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Universal Life Insurance Policies Protect your loved ones with versatile, guaranteed coverage for life
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Actions What is Universal Life Insurance?
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Cash value growth
You also have the potential to build cash value (“living benefits”) in your universal life policy with a portion of your monthly premiums earning credited interest.
Flexibility
If your circumstances change, you can adjust the value of your coverage to raise or lower your premium payments (once you meet the minimum).
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Actions How do Universal Life Insurance policies work?
Prudential has two competitively priced Universal Life Insurance policies, with each offering valuable death benefit protection and a no-lapse guarantee that can provide guaranteed coverage as long as sufficient premiums are paid, and other guarantee requirements are met.
- You can choose to make higher premium payments. Those extra premiums are placed into an account that earns interest based on a fixed rate, potentially building the cash value of your policy.
- Your payment amounts are flexible and, provided you meet certain minimums, can be adjusted to fit your financial needs.
- Also, with Universal Life Insurance, you choose the payment schedule (monthly, quarterly, bi-annually, annually) that works best for you.
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Actions What Universal Life Insurance policies does Prudential offer?
We offer two Universal Life Insurance policies through our carriers, Pruco Life Insurance Company and Pruco Life Insurance Company of New Jersey. Each option provides a death benefit to your family or business when you die and offers optional riders, so you can build on your financial protection where you need it most.
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PruLife Essential UL
PruLife Essential UL is an affordable way to ensure your beneficiaries receive a death benefit. This universal life policy features a no-lapse guarantee that can provide guaranteed coverage as long as sufficient premiums are paid, and other guarantee requirements are met.
It also has the potential to accumulate tax-deferred cash value. A portion of your premium helps accumulate cash value and daily interest crediting means steady cash value growth potential not tied to fluctuating markets. You can choose to pay the minimum to keep the policy in force or increase your premium amount for faster cash value accumulation and a longer no-lapse guarantee.
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Actions PruLife SUL Protector
PruLife SUL Protector offers protection for two people and will pay a death benefit when both have died. 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 universal life policy features a no-lapse guarantee that can provide guaranteed coverage as long as sufficient premiums are paid, and other guarantee requirements are met.
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Actions Riders for Universal Life Insurance at Prudential
If you’re looking to customize your policy to better fit your needs, PruLife Essential UL offers these optional features, called riders:*
- Living Needs Benefit and BenefitAccess Rider can provide living benefits if you become terminally ill. BenefitAccess Rider also provides benefits if you become chronically ill.
- Enhanced Disability Benefits help protect your policy from lapsing if you become disabled.
- Accidental Death Benefit Rider provides an additional death benefit to your family if you are in an accident that causes your death.
- Children Level Term Rider adds life insurance coverage for your minor children.
- Overloan Protection Rider allows you to avoid a lapse in coverage if you take substantial loans from your policy.
- Enhanced Cash Value Rider offers higher cash surrender values if you need to give up your policy in the early years. (Primarily for business owners.)
PruLife SUL Protector offers the following riders:
- Guaranteed Policy Split Rider allows you to split the one policy into two if estate laws change or you get divorced.
- Estate Protection Rider increases the death benefit by up to 100% if both people on the policy die before the 4th policy anniversary.
* Riders (except Living Needs Benefit and Guaranteed Policy Split Rider) are available for an additional cost.
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Actions Want to learn more about
Prudential Universal Life Insurance policies?
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Actions Explore your options No matter your life insurance needs, we’ve got you covered.
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Actions Term Life Insurance
Offers affordable death benefit protection for a set period of time with the option to convert your policy (during the conversion period) to one of our permanent solutions should your circumstances change.
Indexed Universal Life Insurance
A policy with cash value growth potential that offers a death benefit with no-lapse guarantees and various crediting options, so it can help you while you’re still living as well as providing for loved ones after you die.
Variable Universal Life Insurance
Offers a death benefit with no-lapse guarantees and has the greatest potential to build cash value compared with other permanent policies, but cash value fluctuates with investment performance results.
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* Subject to the terms and conditions of the rider.
About the No-Lapse Guarantee.
Generally, the more premiums you pay, the longer the guarantee will last. The length of the guarantee will vary and may or may not keep your policy in effect for the length of time you want. The guarantee is based on several factors, including:
- The amount and timing of your premium payments.
- How often you pay premiums.
- Whether you take any policy loans or withdrawals.
Please note that, by paying only the premium required for the guarantee, you may be forgoing the potential to build tax-deferred cash value. While these policies offer the potential to build cash value, this is not their primary purpose.
Canceling your policy.
If you choose to cancel your policy within a certain number of years, you will incur a surrender charge. For SUL Protector, these charges apply for the first 19 years; for Essential UL, they apply for the first 14 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: PruLife Essential UL: ORD 87241-90-P (Not available in WA)
- BenefitAccess Rider: The rider form number varies by underlying insurance product and is VL 145 B4-2016 (NY only),
VL 145 B2-2013 (CA only), VL 145 B5-2017, or ICC17 VL 145 B5-2017. - Waiver of Monthly Deductions: PruLife Essential UL: VL 100 B-2018 or ICC18 VL 100 B-2018
- Children Level Term Rider: PruLife Essential UL: VL 182 B-2016 and ICC16 VL 182 B-2016
- Accidental Death Benefit: PruLife Essential UL: VL 110 B-2000 (Not available in MA)
- Overloan Protection Rider: PruLife Essential UL: PLI 552-2017 or ICC17 PLI 552-2017
- Enhanced Cash Value Rider: PruLife Essential UL: PLI 496-2018 or ICC18 PLI 496-2018 (Not available in NY)
- Guaranteed Policy Split Rider: PruLife SUL Protector: ICC15 PLI 493-2015 or PLI 493-2015
- Estate Protection Rider: PruLife SUL Protector: ICC15 VL 194 C-2015 or VL 194 C-2015
PruLife Essential UL (EULPR-2018 or ICC18 EULPR-2018) and PruLife SUL Protector (SULPR-2017 or ICC17 SULPR-2017) 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.
Our policies contain exclusions, limitations, reductions in benefits, and terms for keeping them in force. We can provide you with costs and complete details.