Prudential’s Individual Life Insurance business has enhanced its PruLife Founders Plus (Founders Plus) and PruLife Index Advantage UL (Advantage UL) products.
New to Founders Plus, is the Plus 100 Account that credits interest based on 100% participation in the performance of the S&P 500 subject to a cap and floor, creating a broader range of interest crediting options that offer cash value growth potential in the policy. The Plus 100 Account complements the Plus 50 and Fixed Account options.
"We enhanced Founders Plus in response to feedback asking for affordability and flexibility while allowing for a greater range of account options," said Mark Hug, Executive Vice President, Product and Marketing, Prudential Individual Life Insurance.
The BenefitAccess Rider, currently available on Founders Plus, is now also available on Advantage UL. This optional rider allows for the acceleration of the death benefit due to a chronic or terminal illness and has been well received in the marketplace according to Hug.
A unique aspect of the BenefitAccess Rider is that the benefit payments can be used for expenses unrelated to care like home modifications, income replacement, household chores or mortgage payments.
"What sets this rider apart is the ability to address the financial strain from dealing with a chronic or terminal condition whether those expenses are medical or non-medical," says Hug.
Additionally, Advantage UL may work as a potential supplemental source of retirement income by offering two interest crediting options (the Basic Interest Account and the Indexed Interest Account) that give the policy the potential to grow its cash value with protection in place against market-based downturns.
The BenefitAccess Rider is not Long-Term Care (LTC) insurance and is not intended to replace LTC. The rider requires an additional premium and underwriting. The 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 apply.
PruLife Founders Plus and PruLife Index Advantage UL are both issued by Pruco Life Insurance Company in all states except New York where, if available, they are issued by Pruco Life Insurance Company of New Jersey, subsidiaries of Prudential Financial, located in Newark.