Prudential Financial’s Individual Life Insurance business is planning to launch BenefitAccess rider on its PruLife Universal Protector policy for an extra premium.
The optional rider allows policyholders to use the death benefit to cover chronic or terminal illness costs.
The Hartford’s individual life insurance business, which was acquired by Prudential Financial this year, also launched a similar rider earlier.
Prudential Individual Life Insurance executive vice president of product and marketing Mark Hug said that the introduction of BenefitAccess rider marks a significant milestone in the process of integrating The Hartford and Prudential’s individual life businesses.
"We anticipate making it available on more policies as we continue to refine the overall product portfolio," Hug added.
The rider adopts a new approach to protect people from the financial impact of a chronic illness and has been well received in the marketplace over the last several years, according to Hug.
"One of the distinctions between BenefitAccess and a long-term care rider is that it pays based on a condition, not for specific care of a condition," Hug continued.
The benefit can provide for expenses like home modifications, income replacement, household chores or mortgage payments.