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Security for life.
With PruLife Universal Protector, issued by Pruco Life Insurance Company or, in New York, by Pruco Life Insurance Company of New Jersey, you can enjoy the security of lifetime protection, plus:
These choices make PruLife Universal Protector appropriate for personal protection and estate planning needs:
Personal Protection: The security of a guarantee against lapse and a guaranteed minimum interest-crediting rate help ensure your loved ones will have the funds they need to maintain their lifestyles and financial goals, even if you're no longer here to help them.
Individual Estate Planning: The death benefit, which is generally received income tax-free according to Internal Revenue Code Section 101(a), 1 can help provide needed funds to settle your estate, thereby preserving your other assets for your loved ones.
Part of a Rock-Solid® Tradition
PruLife Universal Protector is issued by a member of the Prudential Financial family of companies. Today, Prudential Financial serves millions of customers worldwide.
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Policy Features
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With PruLife Universal Protector, you choose when you want to make premium payments and the amount you'd like to pay, subject to certain limitations. You can pay anything from the minimum needed to support policy charges to the maximum allowed by federal tax law. 2
You can choose the method and timing of billing you prefer:
- Annual
- Semiannual
- Quarterly
- Monthly, via automatic transfers from your checking account (EFT)
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To ensure long-term life insurance protection, you can pay sufficient premiums to secure a guarantee against lapse for a few years or for your lifetime.3
The adjustable guarantee against lapse, called the No-Lapse Guarantee, ensures that your death benefit is secure regardless of changes in the policy's interest-crediting rates, charges, or cash value. You can control how long this guarantee is in effect, whether it's for a few years or a lifetime. Generally, the more premiums you pay, the longer the guarantee will last. The length of the guarantee period will change also depending on how timely your premium payments are, when and how often you pay premiums, and whether you take any policy loans or withdrawals.4
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Your beneficiaries will receive the death benefit generally income-tax free1 to help cover your last expenses or maintain their lifestyle. You can choose one of two types of death benefits:
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Fixed (Type A): This death benefit is generally equal to the basic insurance amount (also known as the "face amount") and usually remains constant.
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Variable (Type B): This death benefit generally increases each year and equals the basic insurance amount plus the policy's Contract Fund. It changes with the performance of the Contract Fund. Consider this option if you anticipate that your protection needs will increase over time.
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Your premium payments, after any charges and fees are deducted, are paid into your policy's Contract Fund. The Contract Fund is held in Pruco Life's general account, which is backed by a portfolio of high quality assets. The Contract Fund is credited with a competitive interest rate, guaranteed to be at least an annual effective rate of 3%. A policy kept in force for the long term may earn additional excess interest after the policy's 20th anniversary. (Not available in all states.)
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PruLife Universal Protector offers the following riders and additional benefits to meet your needs. Some riders may require additional premiums, and some are not available in all states.
Waiver of Monthly Deductions: A disability can put a financial strain on everyone's budget. To ensure your policy will not lapse during a period of disability, under this rider Prudential will pay the monthly policy charges and the charges associated with your guarantee against lapse for as long as you are considered to be disabled under the terms of the rider. This benefit is available for an additional premium. (Form # VL 100 B3-2005)*
Accidental Death Benefit: To help your loved ones cope with the devastation of a sudden loss, this rider will pay your beneficiary an additional death benefit if your death is accidental as defined in the rider. This benefit is available for an additional premium. (Form # VL 110 B-2003)*
Children Level Term Rider: You can provide term insurance protection for your eligible children with level premiums and a level death benefit. This rider automatically covers additional eligible children with no increase in premium. With an option for your children to convert to any permanent policy up to five times its face amount, without a medical exam, at specific times until they reach age 25, this rider can help them begin their own life insurance program. This rider is available for an additional premium. (Form # VL 182 B-2005 and VL 184 B-2005)*
Living Needs Benefit SM: A long illness that precedes death can be financially devastating to loved ones. For no additional premium, this valuable rider can help relieve some of the financial strain by enabling you to receive part of the death benefit while you are alive if you become terminally ill, are confined to a nursing home, or need a vital organ transplant and meet certain criteria.5 Terms vary by state; not available in Massachusetts. (Form # ORD 87241)*
*Rider form numbers may vary by state and end in a state abbreviation code.
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To keep abreast of changes in your policy, you will receive periodic statements listing information such as your policy's cash value, accumulated net payments, interest-crediting rates, notice of any changes, and any transactions.
For secure access to your policy information 24 hours a day, 7 days a week, you can enroll for free online account access at Prudential website.
Ed. 03/2005
1 According to IRC §101(a). There are exceptions to this general rule, including certain changes in ownership or payment of any additional interest at death.
2 Overfunding your policy can cause it to become a modified endowment contract (MEC). Distributions, including loans and withdrawals, from a MEC are taxed less favorably than those from a policy that is not a MEC. If you take a distribution before you are 59½, a 10% federal income tax penalty may also apply. A MEC is generally created by paying too much into the policy, but it can also occur if you make certain changes to the policy. Please see your tax adviser for details. Also, overfunding can cause the policy to exceed the Definition of Life Insurance limits.
3 All guarantees are based on the claims-paying ability of the issuing company.
4 Loans and withdrawals may permanently reduce policy cash values and death benefits and void the guarantee against lapse. Actual tax treatment depends on the method of receiving funds. In general, loans are not taxable, but withdrawals are taxable to the extent they exceed basis in the contract. Loans outstanding at policy lapse or surrender prior to the death of the insured will cause immediate taxation to the extent of gain in the contract. For policies that are modified endowment contracts, distributions (including loans) are taxable to the extent of income in the contract, and an additional 10% federal income tax penalty may apply. You may wish to consult your tax adviser for advice regarding your particular situation.
5 When a claim is paid under this rider, the eligible death benefit amount is reduced and a $150 processing fee is deducted. Each policy on which a Living Needs Benefit is paid for the same claim will have an additional processing fee of up to $150. Receipt of the accelerated death benefit may be taxable; please consult your personal tax adviser. Receipt of the accelerated death benefit may affect eligibility for public assistance programs. The Living Needs Benefit is not available in Minnesota to new purchasers over age 65 until the policy has been in force for one year, and the nursing home option is not available in New York or the District of Columbia. Availability and terms vary by state.
Life insurance policies contain exclusions, limitations, reductions of benefits and terms for keeping them in force. Your licensed financial professional can provide you with costs and complete details.
This material is designed to provide general information about PruLife Universal Protector and is not a contract. This website material is not intended to provide legal or tax advice. Consult your own professional advisors on how any product discussed may benefit your particular situation and how best to utilize any such product.
PruLife Universal Protector is issued by Pruco Life Insurance Company, an AZ corporation, in all states except New York, where it is issued by Pruco Life Insurance Company of New Jersey. Both Pruco Life companies are Prudential Financial companies and are located at 213 Washington Street, Newark, NJ 07102-2992. (Pruco Life California Certificate of Authority 3637). Each is solely responsible for its own financial condition and contractual obligations. Product availability varies by state.
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