MyLegacySM Life Insurance Offers Bank Customers Enhanced Wealth Transfer Benefits and Immediate Coverage
NEWARK, N.J.-(Business Wire)-September 29, 2009 - A new single-premium universal life insurance policy, MyLegacySM, issued by Pruco Life Insurance Company (Pruco Life), a Prudential Financial, Inc. (NYSE:PRU) company, is 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. “Consumers respond well to the ‘once and done’ approach of our immediate issue life insurance products,” said Joan Cleveland, senior vice president of Business Development, Individual Life Insurance, The Prudential Insurance Company of America . “MyLegacy offers a simple solution for bank customers who would like to efficiently create a financial legacy for their heirs. This product is the second offered through our innovative Internet-based application process, following our term insurance product, MyTerm. By utilizing the Internet for both of these products in a real-time environment, we are also delivering a more environmentally friendly process.”
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. “Our 2009 study about Life Insurance shows 61% of consumers expressed interest in life insurance that offers liquidity features for unforeseen expenses such as medical bills in the event they were diagnosed with a terminal condition,” noted Cleveland. “We are delighted to offer this product that not only helps consumers create a legacy but provides them with liquidity and a sense of control if the unexpected occurs.” The form number MyNeeds benefit is PLI 519-2009. Terms and conditions may apply. MyNeeds may not be available in all states.
MyLegacy is issued by Pruco Life Insurance Company, except in New York, where it is issued by The Prudential Insurance Company of America. Both are located in Newark, NJ and are Prudential Financial companies. Each is solely responsible for its own financial condition and contractual obligations. The contract number is SPUL-2009 and may be followed by a state code. Not available in all states. All guarantees are based on the claims paying ability of the issuer.
Prudential Financial, Inc. (NYSE: PRU), a financial services leader with approximately $580 billion of assets under management as of June 30, 2009, has operations in the United States, Asia, Europe, and Latin America. Leveraging its heritage of life insurance and asset management expertise, Prudential is focused on helping approximately 50 million individual and institutional customers grow and protect their wealth. The company’s well-known Rock symbol is an icon of strength, stability, expertise and innovation that has stood the test of time. Prudential's businesses offer a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, investment management, and real estate services. For more information, please visit http://www.news.prudential.com/.
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