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Prudential enhances life insurance product portfolio

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Prudential Individual Life Insurance has enhanced its variable universal life (VUL) insurance product, PruLife(R) Custom Premier II, to offer more living benefits. This includes a wide range of underlying investment options for consumers who are looking to potentially accumulate cash value or supplement retirement income that in many instances may be accessed income tax free. The product also offers an optional rider that can help pay for costs associated with a chronic or terminal illness.

More than 60 underlying investment options, including socially responsible “green funds,” give consumers the opportunity to design an investment strategy that aligns with their individual goals and maximizes the product’s growth potential. PruLife Custom Premier II is issued by Pruco Life Insurance Company and Pruco Life Insurance Company of New Jersey, subsidiaries of Prudential Financial, Inc. located in Newark, N.J. (NYSE:PRU) .

“Consumers are looking for life insurance products that provide flexibility to address multiple needs,” said Mark Hug Executive Vice President, Product and Marketing, Prudential Individual Life Insurance. “PruLife(R) Custom Premier II allows individuals to use life insurance as a retirement planning tool by providing the potential to accumulate long-term, tax deferred cash value which can be drawn upon later in life to supplement retirement income.” It’s important to note that life insurance policy cash values are accessed through withdrawals and policy loans. So unpaid loans and withdrawals will reduce cash values and/or the policy’s death benefit.

PruLife(R) Custom Premier II also features the BenefitAccess Rider (BAR), which is an optional rider that allows consumers to accelerate the death benefit in order to pay for costs associated with a chronic or terminal illness. The U.S. Department of Health and Human Services estimates that seven-in-ten people age 65 and older will deal with a chronic illness, such as Alzheimer’s disease, a stroke or arthritis.

“PruLife(R) Custom Premier II is a product that reflects today’s dynamic marketplace. The low interest rate environment coupled with the potential of positive equity performance makes this an attractive solution for consumers interested in death benefit protection and potential source of income to supplement retirement income,” said Hug.

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 and investment management. 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


PruLife(R) Custom Premier II (VUL-2014 or ICC14 VUL-2014) is offered through Pruco Securities, LLC (member SIPC), Newark, NJ. Each company is solely responsible for its own financial condition and contractual obligations. May not be available in all states. Our policies contain exclusions, limitations, reductions in benefits and terms for keeping them in force. A financial professional can provide you with costs and complete details.

The BenefitAccess Rider is available for an extra premium. Additional underwriting requirements and limits may also apply. Obtaining benefits under the terms of the rider will reduce and may eliminate the death benefit.

Benefits paid under the BenefitAccess Rider are intended to be treated for federal tax purposes as accelerated life insurance death benefits under IRC SS101(g)(1)(b). Tax laws related to the receipt of accelerated death benefits are complex and benefits may be taxable in certain circumstances. Receipt of benefits may affect eligibility for public assistance programs such as Medicaid. Accelerated benefits paid under the terms of the Terminal Illness portion of the rider are subject to a $150 processing fee ($100 in Florida). Clients should consult tax and legal advisors prior to initiating any claim.

A licensed health care practitioner must certify that the insured is chronically or terminally ill to qualify for benefits. Chronic illness claims will require recertification by a licensed health care practitioner. Other terms and conditions may apply. This rider is not Long-Term Care (LTC) insurance and it is not intended to replace LTC. The rider may not cover all of the costs associated with chronic or terminal illness. The rider is a life insurance accelerated death benefit product, is generally not subject to health insurance requirements, and may not be available in all states.

The policy form number for the BenefitAccess Rider is VL 145 B3-2014 and ICC14 VL 145 B3-2014 followed by a state code and may not be available in all states.

* Life insurance policy cash values are accessed through withdrawals and policy loans. Loans are at interest. Unpaid loans and withdrawals cause a reduction in cash values and death benefits. In general, loans are not taxable, but withdrawals are taxable to the extent they exceed basis in the contract. Loans outstanding at policy lapse or surrender prior to the death of the insured will cause immediate taxation to the extent of gain in the contract. For policies which are Modified Endowment Contracts, distributions (including loans) are taxable to the extent of income in the contract, and an additional 10% federal income tax penalty may apply. You may wish to consult your tax advisor for advice regarding your particular situation.

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