Prudential Financial Inc. has released a new version of its PruLife SUL Protector survivorship universal life policy.
The policy offers flexible premium payment schedules. It covers two people and pays a death benefit when the second insured dies.
A shift to the 2001 Commissioners’ Standard Ordinary mortality table, from a CSO table developed in 1980, should reduce the cost of coverage for many insureds, according to Prudential, Newark, N.J.
Prudential is offering a flexible death benefit guarantee with the policy, the company says.
Other features include an estate protection rider, which increase the death benefit by up to 100% of the base policy amount if both insureds die before the policy’s fourth anniversary, and a waiver of surrender charge endorsement for estate tax repeal, which would permit policyholders to surrender their policies without paying surrender charges if the federal estate tax is permanently repealed.
The policy also offers a guaranteed policy split rider, which can permit holders to split the policy into two individual policies if a couple divorces, or if changes in tax laws eliminate the marital deduction, Prudential says.
Prudential issues the policy through Pruco Life Insurance Company of New Jersey in New York and through Pruco Life Insurance Company elsewhere. The issuing companies are responsible for backing the product guarantees.