Prudential Financial subsidiary Pruco Life Insurance Company has launched its latest universal life insurance product, designed to provide consumers death benefit protection with tax-advantaged growth potential and the ability to access cash value.
Dubbed as PruLife Founders Plus UL, the new offering gives policyholders a choice between two interest crediting account options that can enable them to create cash value in the policy.
In order to allow policy owners to advance up to 100% of the death benefit, in case they suffer from chronic or terminal diseases, the plan provides an option to select BenefitAccess Rider, available for some additional premium.
Prudential Individual Life Insurance product and marketing executive vice president Mark Hug said that PruLife Founders Plus UL is designed to help consumers balance and achieve a variety of insurance and financial goals.
"The combination of features available in this product can give consumers’ access to benefits to address chronic illness costs, estate planning and business succession activities," Hug added.
"The potential for cash value accumulation can give consumers’ access to tax-deferred dollars and the added flexibility of the Benefit Access Rider can give consumers’ access to tax-deferred dollars to address chronic illness costs, estate planning and business succession activities."
Founders Plus UL features two account options, including the fixed account, to provide a competitive interest-crediting rate with a guaranteed minimum, and the Plus Account that integrates the potential to earn both Basic Interest and Index Interest.
Prudential Financial manages operations in the US, Asia, Europe, and Latin America and delivers life insurance, annuities, retirement-related services, mutual funds and investment management.
Image: Prudential Headquarters in Newark, New Jersey. Photo courtesy of Derek Jensen (Tysto).