1 You can access life insurance policy cash values through withdrawals and loans. Interest is charged on loans. In general, loans are not taxable. Withdrawals are taxable to the extent they exceed basis in the policy. If you take a loan and do not pay it back before the policy lapses or is canceled or the insured dies, this will cause immediate taxation to the extent of gain in the policy. Unpaid loans and withdrawals reduce cash values and policy benefits and can also reduce the length of the guarantee against lapse; this can cause the policy to lapse and/or have tax consequences. If a policy is a Modified Endowment Contract (MEC), distributions (including loans) are taxable to the extent of income in the policy; plus, an additional 10% federal income tax penalty may apply. Please consult your tax advisor for advice about your own situation.
About the guarantee against lapse.
Generally, the more premiums you pay, the longer the guarantee will last. Changing when and/or how often you pay premiums and taking loans or withdrawals will also affect the guarantee. All guarantees and benefits of the insurance policy are backed by the claims-paying ability of the issuing insurance company.
Canceling your policy.
- If you choose to cancel your policy, you may incur fees known as surrender charges.
- Surrender charges may reduce the policy’s cash value in early years. The policy’s cash surrender value is the accumulated value less the surrender charges.
- Other charges may include, but are not limited to: premium-based administrative charges; and monthly charges including cost of insurance.
- PruLife Index Advantage UL has a 15-year declining surrender charge.
- PruLife Founders Plus UL and PruLife Survivorship Index UL have 14-year declining surrender charges.
About how the indexed accounts work.
The potential to build cash value in the Indexed Account(s) is based on the performance of its respective index (using an index growth cap, if applicable, and floor) on an annual point-to-point basis based on a 100% participation rate (subject to change). Money that is placed in the Indexed Account(s) is not a direct investment in the respective index and doesn’t include dividends. PruLife Founders Plus, PruLife Index Advantage UL, and PruLife Survivorship Index UL are not variable contracts or investment contracts.
For the Indexed Accounts, the Index Growth Cap is generally stated as a percentage, which is the maximum rate of interest that will be credited at the end of the one year segment duration, regardless of changes to the index. The Index Growth Cap is declared for each segment in advance of each segment start date. The Index Growth Cap may be raised or lowered at our discretion before the segment is created, but will not be lower than the guaranteed minimum index growth cap stated in the policy. Once a segment is created, its Index Growth Cap will not change. Changes are not tied to the performance of the underlying index and may be based on interest rates, market volatility, and other factors. The Goldman Sachs Voyager Indexed Account does not have an index growth cap. For Index Advantage UL, Spread is the percentage that will be deducted from the earned rate on the Uncapped Indexed Account.
The Index Growth Cap and Spread are declared for each Index Segment and Indexed Account option as applicable in advance of each Index Segment Duration. The Index Growth Cap and Spread are subject to change at our discretion, both up and down, but are guaranteed to never be less than 3.00% for the Cap, and no more than 30% for the Spread. Changes are not tied to the performance of the underlying index and may be based on interest rates, market volatility, and other factors.
The Cap has a limit on how high your interest rate can go. You’ll earn interest when the index performs well, but the rate will never be higher than the Cap. The floor helps protect you from market downturns. It will never be less than 0% for any indexed account option. The Participation Rate governs the return you will receive, subject to the Cap (if applicable) and Floor. Even if an index has a negative performance, your interest rate will never be lower than 0%. The participation rate of 100% means you’ll earn interest in line with what the index earns, subject to the Cap, if applicable, and the Floor.
The 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”). 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. None of these parties make any representation regarding the advisability of purchasing such product(s). Also, they do not have any liability for any errors, omissions, or interruptions of the S&P 500® Index. S&P 500® index values are exclusive of dividends.
The fixed indexed universal life product is not sponsored, endorsed, sold, guaranteed, underwritten, distributed or promoted by Goldman Sachs & Co. or any of its affiliates (including Goldman Sachs Asset Management, L.P.), with the exception of any endorsement, sales, distribution or promotion of this product that may occur through its affiliates that are licensed insurance agencies (excluding such affiliates, individually and collectively, “Goldman Sachs”) or its third party data providers.
Goldman Sachs and its third party data providers make no representation or warranty, express or implied, regarding the advisability of purchasing life insurance products generally or the fixed indexed universal life product or selecting the reference indexes available through the fixed indexed universal life product particularly, the ability of the Goldman Sachs Voyager Index (the “Index”) to perform as intended, the merit (if any) of obtaining exposure to the Goldman Sachs Voyager Index or the suitability of purchasing or owning the fixed index universal life product. Goldman Sachs and its third party data providers do not have any obligation to take the needs of the owners of the fixed indexed universal life product into consideration in determining, composing or calculating the Goldman Sachs Voyager Index.
