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Anticipate your clients' tax questions on Social Security, annuities and a range of investment products
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A deep dive into how advisors can best serve the evolving needs of their wealthiest clients
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A deep dive into how advisors can best serve the evolving needs of their wealthiest clients
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A deep dive into how advisors can best serve the evolving needs of their wealthiest clients
Tax Facts
Anticipate your clients' tax questions on Social Security, annuities and a range of investment products
Popular Financial Topics
Go deeper on emerging topics, as well as key firms and thought leaders
February 22, 2008 at 06:28 AM
Prudential Financial Inc. announced it has repriced 2 term life insurance products.
Prudential, Newark, N.J. says it repriced its Term Essential and Term Elite products to be more competitive in the marketplace, especially for policies with a face value of over $1 million and for 10-, 15-, 20- and 30-year level premium paying periods.
The changes use “age-last birthday,” an underwriting method that is a measure of an applicant’s calendar age on any given date.
Basing premiums on a client’s current age, whether they apply within the first or second half of any given year, can translate into “significant savings,” says Rich Brugger, vice president, marketing in Prudential’s individual life insurance business.
Brugger cites as an example a 44 year-old man applying for a Pruco Life Insurance Company Term Essential 30-year policy with a face amount of $1 million, who qualified for Prudential’s second-best non-smoker underwriting class. This client would, under an age-last-birthday plan, receive a premium of $2,175 regardless of when he applied within the year after turning 44. If the premium were calculated using “age-nearest birthday,” this same man would pay $2,375, assuming he applied anytime after 6 months of turning 44.
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