The company said that returned premiums do not include any amount of outstanding loans with interest
Pruco Life Insurance Company has announced that the PruLife Return of Premium Term is now available in New York state, U.S.
Issued by Pruco Life Insurance Company in New Jersey in New York, and previously approved in most states, PruLife Return of Premium (ROP) Term offers consumers the combination of valuable death benefit protection and the guaranteed return of all premiums paid if the insured lives past the end of the level premium-paying period selected.
The company said that returned premiums do not include any amount of outstanding loans with interest. Policies lapsed or cancelled before the end of the initial level premium-paying period will result in only a partial return of premium or no return at all.
Pruco Life Insurance Company, Pruco Life Insurance Company of New Jersey, and The Prudential Insurance Company of America are Prudential Financial companies.
Jim Avery, president of individual life insurance at The Prudential Insurance Company of America, said: The advantage of PruLife ROP Term is that it provides both a death benefit that’s payable while the coverage is inforce and a ‘living benefit’ in the form of a full premium refund if the insured outlives the initial protection period.