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Prudential’s Indexed Universal Life Policies

Prudential’s Indexed Universal Life Policies

Indexed Universal Life is life insurance that can provide a death benefit, as all life insurance policies do, along with the potential to build cash value. To build cash value, you make payments beyond the cost of insurance. That money is placed into accounts that can be credited interest and grow over time. The ability to build cash value is based on a financial index. We use the S&P 500® Index.

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Should I Keep Reading?

Yes, if two things are true for you: You want the option to build cash value in the policy; and you are comfortable with the amount you can build being limited in exchange for some security against losing money. Still interested? If so, an indexed UL policy could be right for you.

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How These Policies Work

One of the benefits of this type of policy is its potential to build cash value. Interest is credited based on a fixed rate or how the S&P 500®, performs. The interest activity in the policy mirrors the up and down changes of the index. Each index account includes a minimum interest rate of 0% (the floor) that protects you from market-based loss; it may also include a maximum that would limit growth as well (the cap). Please understand that the money in these policies is not directly invested in any index, including the S&P 500®.

Built-in features help to limit extreme losses and gains. These policies have:

  • A “cap”: It limits how much index interest can be credited.
  • A “floor”: protects against loss.

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Prudential’s Policies

We offer three indexed policies. All provide a death benefit to your family or business when you die. They also offer flexible premium payments. This means that keeping the policy in effect as your situation changes is easier.

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Only Death Benefit

Legacy

Illness

Offset Taxes

Business

This policy lets you keep the insurance protection you need safe for as long as you need it. You can do this with an adjustable guarantee against lapse.

Your policy can build cash value. This is money you can use for anything you choose.1 A common use is extra money during retirement. This policy also offers a rider that can accelerate the death benefit if you become seriously ill.

Two interest-crediting options help to build cash value: 

  • One is based on a fixed, declared interest rate (basic interest).
  • The other is based on the performance of the S&P 500® Index and offers more growth potential. This option does not include dividends. It has a floor of 0% to protect against losses and a cap that limits the amount of interest that can be credited.

Please note that policy features vary by state.

Tailor your policy

You can build this policy with optional features. These are called riders. Riders can help you:

  • If you become seriously ill.2 See the Living Needs BenefitSM and the BenefitAccess Rider.
  • If you become disabled. See the Enhanced Disability Benefit.
  • If you would like to provide an additional death benefit to your family. See the Accidental Death Benefit.
  • If you plan to use the cash value. See the Overloan Protection Rider and the Enhanced Cash Value Rider.
  • If you would like to get life insurance coverage for your minor children. See the Children Level Term Rider.

 Learn more about the riders available on PruLife Founders Plus UL

 Have a Financial Professional contact you

 Review index performance for PruLife Founders Plus UL   PDF Opens in a New Window  

 

Additional Income

Illness

Offset Taxes

Business

Of our indexed policies, this one has the greatest potential to build cash value. You may be able to use this money for extra income when you retire.1

You can keep the life insurance protection you need safe for up to 20 years with a guarantee against lapse. Plus it offers a rider that can accelerate the death benefit if you become seriously ill.

Four interest-crediting options help build cash value:

  • One is based on a fixed, declared interest rate.
  • The other three are based on the performance of the S&P 500® Index. These do not include dividends. Each has a floor of 0% to protect against losses and a different cap. They have other features that can make it possible to credit more based on different market environments.

Tailor your policy

You can build this policy with optional features. These are called riders. Riders can help you:

  • If you become seriously ill.2 See the Living Needs BenefitSM and the BenefitAccess Rider.
  • If you become disabled. See the Enhanced Disability Benefit.
  • If you would like to provide an additional death benefit to your family. See the Accidental Death Benefit.
  • If you plan to use the cash value. See the Overloan Protection Rider and the Enhanced Cash Value Rider.
  • If you would like to get life insurance coverage for your minor children. See the Children Level Term Rider.

