PruLife® Founders Plus Indexed UL & PruLife Essential UL®
On Monday, April 24, 2023, the revised Prulife® Founder Plus Indexed UL (previously PruLife Founder Plus UL 2021) & PruLife Essential UL® were introduced.
Download the Transition Rules brochure to learn more about the rules that apply to any request for New Business, Term Conversion, or OPAI (Option to Purchase Additional Insurance) Conversion.
IMPORTANT DATES (subject to state approval)
- April 24, 2023 (Ready to Sell Date1): New Rates for the repriced product are in effect. All applications signed and dated1 on or after April 24, 2023, will receive New Rates.
- April 28, 2023 (Home Office Receipt Date1): Last day that an application can be received in the Home Office with Old Rates.
- June 16, 2023 (Placement Date1): Last day that a pending case can be placed with old rates. All delivery requirements must be received in good order by end of business day (4 PM EST).
- June 16, 2023 (1035 Exchange Date1): Cases involving 1035 exchange must be initiated/started by June 16, 2023, to retain old rates. If the 1035 initiation/start deadline is met, the policy will not be subject to an additional placement deadline.
PruLife Essential UL® is a flexible premium current assumption universal life insurance product that provides clients with a cost-effective death benefit, meaningful no-lapse guarantees, and the ability to accumulate cash value through fixed-interest crediting. In some common premium-payment scenarios, the no-lapse guarantee may go to age 90 or beyond.
PruLife® Founders Plus Indexed UL (Founders Plus) is a flexible premium indexed universal life insurance product designed to give clients cost-effective death benefit protection and the potential for cash value accumulation through three interest-crediting options: the Fixed Account; the S&P 500® Indexed Account; and the Goldman Sachs Voyager Indexed Account. Clients may also choose to allocate to a combination of all three for a blended approach. Founders Plus also provides an extended No-Lapse Guarantee. In some common premium-payment scenarios, the No-Lapse Guarantee may go to age 90 or beyond.
1 Definition of “date”:
- Pru Advisors Prepaid eLife – Date on the form of payment and the Authorization, Acknowledgment and Limited Insurance Agreement form
- Pru Advisors COD eLife – Date the Authorization, Acknowledgment, and Limited Insurance Agreement form and Variable Contract Acknowledgment form (if applicable) were signed by the client
- Pru Advisors or Third-Party Full Application case – Date the Part 1 of application (ORD 96200) was signed
- Third Party Prepaid Xpress QuickForm case – Date on the form of payment, the Authorization to Release Information form, and the Limited Insurance Agreement form
- Third Party COD Xpress QuickForm case – Date the Authorization to Release Information form and Variable Contract Acknowledgment form (if applicable) were signed by the client