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UL Rider Can Waive Surrender Charges

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Prudential Financial Inc. is offering a rider with its new universal life policy that waives surrender charges if the insured accesses the death benefit upon using hospice or nursing home care.

Called PruLife Universal Plus, the UL policy is Prudential’s first fully underwritten permanent life contract to include the charge waiver rider, according to Prudential, Newark, N.J. (NYSE:PRU).

The policy is issued by Prudential’s Pruco Life Insurance Company in all states except New York, where it is issued by Pruco Life Insurance Company of New Jersey.

A separate living needs benefit accelerated death benefit rider is available at no extra cost. Prudential says that, when a claim is paid under the rider, the company will reduce the death benefit and also deduct a $150 processing fee. If more than one policy is used for the claim, each policy will have a processing fee of up to $150, the company says.

The UL policy’s features provide consumers with flexibility for addressing their life insurance needs plus the potential to build “cash value that can be used as an additional source of income, particularly in retirement,” says Mark Hug, chief marketing officer for individual life.

All guarantees are based on the claims paying ability of the issuing company, Prudential says.


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