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Variable Universal Life Insurance

Variable Universal Life Insurance

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?

This is a type of cash value life insurance. After you die, your variable universal life insurance policy can help meet the financial needs of the people you love. It may also help meet your needs while you're still living. 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 time frame, 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 50 or more 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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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 (9 years in NY only); 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 (VULPR-2018-NYA) and may be followed by a state code. The PruLife SVUL Protector contract number is SVULPR-2020 or ICC20 SVULPR-2020 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:

  • 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).
  • Survivorship BenefitAccess Rider: ICC18 VL 147 SB1-2018 or VL 147 SB1-2018. (Not available in NY or CA)
  • 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 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 (ICC20 PLI 551-2020, PLI 551-2020 or PLY 140-2020) VUL Protector (ICC18 PLI 522‐2018, PLI 522‐2018 or PLY 126-2018 NYA).
  • Estate Protection Rider: SVUL Protector (ICC15 VL 194 C‐2015 or VL 194 C‐2015).
  • Guaranteed Policy Split Rider: SVUL Protector (ICC18 PLI 493‐2018 or PLI 493‐2018).

 

For Compliance Use Only

1007021 Ed. 10/2020 1007021-00003-00  Ed. 10/2020