Prudential Enhances Its Permanent Life Insurance Product Portfolio

Pruco Life Insurance Company, a subsidiary of Prudential Financial, Inc. (NYSE:PRU), introduced its newest universal life insurance product that offers consumers death benefit protection with tax-advantaged growth potential and the ability to access cash value.

PruLife Founders Plus UL provides cost-effective 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, an optional BenefitAccess Rider, available for an additional cost, allows consumers to advance up to 100% of the death benefit should they become chronically or terminally ill 1.

“PruLife Founders Plus UL is designed to help consumers balance and achieve a variety of insurance and financial goals,” said Mark Hug, Executive Vice President, Product and Marketing, Prudential Individual Life Insurance. “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.”

A record 21.5 million Millennials (ages 18 to 31) lived in their parents’ home in 2012, up from 18.5 million of their same aged counterparts in 2007, according to Pew Research Center in a 2013 analysis. “Multi-generational homes are becoming more prevalent and creating additional financial responsibilities to consider as part of retirement planning,” said Hug. “The potential for cash value accumulation can give consumers’ access to tax-deferred dollars and the added flexibility of the Benefit Access Rider can give consumers’ access to tax-deferred dollars to address chronic illness costs, estate planning and business succession activities.”

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 ®2.

Additional key 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 they meet the terms and conditions. 3
  • 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 Hug. “PruLife Founders Plus is a prime example of how our overall product portfolio is designed to provide meaningful solutions that meet an array of needs.”

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