GOLDMAN SACHS DOES NOT GUARANTEE THE ADEQUACY, TIMELINESS, ACCURACY AND/OR COMPLETENESS OF GOLDMAN SACHS VOYAGER INDEX OR OF THE METHODOLOGY UNDERLYING THE INDEX, THE CALCULATION OF THE INDEX OR ANY DATA SUPPLIED BY IT FOR USE IN CONNECTION WITH THE FIXED INDEXED UNIVERSAL LIFE PRODUCT. GOLDMAN SACHS HEREBY EXPRESSLY DISCLAIMS ANY AND ALL LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN OR IN THE CALCULATION THEREOF. GOLDMAN SACHS EXPRESSLY DISCLAIMS ALL LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT OR CONSEQUENTIAL DAMAGE EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.
THIRD PARTY DATA IS USED UNDER LICENSE AS A SOURCE OF INFORMATION FOR GOLDMAN SACHS VOYAGER INDEX. THIRD PARTY PROVIDER HAS NO OTHER CONNECTION TO GOLDMAN SACHS INDEXES AND SERVICES AND DOES NOT SPONSOR, ENDORSE, RECOMMEND OR PROMOTE ANY GOLDMAN SACHS INDEX OR SERVICES. THIRD PARTY PROVIDER HAS NO OBLIGATION OR LIABILITY IN CONNECTION WITH THE GOLDMAN SACHS INDEX AND SERVICES. THIRD PARTY PROVIDER DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF ANY MARKET DATA LICENSED TO GOLDMAN SACHS AND SHALL NOT HAVE ANY LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. THERE ARE NO THIRD-PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN THIRD PARTY PROVIDER AND GOLDMAN SACHS.
There is no guarantee that the Index will not underperform some or all of the underlying assets. In particular, the Index may have a significant weight in one of those assets at the time of a sudden drop, or no exposure to one of those underlyings at a time it has a strong performance, or a significant weight to the cash component.
Different indices with a different set of underlying assets may significantly outperform the Index. The Index is not actively managed and Goldman Sachs does not exercise discretion in constructing, calculating or executing the strategy. For further information and disclosure about the strategy, including relevant risk factors, please refer to the related transaction documentation. The Index was launched on June 7, 2019.
The rider form numbers may all be followed by a state code:
- The Living Needs BenefitSM: ORD 87241-90 and ORD 87335-90; there may be state variations.
- BenefitAccess Rider: The rider form number varies by underlying insurance product and is VL 145 B2-2013, ICC18 VL 145 B6-2018, or VL 145 B6-2018.
- Survivorship BenefitAccess Rider: PruLife Survivorship Index UL: ICC18 VL 147 SB1-2018 or VL 147 SB1-2018.
- Enhanced Disability Benefit: PruLife Index Advantage UL and Founders Plus UL: VL 100 B2-2016 or ICC16 VL 100 B2-2016.
- Waiver of Monthly Deductions: PruLife Founders Plus: ICC18 VL 100 B-2018 or VL 100 B-2018.
- Children Level Term Rider: PruLife Index Advantage UL and Founders Plus UL: ICC16 VL 182 B-2016 or VL 182 B-2016.
- Accidental Death Benefit: PruLife Index Advantage UL and PruLife Founders Plus: VL 110 B-2000. Not available in MA.
- Enhanced Cash Value Rider: PruLife Index Advantage UL, PruLife Founders Plus, and PruLife Survivorship Index UL:
ICC18 PLI 557-2018 and PLI 557-2018 or ICC17 PLI496-2017 or PLI 496-2017.
- Overloan Protection Rider: PruLife Index Advantage UL, PruLife Founders Plus, and PruLife Survivorship Index UL: PLI 552-2017, ICC17 PLI 552-2017.
- Guaranteed Policy Split Rider: PruLife Survivorship Index UL: ICC18 PLI 493-2018 or PLI 493-2018.
- Estate Protection Rider: PruLife Survivorship Index UL: ICC15 VL 194 C-2015 or VL 194 C-2015.
PruLife Founders Plus UL (ICC20-IULPR or IULPR-2020), PruLife Index Advantage UL (ICC20-IUL or IUL-2020) and PruLife Survivorship Index UL (SIULPR-2018 & ICC18 SIULPR-2018) are issued by Pruco Life Insurance Company. Prudential Financial is located in Newark, NJ. It is solely responsible for its own financial condition and contractual obligations. These policies may not be available in all states.
All guarantees and benefits of the insurance policy are backed by the claims-paying ability of the issuing insurance company.
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.
Not Insured by FDIC or any Federal Government Agency | May Lose Value | Not a Deposit of or Guaranteed by the Bank or any Bank Affiliate.