News

BB&T Insurance Services to Offer Customers MyTerm(SM), a New Online Life Insurance Product

NEWARK, N.J.-(Business Wire)-September 4, 2008 - Prudential Financial, Inc. (NYSE:PRU) today announced it is partnering with BB&T Insurance Services to offer MyTerm^SM, an immediate issue term life insurance policy available through the Internet, to its customers. Through an online simplified underwriting process that can be accessed from virtually anywhere, MyTerm^SM delivers a policy in about 10 minutes to qualified customers that can then be saved electronically or printed.

“We’ve created this access point for consumers who look to their financial institution as their trusted advisor,” said Jim Avery, president of Prudential’s Individual Life Insurance business. “MyTerm^SM provides a fast, easy and convenient way for many consumers to select a high-quality life insurance product that’s well suited for their needs and fits within their budget.”

MyTerm^SM is a new term life insurance product issued by Pruco Life Insurance Company (Pruco Life Insurance Company of New Jersey in NY and NJ) designed to be attractive to the mass middle market consumer. The buying process and service of the policy are supported by state-of-the-art technology operating in a real-time environment. Customers choose from a 10, 20 or 30-year level term life insurance policy with face value between $50,000 and $250,000.

“MyTerm^SM is a perfect complement to the wide range of products and services we offer to help our customers reach their financial goals, and we’re pleased to offer a product that comes from a company our customers will recognize,,” said Sara Webb, Vice President, BB&T Insurance Services, one of the first to offer their customers Prudential’s new insurance product.

“More and more consumers are not only researching a wide array of financial products and services through the Internet, but making purchases as well,” says Joan Cleveland, senior vice president, Business Development in Prudential’s Individual Life Insurance business. “Recognizing this rising trend, our goal is to provide bank customers a convenient way to buy life insurance in an amount that fits within their monthly budget.”

MyTerm^SM (form number PFT-2007, followed by state codes) is not available in all states. MyTerm^SM is issued by Pruco Life Insurance Company except in New York and New Jersey, where it is issued by Pruco Life Insurance Company of New Jersey. Each Pruco company is located in Newark, NJ, and is solely responsible for its own financial condition and contractual obligations. Insurance policies contain exclusions, limitations, reductions in benefits and terms for keeping them in force. A licensed financial professional can provide the costs and complete details.

BB&T Insurance Services, the nation’s sixth largest insurance broker, is a wholly owned subsidiary of Branch Banking and Trust Company, which is the principal subsidiary of BB&T Corporation (NYSE: BBT). With $136.5 billion in assets, Winston-Salem, N.C.-based BB&T Corporation is the nation's 14th largest financial holding company. It operates nearly 1,500 financial centers in 11 states and Washington, D.C. More information about the company is available at BBT.com.

Prudential Financial, Inc. (NYSE: PRU), a financial services leader with approximately $638 billion of assets under management as of June 30, 2008, 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/.

IFS-A154289, Ed. 9/2008

Send this news item to a friend.

Print This Page