Prudential recently released PruTerm WorkLife 65, a new term life insurance product that allows premium payments to be waived in the event of unemployment or a disability.
The new product, offered by Pruco Life Insurance Co., will waive premiums in the event of a disability before age 65, with the waiver staying in effect until the insured recovers or turns 65, whichever comes first. The one-time unemployment benefit waives, if certain terms and conditions are met, one continuous year of premiums.
The product offers up to 40 years of coverage, and policyholders can convert the term policy to permanent insurance any time before the age of 65 without having to undergo additional medical testing.
“The reality for most Americans is they may be out of a job as some point during their working careers or they may not be able to work because of a disability,” said Mark Hug, chief marketing officer with Prudential’s Individual Life Insurance business. “When money is tight, the ability to keep paying life insurance premiums may not be an option. Losing coverage can have devastating results for families already in difficult financial circumstances. This product sets out to help families keep their insurance coverage in place when they may need it most.”
For more information, see www.worklife65.com.