On Monday, June 12th, Prudential is released a new UL product called PruLife Essential UL.
On Monday, June 12th, Prudential released their new PruLife Essential UL. It is not a replacement for an existing product, which means that Prudential now offers three different options for those seeking a universal life product solution (UL Plus (2001 CSO), PruLife Founders Plus UL (2016) & PruLife Essential UL).
Essential UL is seemingly a carbon copy of the Founders Plus UL (2016) fixed account without the indexed option. This can be seen as a move to provide a more simplistic alternative for those who are more skeptical of indexed universal life products. Comparatively, Essential UL premiums outperform Founders Plus UL (2016) by a very small margin of around 1% or less. Primary guarantees, which are one of the most significant components of Founders Plus UL (2016), are slightly less with Essential UL; the product holds the same dominant strength as the Founders Plus UL. Overall, premiums are largely uncompetitive, typically lagging somewhere around or behind the middle of the pack.
Essential UL also offers a dial able No Lapse Guarantee option, but the high cost to cover the guarantee makes the No-Lapse play a little steep. Prudential continues to offer and emphasize the BenefitAccess Rider for the benefit of Chronic or Terminal illnesses.
Targets for Essential UL are identical to Founders Plus UL (2016), competitive for ages 30 and younger, but mostly uncompetitive at any other ages.
NOTE: Essential UL’s positioning may be strengthened when utilizing Prudential’s Age Last Birthday advantage.
CLICK HERE to view the Essential UL Snapshots
CLICK HERE to view the Essential UL Snapshots ALB
CLICK HERE to view the Essential UL vs. Founders Plus UL (2016) & UL Plus (2001 CSO)