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Prudential’s Universal Life Policies

If we can say that term insurance is like leasing a car, then Universal Life (UL) Insurance is more like buying a car. To put it simply, UL coverage is designed to be there for the rest of your life instead of a set period of time.

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Should I Keep Reading?

Do you want to have a life policy that can provide long-term coverage and flexible premiums? If so, a UL policy may be the right choice for your needs.

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How These Policies Work

If you have UL Insurance, you can choose to make payments beyond the cost of the insurance. Why would you opt to pay more than you had to? There’s a good reason. Those extra funds are placed into an account that earns interest; so the funds can grow over time. We will talk more about what you can do with that cash a bit later on. Also, with UL Insurance, you can choose a payment schedule (monthly, quarterly, bi-annually, annually) that works best for you.

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Prudential’s Policies

We offer three UL policies. Each one provides a death benefit for your loved ones. Plus, each one includes optional features, called riders, that you can use to tailor your policy to best meet your needs.

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Only Death Benefit

Legacy

Illness

Offset Taxes

Business

A key feature of UL Protector is the death benefit guarantee. You can customize the guarantee so that it lasts for as long as you live. It can also last for a shorter amount of time—it’s up to you. A lifetime guarantee means the policy will provide a death benefit for your loved ones when you die, as long as you pay the lifetime no-lapse guarantee premiums. (Note that taking loans or withdrawals may affect the guarantee.)

Tailor your policy

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

  • If you become seriously ill*See the Living Needs BenefitSM and the BenefitAccess Rider.
  • If you become disabled.  See the Enhanced Disability Benefit (to help keep your policy from lapsing).
  • If you would like to provide an additional death benefit to your family. See the Accidental Death Benefit.
  • If you would like to add life insurance coverage for your minor children.  See the Children Level Term Rider.

 Learn more about the riders available on PruLife Universal Protector

 Explore PruLife Universal Protector   PDF Opens in a New Window  

 BUY this policy


Legacy

Offset Taxes

SUL Protector covers two lives and will pay a death benefit when the second insured dies. The policy has a death benefit guarantee like UL Protector. It can be used to help protect and pass on your wealth to your heirs or a charity with a generally tax-free benefit (according to IRC §101(a)). This type of policy can be used in other ways too, like within estate planning.

Tailor your policy

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

  • 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 SUL Protector

 Explore PruLife SUL Protector   PDF Opens in a New Window  

 BUY this policy


Legacy

This is a permanent policy that provides a death benefit to your loved ones. It also offers you the opportunity to grow cash value in an interest-bearing account. The interest rate you earn may go up and down; but there is always a guaranteed minimum rate.

You can access your cash value at any time through policy loans and withdrawals. You can use the money for anything you choose. Some people use the cash for emergencies, for large purchases, or as extra income while in retirement. You should note that loans and withdrawals not paid back have an impact. They reduce cash values and the death benefit. They can also reduce the length of the guarantee against lapse; this can cause the policy to lapse and/or have tax consequences.

Tailor your policy

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

  • If you become seriously ill*See the Living Needs BenefitSM and the MyNeeds Benefit.
  • If you become disabled.  See the Enhanced Disability Benefit (to help keep your policy from lapsing).
  • If you would like to provide an additional death benefit to your family. See the Accidental Death Benefit.
  • If you would like to add life insurance coverage for your minor children.  See the Children Level Term Rider.
  • If you plan to use the cash value at some point.  See the Overloan Protection Rider and the Enhanced Cash Value Rider.

 Learn more about the riders available on PruLife Universal Plus

 Explore PruLife Universal Plus   PDF Opens in a New Window  

 BUY this policy

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Footnote

* Subject to the terms and conditions of the rider.

About the guarantee against lapse.

In general, the more premiums you pay, the longer the guarantee will last. The amount, timing, and number of premium payments will impact the no-lapse guarantee. Any loans and withdrawals may also impact the no-lapse guarantee. Please note that, by paying only the premium required for the lifetime guarantee, you may be forgoing the potential to build tax-deferred cash value. While both UL and SUL Protector offer the potential to build cash value, this is not its main purpose.

Canceling your policy.

If you choose to cancel your policy within a certain number of years, you will incur a surrender charge. For UL Protector, these charges apply for the first 20 years; for SUL Protector, they apply for the first 19 years; for UL Plus, they typically apply for the first 10 years, but may apply for a shorter amount of time at older ages. The surrender charges may reduce the policy's cash surrender value in early years. The policy's cash surrender value is the accumulated value less the surrender charges and any outstanding loan. Other charges include, but are not limited to, premium-based administrative charges and monthly charges including the cost of insurance.

About accessing cash value.

Life insurance policy cash values are accessed through withdrawals and policy loans. Loans are charged interest; they are usually not taxable. Withdrawals are generally taxable to the extent they exceed basis in the policy. Loans that remain unpaid when the policy lapses or is surrendered while the insured is alive will be taxed immediately to the extent of gain in the policy. Unpaid loans and withdrawals reduce cash values and death benefits; they may also reduce the duration of the guarantee against lapse, which may lapse the policy and may have tax consequences. For policies that are Modified Endowment Contracts (MECs), distributions (including loans) are taxable to the extent of income in the policy; an additional 10% federal income-tax penalty may apply. Consult your tax advisor for advice about your own situation.

Riders

Rider availability varies by product and state. The rider form numbers may be followed by a state code:

The Living Needs BenefitSM: ORD 87241 and ORD 87335; there may be state variations
BenefitAccess Rider: The rider is available on certain life insurance policies that are issued by Pruco Life Insurance Companies, Newark, NJ. The rider form number varies by underlying insurance product and is either VL 145 B4-2016 or ICC16 VL 145 B4-2016 (in CA: VL 145 B-2013 (ED 2015)
MyNeeds Benefit Rider: ICC15 PLI 519-2015, PLI 519-2015, or ORD 114419-2015
Enhanced Disability Benefit: PruLife UL Protector: VL 100 B-2016 or ICC16 VL 100 B-2016; PruLife Universal Plus: VL 100 B-2007; VL 100 B-2007 (ED 2014) in CA
Children Level Term Rider: PruLife Universal Protector, PruLife Universal Plus: VL 182 B-2005
Accidental Death Benefit: PruLife Universal Protector, PruLife Universal Plus: VL 110 B-2000 (Not available in MA).
Overloan Protection Rider: PruLife Universal Plus: PLI 518-2008 or PLY 123-2008 (in NY)
Enhanced Cash Value Rider: (Not available in NY); PruLife Universal Plus: PLI 496-2005
Guaranteed Policy Split Rider: PruLife SUL Protector: PLI 493-2011; PLY 118-2011 NY (Not available in PA)
Estate Protection Rider: PruLife SUL Protector: VL 194 C-2000; VL 194 C-2003 in NJ


PruLife Universal Protector (ULNLG-2016 or ICC16 ULNLG-2016), PruLife Universal Plus (UL-2010), and PruLife SUL Protector (SULNLG-2011) are issued by Pruco Life Insurance Company except in New York, where 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.

All guarantees and benefits of the insurance policy are backed by the claims-paying ability of the issuing insurance company.

 

For Compliance Use Only

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