 Learn more about the riders available on PruLife Index Advantage UL

 Explore PruLife Index Advantage UL   PDF Opens in a New Window  

 Have a Financial Professional contact you

 Review index performance for PruLife Index Advantage UL   PDF Opens in a New Window  

 

Legacy

Offset Taxes

This policy covers two people; it pays the death benefit when both have died. It’s designed to help you grow and protect a legacy for your heirs.

This policy has the potential to build cash value. It has a modest guaranteed minimum interest rate. An adjustable guarantee against lapse can also help you ensure the policy stays in effect.

Tailor your policy

You can build this policy with optional features. These are called riders. Riders can help you:

  • If you become seriously ill.2 See the Living Needs BenefitSM and the Survivorship BenefitAccess Rider.
  • If you plan to use the cash value. See the Enhanced Cash Value Rider.
  • If your policy is part of your estate planning for couples. See the Guaranteed Policy Split Rider and the Estate Protection Rider.

 Learn more about the riders available on PruLife Survivorship Index UL

 Explore PruLife Survivorship Index UL   PDF Opens in a New Window  

 Have a Financial Professional contact you

 Review index performance for PruLife Survivorship Index UL   PDF Opens in a New Window  

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Footnote

  • 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.

  • 2 Subject to the terms and conditions of the rider.

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.

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) or Plus 100 Account is based in part on the performance of the S&P 500® Index (using an index growth cap 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) or Plus 100 Account is not a direct investment in the S&P 500® Index. PruLife Founders Plus, PruLife Index Advantage UL, and PruLife Survivorship Index UL are not variable contracts or investment contracts.

For the PruLife Advantage UL, if amounts in the Indexed accounts are withdrawn prior to the end of the one-year term, no interest will be credited on the portion withdrawn.

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 Plus 100 Account Segment duration, regardless of changes to the designated index. The Index Growth Cap is declared for each Plus 100 Indexed Account Segment or Index 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 Plus 100 Account Segment or Indexed Account 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. Index Growth Caps and Floors may be different in selected states.
For Index Advantage UL, the Multiplier is the amount that the earned rate on the Indexed Account with Multiplier will be multiplied by after applying the Cap for the Indexed Account with Multiplier. The Spread is the percentage that will be deducted from the earned rate on the Uncapped Indexed Account.

The Index Growth Cap, Multiplier, 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, Multiplier, 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, no less than 1.15 for the Multiplier, 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. Index Growth Caps, Multiplier, Spreads, and Floors may be different in selected states.

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.

Riders

The rider form numbers may all be followed by a state code:

  • The Living Needs BenefitSM: ORD 87241 and ORD 87335; there may be state variations.
  • BenefitAccess Rider: The rider form number varies by underlying insurance product and is VL 145 B2-2013, VL 145 B4-2016 NY only, VL 145 B5-2017, or ICC17 VL 145 B5-2017.
  • 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 PLI 496-2017. Not available in NY.
  • Overloan Protection Rider: PruLife Index Advantage UL, PruLife Founders Plus, and PruLife Survivorship Index UL: PLI 552-2017, ICC17 PLI 552-2017, or (in NY) PLY 141-2017 or ICC18 PLI 557-2018 and PLI 557-2018.
  • Guaranteed Policy Split Rider: PruLife Survivorship Index UL: ICC18 PLI 493-2018 or PLI 493-2018; PLY 118-2018 (in NY).
  • Estate Protection Rider: PruLife Survivorship Index UL: ICC15 VL 194 C-2015 or VL 194 C-2015.


PruLife Founders Plus UL (ICC18 IULPR-2018, IULPR-2018), PruLife Index Advantage UL (ICC17 IUL-2017 or IUL-2017), and PruLife Survivorship Index UL (SIULPR-2018 & ICC18 SIULPR-2018) 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. All are Prudential Financial companies located in Newark, NJ. Each 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.

 

For Compliance Use Only 1017090    Ed. 04/2019 For Compliance Use Only 1017090-00002-00 Exp. 10/15/2020

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