Pruco Life Insurance Company, Newark, N.J., a Prudential Financial, Inc. company, has released a new single-premium universal life insurance policy, MyLegacy, an immediate issue policy that helps provide an easy and efficient way for consumers to purchase coverage and transfer wealth. MyLegacy is the latest life insurance product in the company’s portfolio offered over the Internet through banks and other financial institutions.
The MyLegacy policy is purchased with a single-premium payment, from $5,000 up to $250,000. Depending upon factors such as age, gender and tobacco use of the person applying, the death benefit may be more than double the original premium amount paid and is usually tax-free (according to IRC101(2)) to the beneficiaries. Please note there are some exceptions to this general rule about tax implications, including certain changes in ownership and payment of any additional interest at death.
Using a streamlined underwriting process that takes only minutes, individuals who qualify make a one-time payment and leave their bank with a policy in hand.
A distinctive feature of MyLegacy is the return of premium guarantee, meaning the single premium paid (less any withdrawals and/or outstanding loans) will be returned if the policy is surrendered. An additional benefit is the policy’s guaranteed interest crediting rate of 4%.
The policy’s MyNeeds benefit allows for access to policy values by waiving any surrender charges in the event the policyholder is confined to a nursing home or enters hospice care.
For more information, please visit http://www.news.prudential.com/.