SAME GREAT, COST-EFFECTIVE PROTECTION
PruLife® SVUL Protector (SVUL) is a survivorship VUL product that provides cost-effective death benefit protection on two lives, with the benefit payable after both insureds have died.
SVUL can also address the growing needs of clients to tax-efficiently* transfer wealth while being able to grow and access cash value with a wide variety of underlying investment options. SVUL allows clients to manage the length of the guarantee, the underlying investment options, and premiums to meet their needs.
Effective August 16, SVUL Protector premiums will increase (on average):
- Single Pay: 14%
- Ten Pay: 6%
- Level Pay: 2%
The increases listed above are for lifetime no-lapse guarantee solves for a $1,000,000 face amount, ages 45-75. They are an average for each pay period and may vary, based on issue age, gender, underwriting class, and face amount.
New Premium Limit
In addition, effective August 16, premium limits for the new version of SVUL Protector will be increased to $2M. For more information please contact your wholesaler.
- An efficient way to transfer wealth to future generations
- Cost-effective death benefit protection, as compared with two individual policies
- A conditional no-lapse guarantee
- The potential to build cash value through 50 underlying investment options, while offering the ability to access it if their needs change (typically not available with guaranteed survivorship life)
- An optional Survivorship BenefitAccess Rider, for an additional fee, that gives the ability to accelerate the death benefit if the surviving insured is (or both insureds are at the same time) certified as chronically or terminally ill and meet the terms of the rider
* Life insurance death benefits are generally income tax-free (IRC §101(a)). There may be estate or other tax consequences. Clients should consult a tax advisor.
This material is being provided for informational or educational purposes only and does not take into account the investment objectives or financial situation of any clients or prospective clients. The information is not intended as investment advice and is not a recommendation about managing or investing a client’s retirement savings. Clients seeking information regarding their particular investment needs should contact a financial professional.
All guarantees and benefits of the insurance policy are backed by the claims-paying ability of the issuing insurance company and do not apply to the underlying investment options. Policy guarantees and benefits are not backed by the broker/dealer and/or insurance agency selling the policy, nor by any of their affiliates, and none of them makes any representations or guarantees regarding the claims-paying ability of the issuing insurance company.
The Survivorship BenefitAccess Rider is an optional rider that accelerates the life insurance death benefit when the surviving insured is chronically or terminally ill as defined in the rider or both insureds are chronically or terminally ill as defined in the rider. It is not Long-Term Care (LTC) insurance. Benefits received under the rider will reduce and may deplete the death benefit. Electing the BenefitAccess Rider results in an additional charge and underwriting requirements. Some benefit payments may be subject to a fee. Other terms and conditions apply and can vary by state. If the clients’ survivorship policy is owned by a trust or non-living entity, they should consult a tax advisor prior to electing the Survivorship BenefitAccess Rider. Clients should always consult their tax and legal advisors when considering the purchase of a life insurance policy and/or accelerated death benefit rider.
PruLife SVUL Protector is issued by Pruco Life Insurance Company except in New York, where it is issued by Pruco Life Insurance Company of New Jersey and offered through Pruco Securities, LLC (member SIPC). All are Prudential Financial companies located in Newark, NJ.
Clients should consider the investment objectives, risks, and charges and expenses carefully before investing in the contract and/or underlying portfolios. The prospectus and, if available, the summary prospectus contain this information as well as other important information. A copy of the prospectus may be obtained from www.prudential.com. Clients should read the prospectus carefully before investing.
It is possible to lose money by investing in securities.
FOR FINANCIAL PROFESSIONAL USE ONLY. NOT FOR CONSUMER USE.
© 2021 Prudential Financial, Inc. and its related entities.
On Monday August 16, 2021, the revised PruLife SVUL Protector will be introduced, subject to state
approvals. The following rules apply to any request for New Business, Term Conversion, or OPAI (Option To Purchase Additional Insurance) Conversion.
