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Universal Life Insurance
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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Actions How These Policies Work
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 two 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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Legacy
Illness
Offset Taxes
Business
You work hard to protect the important people in your life. When you die, you want to be remembered as someone who ensured that the people and causes you loved were taken care of. PruLife Essential UL can help you do just that. It provides a death benefit for your loved ones.
PruLife Essential UL also has features that are designed for you to use while you’re living. These benefits include cash value accumulation and access to optional living benefits.
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 Benefit and BenefitAccess Rider.
- If you become disabled. See the Enhanced Disability Benefit (to help protect your policy from lapsing).
- If you would like to provide an additional death benefit to your family if you die by accident. See the Accidental Death Benefit Rider.
- 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.
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Legacy
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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.
Looking for the index performance?
Links to that information are now available on the page for indexed policies. to prudential’s indexed universal life policies
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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 ICC 18 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.