Prudential PruLife UL Protector is more competitively priced for Boomers

By a News Reporter-Staff News Editor at Health & Medicine Week -- PruLife Universal Life Protector (UL Protector), a universal life insurance policy issued by Pruco Life Insurance Company, a Prudential Financial company, is now more competitively priced for individuals between the ages of 55 and 85. On average, annual premiums were reduced by 7-8 percent (see also Insurance Companies).

"We constantly monitor the competitive environment and consider consumer needs as we evaluate how to improve and align our product portfolio" said Steve Roche, vice president, Product Management, Prudential Individual Life Insurance. "UL Protector is a product that supports a variety of estate planning and wealth transfer strategies in a way that is particularly well suited to this segment of the market."

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 U.S. Department of Health and Human Services.

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 Institute for Health Metrics and Evaluation. "As women typically live longer, they are more likely to deal with a chronic or terminal illness," says Roche. "And many women may care for a loved one at some point in their lifetime."

Prudential Financial, Inc. (NYSE:PRU), a financial services leader, has operations in the United States, Asia, Europe, and Latin America. Prudential's diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, investment management, and real estate services. In the U.S., Prudential's iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit http://www.news.prudential.com/ PruLife® Universal Protector is issued by Pruco Life Insurance Company in all states except New York, where it is 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. The contract number is ULNLG-2013.

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 Long-Term Care insurance subject to California Long-Term Care insurance law. This policy or certificate is not a California Partnership for Long-Term Care program policy. This policy or certificate is not a Medicare supplement (policy or certificate). Benefits paid under the BenefitAccess Rider are intended to be treated for federal tax purposes as accelerated life insurance death benefits under IRC 101(g)(1)(b). It is important to understand the differences between the BenefitAccess Rider (BenefitAccess) and Long-Term Care (LTC) insurance.

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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