Advisors Blog

PruLife Essential UL is now available in California starting July 24, 2017. This is a new current assumption universal life product with long-term secondary guarantees and favorable loan provisions. Available in all states, with the exception of Connecticut.

It's a low cost, efficient product with mid 90s guarantees and attractive rolling targets. Currently crediting a competitive 3.90% annual interest rate (2.0% contractual minimum) and includes Prudential’s popular Benefit Access Rider (BAR) which is an indemnity-style Chronic Illness Rider, now available in most states (California pending approval).

It offers a longer secondary guarantee than most of today’s current assumptions ULs. It even allows the Chronic Illness Rider to be used in conjunction with other face amount options such as the Variable death benefit or Return of Premium (ROP) death benefit, allowing chronic illness benefits to increase over time. 

This product is especially useful in loan-rescue scenarios – it accepts large 1035s from high-loan policies and offers the ability to retire the loan with little or no adverse tax effects, while retaining the valuable coverage.  Whole life policies with large loans and high loan interest rates would be good candidates to covert to PruLife Essential UL.

It would also be an attractive alternative to those who can’t sell IUL outside their firms, but have a cash accumulation need.

Below is the full text of the recent Prudential memo. For more information, see the PruLife Essential UL Fast Facts guide. 

Effective June 12, 2017, Prudential will be launching our newest universal life product, PruLife Essential UL. With it, you can offer your clients the simple design they want with the contemporary benefits they need. Here’s what you can look forward to:

PruLife Essential UL may be ideal for clients who:
 
 ✓ Wish to increase the amount they pass on to the people they love
 ✓ Seek a balance of protection and conservative cash growth
 ✓ Want cost-effective life insurance with living benefits

It’s attractive because:
 
 • The design is so simple.
  ✓ A current assumption universal life product offering daily interest crediting

• It offers key benefits that clients want.
  ✓ Meaningful no-lapse guarantees to age 90 and beyond¹
  ✓ Steady cash value growth potential that’s not tied to the market
  ✓ Options to help clients supplement their incomes if they become chronically or terminally ill
 

Your success is important to us. For more information about how Essential UL can benefit you and your client, or if you want to discuss a case, please contact one of our GBS Brokerage Directors or call (800) 473-5966.