- August 15, 2021 (Last Day for Old Rates – Issue Basis 304 or older): Last day that an application can be signed and dated1 with Old Rates.
- August 16, 2021 (First Day for New Rates – Issue Basis 305): First day that an application can be signed and dated1 with New Rates.
- August 20, 2021 (4pm EST – Home Office Receipt Date): Last day/time that an application can be received in the Home Office with Old Rates.
- October 15, 2021 (1035 Exchange Date): Last day cases involving a 1035 exchange must have the 1035 initiated/started2 by to retain Old Rates. If the 1035 Exchange date is met, the policy will not be subject to an additional placement deadline.
- October 15, 2021 (4pm EST – Placement Date): Last day/time that a pending case can be placed with Old Rates. All delivery requirements must be received in good order by 4pm EST.
* All dates are considered end of day in your applicable time zone unless otherwise stated.
States that approve the revised product after August 16, 2021 will have their “Ready to Sell Date” and “Home Office Receipt Date” adjusted. “1035 Exchange Date” and “Placement Date” may be adjusted as well.
1Definition of “Application Date”:
- Pru Advisors Prepaid eLife – Date on the form of payment and the Authorization, Acknowledgement and Limited Insurance Agreement form
- Pru Advisors COD eLife – Date the Authorization, Acknowledgement, and Limited Insurance Agreement form and Variable Contract Acknowledgement 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 Acknowledgement form (if applicable) were signed by the client
2Definiton of “1035 Initiated/Started”:
- Underwriting approval and Absolute Assignment form received (in good order)
REQUESTS FOR OLD RATES DURING THE TRANSITION PERIOD:
- Informal/Inquiry applications will not be eligible for Old Rates unless replaced by a live application by the Ready to Sell Date based on state approval.
- The new policy date can be backdated up to six months prior to the application date (three months in Ohio), but no earlier than 1/1/2021. This is due to our compliance with the updated 7702 regulation that went into effect on 1/1/2021. A policy with New Rates can be dated prior to the state introduction date as long as the application meets the requirements in the TRANSITION RULES above.
- Please note: If the date of birth is more than 6 months prior to the state introduction date, you cannot backdate the policy to save age with a request for the New product version.
APPLICATIONS WITH PENDING OWNERSHIP ARRANGEMENTS
- Any case where an updated application is expected, as part of establishing a trust or finalizing the ownership arrangement, must be received in good order by the home office by the 1035 Exchange Date (if applicable) or Placement Date under Transition Rules above.
- Old or New Rates can be issued if the convertible period ends prior to the state approval date and the application date is after the state approval date but within 31 days of the convertible period end date. (Application is dated within the transition period and within the 31 days to the end of the convertible period).
- Only New Rates can be issued if the term conversion is requested after the state approval date and the application date is outside of 31 days after the convertible period end date.
REQUESTS FOR NEW RATES:
Requests for changes to the New Rates will be permitted for these situations:
- Any pending case or issued policy that is not yet delivered with an application date prior to the state introduction date can be changed to New Rates, as long as the request for change is made on or after the state introduction date. A matching Illustration and a confirmation of billed premium must also be included.
- An existing PruLife SVUL Protector policy that has been delivered and is inforce with a policy date of 01/01/2021 or later and is still within its 90-day New Business Change Period can be changed to New Rates and keep the original policy number and policy date. The written request must be submitted on or after the state introduction date with a matching illustration, revised product Disclosure form, confirmation of billed premium with the new rates. Existing policies that are outside the 90-day New Business Change Period or have a policy date prior to 01/01/2021 cannot be changed to the New Rates.
- During the 90-day New Business Change Period Face Amount increases with old rates will not be allowed.
The 90 day New Business Change Period is defined as the 90 day period beginning on the later of the policy date or issue date. For a contractual Term Conversion that is issued after the end of the original conversion period, the change period is defined as the 90 day period beginning on the policy date.
NOT FOR CONSUMER USE.
© 2021 Prudential Financial, Inc. and its related entities.