Prudential PruLife UL Protector is more competitively priced for Boomers
By a
"We constantly monitor the competitive environment and consider consumer needs as we evaluate how to improve and align our product portfolio" said
Of particular importance to this group is death benefit coverage that offers a no-lapse guarantee and can help address any expense that could be incurred during a period of chronic or terminal illness. The financial impact of a chronic or terminal illness or caring for a loved one is an issue many people are not prepared for. Yet, about seven-in-ten people age 65 and older will deal with a chronic illness, such as Alzheimer's disease, a stroke or arthritis according to the
More favorable pricing combined with the optional BenefitAccess Rider that provides the ability to accelerate the death benefit can provide a solution to help alleviate this concern. Provided the insured qualifies, the funds can be used for any purpose.
For women, this risk is even greater. In fact, one in three women age 70-74 will deal with a disability compared to 1 in 4 men according to 2014 data reported by
The rider requires an additional premium and underwriting. The BenefitAccess Rider accelerates the life insurance death benefit and will reduce and may use up the death benefit. Some benefit payments may be subject to a fee. Other terms, conditions, and fees apply. The rider form number for the BenefitAccess Rider is VL 145 B-2013 and ICC13 VL 145 B-2013. For California Residents Only: The BenefitAccess Rider is a life insurance benefit that gives the policyowner the option to accelerate some or all of your life insurance policy's death benefit in the event that the criteria for a qualifying event described in the policy is met. This policy or certificate does not provide
BenefitAccess is an Accelerated Death Benefit (ADB) rider on a life insurance policy and is not LTC insurance, nor is it intended to replace the need for LTC insurance.
There is no requirement for the insured to incur LTC expenses in order to be eligible for BenefitAccess benefits. Eligibility for BenefitAccess benefits is based on the insured's chronic illness condition, not the LTC expenses they incur. LTC insurance policies pay on an expense reimbursement basis and benefit eligibility is based on evidence (such as receipts) that the insured has incurred qualified long term care expenses. The benefit payment on a LTC policy amount is equal to the amount of LTC expenses incurred by the insured during that benefit period.
The total benefit amount available under BenefitAccess is the death benefit of the life insurance policy. The total benefit amount available under a LTC insurance policy is based on a benefit level selected by the policyowner at the time of purchase.
Once the insured qualifies for BenefitAccess benefits, payments can begin immediately and there are no restrictions on the use of benefit payments. LTC insurance policies often require that a waiting period or elimination period (such as 90 or 100 days) be satisfied before benefit payments begin, and benefits must be used to pay for qualified LTC expenses.
There may be other differences between BenefitAccess and any specific LTC insurance policy. You should carefully review the specific details of each before making any decision to purchase.
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