. This rider is not Long-Term Care (LTC) insurance and it is not intended to replace LTC. The rider may not cover all of the costs associated with chronic or terminal illness. The rider is a life insurance accelerated death benefit product, is generally not subject to health insurance requirements, and may not be available in all states. The policy form number for the BenefitAccess Rider is VL 145 B3-2014 or ICC14 VL 145 B3-2014 followed by a state code.
The BenefitAccess Rider (BAR) is a life insurance benefit that also gives you the option to accelerate some or all of the death benefit in the event that you meet the criteria for a qualifying event described in the policy. This policy or certificate does not provide long-term care insurance subject to California long-term care insurance law. This policy or certificate is not a California Partnership for Long-Term Care program policy. This policy or certificate is not a Medicare supplement (policy or certificate).
All guarantees are based on the claims-paying ability of the issuing company and do not apply to the underlying investments.
Our policies contain exclusions, limitations, reductions in benefits and terms for keeping them in force. A financial professional can provide you with costs and complete details.
