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.
You can access life insurance policy cash values through withdrawals and loans. Interest is charged on loans. In general, loans are not taxable. Withdrawals are taxable to the extent they exceed basis in the policy. If you take a loan and do not pay it back before the policy lapses or is canceled or the insured dies, this will cause immediate taxation to the extent of gain in the policy. Unpaid loans and withdrawals reduce cash values and policy benefits and can also reduce the length of the guarantee against lapse; this can cause the policy to lapse and/or have tax consequences. If a policy is a Modified Endowment Contract (MEC), distributions (including loans) are taxable to the extent of income in the policy; plus, an additional 10% federal income tax penalty may apply. Please consult your tax advisor for advice about your own situation.
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), ICC18 VL 145 B6-2018 or VL 145 B6-2018
- 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.
1011072 Ed. 02/2021
For Compliance Use Only1011072-00007-00