Prudential Product Changes – Bring Your Cases Seeking Cash Value Accumulation
Effective October 7, 2013–PruLife Index Advantage UL and PruLife Custom Premier II have been repriced to offer death benefit protection with an emphasis on cash accumulation – specifically maximum income solves.
Don’t forget to look at the bottom of the email for exciting new marketing ideas that can help you expand your markets.
Product Changes
As we announced last month, Index Advantage UL is being repriced and repositioned as a product that can offer a stronger potential for cash value accumulation. This is a fundamental change from the prior version of the product, so if you’ve looked at Index Advantage UL in the past – look at it again – you’ll be excited with what you see.
PruLife Custom Premier II is being repriced and in many age and underwriting categories it will be very competitive in maximum income solves. We’re also adding underlying investment options including American, Fidelity, Franklin Templeton, Hartford, and MFS, which we believe will be of interest to, and benefit your clients.
Prudential has strengthened its cash accumulation life insurance products to help fit your clients’ needs and risk tolerance:
- Index Advantage UL – For those who like the idea of upside potential by striving to accumulate cash value through two distinct interest accounts and like the downside protection this product offers.
- Custom Premier II – For those who like participating in the market’s returns and are willing to take on market volatility in exchange for the potential of greater returns over time.
As part of an on-going review of our product portfolio, we are repricing two other products:
- ROP Term is being repriced with rates increasing approximately 4%. This still remains a popular product in several market segments – particularly some multi-cultural segments. In addition, the Equivalent Rate of Return concept is one that continues to make this attractive with clients.
- UL Protector is being repriced with rates increasing approximately 5% for both Full-Pay and Single-Pay scenarios. UL Protector now offers the optional BenefitAccess Rider which can provide your clients with protection should they become chronically or terminally ill. Note that for UL Protector there is a premium limitation in each of the first 3 years, where the most we’ll accept is the greater of 7 times the target premium or $250,000.
Other important information to be aware of with these repricings is as follows:
- First Year and Renewal premium based compensation remains unchanged. Asset-based trail commissions will not be offered on the new Custom Premier II product.
- Starting on the introduction date within a state, which may vary based on state-approval, a strict 28 day transition period will follow for that state.
Click here for the Repricing Rules & State Approvals for Index Advantage UL, Custom Premier II, and UL Protector.
Click here for the Repricing Rules & State Approvals for ROP Term.
Product e-kits
The links below offer easy access to several of the repriced product’s fast facts, consumer brochures, and marketing ideas.
Marketing e-kits
To help support Prudential’s renewed emphasis of life insurance with the potential for cash accumulation with this repricing, we’ll be making available 2 additional e-kits that include information and tools that educate and promote the concept of supplemental income (LIRP) and new places to prospect for clients that may be interested in this concept (MultiCultural Marketing).
- Life Insurance in Retirement Planning (LIRP) e-kit – A kit packed with sales ideas, consumer materials and an approach to help you show the living benefits of life insurance to your affluent clients.
- MultiCultural Marketing Kit – A kit that provides a framework to help you understand the opportunities in each of the five markets identified in the kit. It will help you grow your understanding of each market, offer examples to create a starting point to enter into the various multicultural segments.
