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Prudential’s Variable Universal Life Insurance Policies

A life insurance policy can help you to protect the people you love. It can do so much more, too. If you want protection and the potential to accumulate policy cash value, variable universal life insurance gives you both. The potential to accumulate more cash value occurs through investment features called underlying investment options. (We’ll get to those in a moment.) 

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Should I Keep Reading?

Yes! This is a type of cash value life insurance. It offers both a death benefit and an investment feature. Because it has the potential for greater returns (with greater risk when compared to other types of life insurance), you may be able to accumulate more cash value. It may be a good fit if you want to:

  • Protect your family.
  • Have a chance for potentially greater cash value growth.
  • Take on more risk.
  • Actively manage your policy.

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How These Policies Work

 Before you begin to shop, it’s key to know about:

  • The underlying investment options, known as the investment feature.
  • How to pick an investment option.
  • Taking an active role with your policy.
  • Potentially building and accessing cash value.

You pick, based on your goals, timeframe, and how you feel about risk, from the underlying investment options that make up the investment feature of your policy. The value of your money in the underlying investment options can go up or down. This depends on many things, like how the financial markets are doing.
 
You’ll take on a more active role than with other types of policies.  After picking your investment options, you will need to check in on them as time goes on. This can help you stay on course. Your financial professional can be your guide. He or she will help you decide if this policy is right for you. He or she can also help you to determine your tolerance for risk and the options that may be right for you.
 
To build cash value, you make payments beyond the cost of insurance. That money is placed into underlying investment options that have the potential to grow over time. They may also decrease in value. Any cash value growth within your policy is tax deferred.

You can access the policy’s cash value through loans and withdrawals.1 You can use the money any way you would like. Some people use this money to help buy a home. Others may use it to help pay for a child’s wedding. Others use it for extra money when they retire. How you use it is up to you.

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Prudential’s Policies

We offer two variable universal life insurance policies. When you die, each offers a death benefit. It can be designed to provide money for family or business so they have the money they need. Both policies are flexible with how much and when you pay for the policy. They also give you the potential to accumulate cash value. This is done through your choice of over 60 underlying investment options. Both policies offer optional riders you can use to tailor your policy to help with other needs.

So, why does Prudential offer two types of these policies? Because, in addition to the death benefit, they focus on two different goals.

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Legacy

Additional Income

Illness

Offset Taxes

Business

This policy may be for you if your focus is on protection and if you can take on moderate risk in pursuit of moderate returns.

Regardless of whether the cash value goes up or down in value, this policy offers a No-Lapse Guarantee. It can help keep your life insurance in place for your family. This policy offers no-lapse guarantee options that can last for the rest of your life, if you so choose.

You may be able to extend the No-Lapse Guarantee period with the Lapse Protection Enhancement feature (not available in New York). It also may cause premium payments to be lowered. This depends on how well your policy performs.

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 at some point. 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.
  • If you’re a business owner and need to give up, or surrender, your policy in the early years. See the Enhanced Cash Value rider. It’s an optional benefit that will help your policy gain higher cash value.

 Learn more about the riders available on VUL Protector

 Explore VUL Protector   PDF Opens in a New Window  

 Discover VUL Protector's underlying investment options   PDF Opens in a New Window  

 Get a quote   PDF Opens in a New Window

 Have a Financial Professional contact you

 View VUL Protector's prospectus and performance   PDF Opens in a New Window


Additional Income

Illness

Offset Taxes

Business

You may want this policy if you have a need for protection and your focus is on long-term growth. This may be right for you if you can take on a higher level of risk for the potential of higher returns.

In the early years, your policy may not have enough value to take on any downturns in the underlying investment options. So, this policy offers two No-Lapse Guarantee Periods. They’re designed to give you protection from lapse in the early years of the policy.

  • Short Term – For ages 0 – 59 years, it’s 8 years. For ages 60+, it’s 6 years.
  • Limited – For all ages, the period is the greater of 10 years or age 75.

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 at some point.  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 Custom Premier II

 Explore PruLife Custom Premier II   PDF Opens in a New Window  

 Discover PruLife Custom Premier II’s underlying investment options   PDF Opens in a New Window  

 Have a Financial Professional contact you

 View PruLife Custom Premier II's prospectus and performance   PDF Opens in a New Window

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Footnote

1 Loans are charged interest; they are usually not taxable. Withdrawals are generally taxable to the extent they exceed basis in the policy. Unpaid loans and withdrawals reduce cash values and death benefits; may reduce the duration of the guarantee against lapse, which may lapse the policy; and may have tax consequences.

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. The length of the guarantee period will vary based on:

  • The timing of your premium payments.
  • How often you pay premiums.
  • Policy loans or withdrawals.

Please note that, by paying only the premium required for the lifetime guarantee, you may be foregoing 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 VUL Protector, these charges apply for the first 14 years; for PruLife Custom Premier II, they apply for the first 10 years. The surrender charges, which decline over these years, 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.

Guarantees are based on the claims-paying ability of the issuing insurance company and do not apply to the underlying investment options.

VUL Protector and PruLife Custom Premier II are issued by Pruco Life Insurance Company in all states except New York, where they are issued by Pruco Life Insurance Company of New Jersey and offered through Pruco Securities, LLC (member SIPC). All are Prudential Financial companies located in Newark, NJ. Each is solely responsible for its own financial condition and contractual obligations.

They are also offered by broker-dealers who have an agreement with Pruco Securities, LLC. The VUL Protector contract number is ICC15 VULNLG-2015 or VULNLG-2015 (VULNLG-2014 in NY) and may be followed by a state code. The PruLife Custom Premier II contract number is VUL-2015, ICC15 VUL-2015.

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 variable policies, please consider the investment objectives, risks, and charges and expenses carefully before investing in the contract and/or underlying portfolios. The prospectus and, if available, the summary prospectus contain this information, as well as other important information. You can obtain a copy of the prospectus here. You should read the prospectus carefully before investing.

It is possible to lose money by investing in securities.

Riders

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

  • The Living Needs Benefit℠: ORD 87241 and ORD 87335; there may be state variations.
  • BenefitAccess Rider: ICC14 VL 145 B3-2014 or VL 145 B3-2014,  VL 145 B4-2016 and ICC16 VL 145 B4-2016, followed by a state code.
  • Accidental Death Benefit: VUL Protector (VL 110 B-2000); PruLife Custom Premier II (VL 110 B-2000). Not available in MA.
  • Children Level Term: VUL Protector (VL 182 B-2005); PruLife Custom Premier II (VL 182 B-2005).
  • Enhanced Disability Benefit: VUL Protector (VL 100 B4-2010) or in CA (VL 100 B4-2010 (ED 2014)); PruLife Custom Premier II (VL 100 B-2007). 
  • Enhanced Cash Value: VUL Protector (PLI 496-2014 or ICC14 PLI 496-2014); PruLife Custom Premier II (PLI 496-2014) (ICC14 PLI 496-2014). (Not available in NY.)
  • Overloan Protection: VUL Protector (PLI 518-2008 or PLY 123-2008 NY); PruLife Custom Premier II (PLI 518-2008, PLY123-2008 NY). 
  • Rider to Provide Lapse Protection: VUL Protector PLY 126-2014 for use with VULNLG-2014 in NY; PLI 522-2015 or ICC15 PLI 522-2015 for use with VULNLG-2015 or ICC15 VULNLG-2015.

 

For Compliance Use Only

0298991 0298991-00002-00   Ed. 12/2016