Prudential Individual Life Insurance has added various features to its variable universal life (VUL) insurance product, PruLife Custom Premier II, to provide more living benefits.
The product has been designed to provide around 60 underlying investment options, including socially responsible green funds.
This allows consumers to develop an investment strategy, which aligns with their individual goals and maximizes the product’s growth potential.
The product has been issued by Prudential Financial subsidiaries Pruco Life Insurance Company and Pruco Life Insurance Company of New Jersey.
An optional rider, BenefitAccess Rider (BAR), has been added to the product, which helps consumers to accelerate the death benefit in order to pay for costs associated with a chronic or terminal illness.
Prudential Individual Life Insurance product and marketing executive vice-president Mark Hug said that consumers are looking for life insurance products that provide flexibility to address multiple needs.
"PruLife 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," Hug added.
Prudential Financial, which operates in the US, Asia, Europe and Latin America, offers products and services such as life insurance, annuities, retirement-related services, mutual funds and investment management.