Prudential Financial has improved its cash value accumulation universal life insurance product, PruLife UL Plus.
Prudential has reported that enhancements to the product have also resulted in improved cash values and longer no-lapse guarantee periods. The company has changed the short-term no-lapse guarantee period to 10 years for all ages. The limited no-lapse guarantee period is fixed as 25 years or 75 years of age, whichever comes first, but never less than 10 years.
PruLife UL Plus is issued by Pruco Life Insurance Company in all states except New York, where it is issued by The Prudential Insurance Company of America. Both are Prudential Financial companies and each is solely responsible for its own financial condition and contractual obligations. The policy form number is UL-2007 and can vary by state.
Rich Brugger, vice president of marketing for individual life insurance business at Prudential, said: We’ve improved this product to provide our customers with a universal life policy that is competitive, builds higher cash values on a tax-deferred basis and offers improved guarantees to protect the policy from lapsing.