Prudential Enhances Life Insurance Product Portfolio
“We enhanced Founders Plus in response to feedback asking for affordability and flexibility while allowing for a greater range of account options,” said Mark Hug, Executive Vice President, Product and Marketing,
With Americans underinsured by
The BenefitAccess Rider, currently available on Founders Plus, is now also available on Advantage UL. This optional rider allows for the acceleration of the death benefit due to a chronic or terminal illness and has been well received in the marketplace according to Hug. A unique aspect of the BenefitAccess Rider is that the benefit payments can be used for expenses unrelated to care like home modifications, income replacement, household chores or mortgage payments. “What sets this rider apart is the ability to address the financial strain from dealing with a chronic or terminal condition whether those expenses are medical or non-medical,” says Hug.
Additionally, Advantage UL may work as a potential supplemental source of retirement income by offering two interest crediting options (the Basic Interest Account and the Indexed Interest Account) that give the policy the potential to grow its cash value with protection in place against market-based downturns.
“While the trend towards a longer life in retirement is an exciting prospect, it can cause people to think differently about their finances,” said Hug. “Spending more time in retirement may mean more income is needed to maintain one’s lifestyle. At the same time, the reality of dealing with a chronic or terminal illness can quickly drain savings. The changes to these products aim to give people the options they need so they can focus on living rather than worrying about the future.”
The BenefitAccess Rider is not
PruLife® Founders Plus and PruLife® Index Advantage UL are both issued by
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Source:
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