Prudential Financial Inc. has announced cuts in individual life insurance premiums for many applicants who suffer from coronary artery disease.
The company says medical advances against CAD enable it to allow sizeable cuts in premiums for applicants who have the ailment.
The changes mean lower pricing for individuals who have recovered, stabilized, and follow a lifestyle favoring good cardiac health, the company says. In fact, some significantly improved CAD applicants who may have received impaired risk ratings in the past may now qualify for standard ratings, according to Pru.
It cites the example of a 58-year-old male being treated for multivessel disease. In the past, purchasing the company’s Pruco Life Insurance Company Term Essential 20-year policy with a face amount of $1 million would have cost at least $19,465.
With the new underwriting guidelines, the same man might pay only $14,285 annually–a savings of $5,180 annually, Pru says.