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VUL Has No-Lapse Guarantee

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A new variable universal life policy from Pruco Life Insurance Company has a no-lapse guarantee that promises a minimum death benefit, regardless of investment performance.

Called VUL Protector, the policy also offers an enhanced cash value rider and persistency credit for the policyholder beginning in year 13. Pruco, which issues the policy in all states except New York, is a unit of Prudential Financial Inc., Newark, N.J.

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The VUL offers 13 asset-allocation investment options, including a money market account and fixed rate option, says Pruco.

Withdrawals may have an impact on the length of the no-lapse guarantee, and loans would cancel out the no-lapse guarantee, the company says.