Prudential

UL Product Changes Coming in May and June

March 2019

Prudential is updating PruLife Founders Plus UL® and PruLife Essential UL® on May 6, 2019, subject to state approvals.

PruLife® Universal Plus will be retired 28 days later on June 3, subject to state approvals of Essential UL.

Founders and Essential UL products continue to provide the same great value proposition to clients: cost-effective, permanent death benefit protection with meaningful no-lapse guarantee periods, all with the flexibility of having cash value growth potential.


The updates include:

Founders Plus

  • Repricing to be compliant with Principal Based Reserves (PBR) requirements and the 2017 CSO mortality tables
  • Improving NLG Durations 1 to 2 years on average from ages 40 to 65
  • Improving 10-, 20-, and 30-year cash values in general in issue ages up to 65
  • Improving Commissionable Target Premiums at least 2.5% for ages 40 to 75
  • Simplifying guarantee structure by removing the limited no-lapse guarantee
  • Replacing Enhanced Disability Benefit Waiver with Waiver of Monthly Deductions

Essential UL

  • Repricing to be compliant with Principal Based Reserves (PBR) requirements and the 2017 CSO mortality tables
  • Adding the latest version of BenefitAccess Rider that allows customers to go on claim for temporary conditions (CA and NY have their own version)
  • Lowering the new business minimum face amount to $25K
  • Leveraging product for conversions under $25K and for ages 86 to 90
  • Improving Commissionable Target Premiums at least 2.5% for ages 40 to 75
  • Simplifying guarantee structure by removing the limited no-lapse guarantee
  • Replacing Enhanced Disability Benefit Waiver with Waiver of Monthly Deductions
  • Expanding availability of death benefit Option C, increasing the maximum issue age from 70 to 75; the factor has increased from 1 to 2
  • Updating Enhanced Cash Value (ECV) Rider benefits so the guaranteed factors now equal the current factors

Universal Plus

  • Will be retired, effective June 3, 2019, subject to EUL state approvals
  • Applications received before June 3 will be processed through the end of 2019

Remember ...

PruLife Essential UL is a traditional universal life policy that offers cash value growth through fixed interest crediting.

And

PruLife Founders Plus is an indexed universal life policy offering the advantage of upside potential from the S&P 500 index account with downside protection. Use this option for clients who want a low-cost death benefit option with greater cash value potential.

Both products are attractive options for customers looking to:

  • Transfer greater wealth to future generations
  • Build an estate plan
  • Protect a business
  • Potentially replace their existing coverage with a policy that adds more overall value

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Transition Rules

PruLife Founders Plus and PruLife Essential UL remain competitive for low-cost death benefit protection.
Consider them the next time you are reviewing life insurance options with clients.
 
For more information, please contact your local wholesaler or the National Sales Desk at 1-800-800-2738, option 1.

PruLife Essential UL, PruLife Universal Plus, and PruLife Founders Plus UL 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; both are Prudential Financial companies located in Newark, NJ. Each is solely responsible for its own financial condition and contractual obligations.

FOR FINANCIAL PROFESSIONAL USE ONLY. NOT FOR CONSUMER USE.
© 2019 Prudential Financial, Inc. and its related entities.
1019138-00001-00  Ed. 03/2019