Pru Debuts VUL For BGA Distribution At NAILBA Annual Meeting
Why do insurers debut products at meetings for brokerage general agents? Prudential Select Brokerage, Newark, N.J., provides some insight.
Last fall, Pru rolled out a variable universal life policy at the annual meeting of National Association of Independent Life Brokerage Agencies, Fairfax, Va.
Called PruLife Advisor Select, the policy is like traditional full-featured VULs with this exception: It is designed for sale through BGAs who have clients interested in active trading inside an insurance product. To this end, it allows policyholders to make unlimited transfers among its 29 index funds, in unlimited amounts, without transfer fees.
The prospectus actually encourages owners to use a registered investment advisor (RIA) to do this trading, points out John Howard, president of Prudential Select Brokerage.