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Prudential’s Variable Universal Life Insurance Policies

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 with 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 investment options.
  • Taking an active role with your policy.
  • Potentially building and accessing cash value.

You pick, based on your goals,  your 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 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 three variable universal life insurance policies. When you die, each provides a death benefit. It can be designed to provide money for your family or business so they have the money they need. These policies are flexible in 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 50 underlying investment options or a fixed rate option. Each of the policies offers optional riders you can use to tailor your policy to help with other needs.

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

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  

 Have a Financial Professional contact you

 View VUL Protector's prospectus and performance

 

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&

 

Legacy

Offset Taxes

Business

If your focus is leaving a legacy for the next generation or your favorite charity, this policy may be a good option. This policy covers the lives of two people, paying the death benefit after both have died. With this policy, you take on investment risk for the possibility of higher returns. The amount of risk and potential reward depend on the underlying investment options you select.

This policy offers a No-Lapse Guarantee. Regardless of whether the cash value goes up or down, the guarantee can help keep your life insurance in place.

Tailor your policy

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

  • If you need to increase the cash surrender value during the early years of the policy. See the Enhanced Cash Value Rider.
  • If you’d like the option to split the policy into two individual policies in the event of divorce or if the unlimited marital deduction is repealed. See the Guaranteed Policy Split Rider.
  • If you plan on taking substantial loans1 and want to prevent them from causing the policy to lapse.2 See the Overloan Protection Rider.
  • If your policy is part of your estate planning for couples. See the Estate Protection Rider.

 Learn more about the riders available on PruLife SVUL Protector

 Explore PruLife SVUL Protector   PDF Opens in a New Window  

 View SVUL Protector's prospectus and performance

 Have a Financial Professional contact you

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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 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 VUL Protector and PruLife SVUL 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, reduce the policy’s cash surrender value. 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.

Other important information.

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

PruLife Custom Premier II, VUL Protector, and PruLife SVUL Protector 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 PruLife Custom Premier II contract number is VUL 2018 or ICC18 VUL-2018. The VUL Protector contract number is ICC18 VULPR-2018 or VULPR-2018 (VULNLG-2014 in NY) and may be followed by a state code.The PruLife SVUL Protector contract number is SVUNLG-2017 or ICC17 SVUNLG-2017 and may be followed by a state code. SVUL Protector may not be available in all states.

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.

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, 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

Rider forms and their availability can vary by product and state. Rider form numbers may be followed by a state code:

  • The Living Needs BenefitSM: ORD 87241‐90‐P for PCPII & VUL Protector. (Not available in WA)
  • BenefitAccess Rider:  PCPII (ICC18 VL 145 B6-2018 or VL 145 B6-2018) VUL Protector (ICC17 VL 145 B5‐2017 or VL 145 B5‐2017).
  • Accidental Death Benefit: VL 110 B‐2000 for PCPII & VUL Protector. (Not available in MA)
  • Children Level Term: PCPII & VUL Protector (ICC16 VL 182 B-2016 or VL 182 B-2016).
  • Enhanced Disability Benefit: PCPII & VUL Protector (ICC17 VL 100 B‐2017 or VL 100 B‐2017). 
  • Enhanced Cash Value: SVUL Protector (ICC14 PLI 496‐2014 or PLI 496‐2014) VUL Protector & PCPII (ICC18 PLI 496-2018 or PLI 496-2018). (Not available in NY)
  • Overloan Protection: PCPII, VUL Protector & SVUL Protector (ICC17 PLI 552‐2017 or PLI 552‐2017 or PLY 141-2017).
  • Rider to Provide Lapse Protection: SVUL Protector (ICC17 PLI 551‐2017, PLI 551‐2017 or PLY 140‐2017) VUL Protector (ICC18 PLI 522‐2018 or PLI 522‐2018).
  • Estate Protection Rider: SVUL Protector (ICC15 VL 194 C‐2015 or VL 194 C‐2015).
  • Guaranteed Policy Split Rider: SVUL Protector (ICC15 PLI 493‐2015 or PLI 493‐2015). 

 

For Compliance Use Only

1007021 Ed. 05/2019 1007021-00002-00 Ed. 05/2019