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.
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/.Product availability varies by state. Life insurance policy cash values are accessed through withdrawals and policy loans. Loans are at interest. Loans and withdrawals cause a reduction in cash values and death benefits, may affect any guarantees against lapse, and may have tax consequences. Life insurance policies contain exclusions, limitations, reductions of benefits, and terms for keeping them in force. A financial professional can provide you with costs and complete details. All guarantees and benefits of the insurance policy are backed by the claims-paying ability of the issuing insurance company. Policy guarantees and benefits are not backed by the broker/dealer and/or insurance agency selling the policy, nor by any of their affiliates. None of them makes any representations or guarantees regarding the claims-paying ability of the issuing insurance company. PruLife Founders Plus UL is issued by Pruco Life Insurance Company in all states except New York where, if available, it is issued by Pruco Life Insurance Company of New Jersey. Both are Prudential Financial companies located at 213 Washington Street, Newark, NJ 07102-2992. Each is solely responsible for its own financial condition and contractual obligations. The policy form number is IULNLG-2013 or ICC13 IULNLG-2013. 1The 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 proceeds 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 ($100 in FL) processing fee. You should consult your tax and legal advisors prior to initiating any claim. A licensed health care practitioner must certify the chronic or terminal illness 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 insurance (LTC) and it is not intended to replace LTC. The rider may not cover all of the costs associated with chronic illness. The rider is a life insurance accelerated death benefit product, is generally not subject to health insurance requirements; it may not be available in all states. The rider form number is ICC13 VL 145 B-2013 or VL 145 B-2013 followed by a state code. 2The S&P 500® Index is a product of S&P Dow Jones Indices LLC (“SPDJI”); it has been licensed for use by The Prudential Insurance Company of America for itself and affiliates including Pruco Life Insurance Company and Pruco Life Insurance Company of New Jersey (collectively “Pruco Life”). Standard & Poor’s®, S&P®, and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Pruco Life. Pruco Life’s products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or their respective affiliates; and none of such parties make any representation regarding the advisability of purchasing such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500® Index. S&P 500® index values are exclusive of dividends. 3Waiver of Premium Rider form number is VL 100 B-2013 followed by a state code. 0255836-00001-00