Remain Competitive with Term Essential® and Term Elite®

Launch date – July 15, 2019

illustration of businesspeople running on a track

Regulatory requirements associated with 2017 CSO mortality tables are impacting how the life insurance industry prices protection products. This includes Prudential’s Term Essential and Term Elite. Effective July 15, 2019, both products will be repriced to reflect new mortality tables.

Term Essential and Term Elite
Remain Competitive and Attractive

Some prices have increased, while others have decreased, with many scenarios unchanged. The overall average is a 1.5% increase.

Term Elite will also have the following changes:

  • Disability waiver rates have been reduced by an average of 27%. Disability waiver rates have decreased for BOTH Term Essential and Term Elite.
  • Minimum face amount has been increased to $1M
  • Conversion period has been aligned with Term Essential
  • Modal factors have also been reduced

Remember, Prudential’s Term Essential and Term Elite offer:

  • Face amounts to cover the varying needs of clients.
  • Age last birthday pricing; this may mean lower premiums for clients
  • Opportunity to convert to ANY of Prudential’s nine permanent products
  • Living Needs BenefitSM ¹
  • Speed and convenience through emerging e-capabilities

Stay Informed 

To help you best manage the transition, notification will be sent for cases pending on July 15, 2019, that may see lower rates as a result of the revised product. Any additional change in underwriting results or policy details may change the result for customers; please stay connected via Web Case Status.

Your Success Is Important to Us. 

Discover how Term Essential and Term Elite can benefit you and clients and let us help you close your next case by calling the Sales Desk at 1-800-800-2738, Option 1.

For questions or a customized illustration, contact your Prudential Representative.

¹The Living Needs Benefit is an accelerated death benefit and is not a health, nursing home, or long-term care insurance benefit and is not designed to eliminate the need for insurance of these types. There is no charge for this rider but, when a claim is paid under this rider, the death benefit is reduced for early payment, and a $150 processing fee ($100 in Florida) is deducted. If more than one policy is used for the claim, each policy will have a processing fee of up to $150 deducted ($100 in Florida). Portions of the Living Needs Benefit payment may be taxable, and receiving an accelerated death benefit may affect eligibility for public assistance programs. The federal income tax treatment of payments made under this rider depends upon whether the insured is considered “terminally ill” or “chronically ill” and, if the policy is business related, whether the insured is receiving the benefits. We suggest that clients seek assistance from a personal tax advisor regarding the implications of receiving Living Needs Benefit payments. This rider is not available in Minnesota to new purchasers over age 65 until the policy has been in force for one year, and the nursing home option is not available in California, Connecticut, Florida, Massachusetts, New York, or the District of Columbia. This rider is not available in Washington state. In Oregon, term policies must include the waiver of premium benefit to be eligible for this rider. This rider is offered on policies issued by The Prudential Insurance Company of America, Pruco Life Insurance Company, and Pruco Life Insurance Company of New Jersey. All are Prudential Financial companies located in Newark, NJ.

Term Essential and Term Elite are issued by Pruco Life Insurance Company except in New York, where they are issued by Pruco Life Insurance Company of New Jersey. Both are Prudential Financial companies located in Newark, NJ.

PruTerm WorkLife 65SM is issued by Pruco Life Insurance Company, Newark, NJ, except in New York, where it is currently unavailable. This product is not available in all states.

© 2019 Prudential Financial, Inc. and its related entities.
1019809-00001-00   Ed. 06/2019  Exp. 04/01/2020