Prudential Financial Inc. is cutting rates for some purchasers of variable universal life coverage.
Pruco Life Insurance Company, a unit of Prudential, Newark, N.J., has repriced the PruLife Custom Premier II VUL product, Prudential says.
The product now will be more affordable for customers who buy policies with death benefits greater than $1 million, Prudential says.
Prudential also has updated the investment menu to include more “name brand” funds and funds that use socially conscious investment selection techniques.
Pruco has extended the limited no-lapse guarantee period for the policy by 5 years, to 10 years or age 75, which ever comes later.
The short-term no-lapse guarantee period has increased by 1 year for all ages, to 8 years, for customers ages 59 and younger. The guarantee period also has increased by 1 year, to 6 years, for customers ages 60 and older, Prudential says.
Prudential is issuing the policy through Pruco Life in all states but New York, and Pruco Life is responsible for backing the product guarantees outside New York.
The Pruco Life Insurance Company of New Jersey unit will issue the policy in New York and back the guarantees offered by the policies sold in New York.