Pruco Life Insurance Company, a subsidiary of Prudential Financial, Inc., has introduced a universal life insurance product that, it said, offers consumers death benefit protection with tax-advantaged growth potential and the ability to access cash value.
According to the company, PruLife Founders Plus UL provides death benefit protection with an extended no-lapse guarantee, and offers a choice between two interest crediting account options that can help build cash value in the policy. Additionally, the company said, an optional benefit access rider allows consumers to advance up to 100 percent of the death benefit should they become chronically or terminally ill.
“PruLife Founders Plus UL is designed to help consumers balance and achieve a variety of insurance and financial goals,” said Mark Hug, the executive vice president of product and marketing for the individual life insurance operations at Prudential. “The combination of features available in this product can give consumers' access to benefits to address chronic illness costs, estate planning, and business succession activities.”
The company said that Founders Plus UL has two account options that support cash value accumulation: The fixed account offers a competitive interest crediting rate with a guaranteed minimum; the plus account combines the potential to earn both basic interest and index interest, which is tied to the performance of the S&P 500.
Additional elements of the product include:
- An extended no-lapse guarantee that has the potential to provide consumers with guaranteed coverage into the mid to late 80s or longer, provided certain circumstances are met.
- An optional waiver of premium rider that can cover the cost of premiums or certain monthly policy charges should the insured become disabled provided he or she meets the terms and conditions.
- The ability to choose the amount of premium payments (within limits) to improve the policy's cash value accumulation potential.
“Our focus on making our life insurance products more relevant has continued to evolve resulting in added living benefits and policy features that make our products more flexible and valuable to consumers,” said Mr. Hug.
Learn more: http://www.news.prudential.com/.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].