How BenefitAccess Works
The rider features two components that offer you protection:
Each works differently from one another but, when combined, they give you access to the death benefit should you suffer a chronic or terminal illness.
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The BenefitAccess Rider is available for an extra premium. Additional underwriting requirements and limits may also apply. Obtaining benefits under the terms of the rider will reduce and may eliminate the death benefit.
Benefits paid under the BenefitAccess Rider are intended to be treated for federal tax purposes as accelerated life insurance death benefits under IRC §101(g)(1)(b). Tax laws related to the receipt of accelerated death benefits are complex and may be taxable in certain circumstances. Receipt of benefits may affect eligibility for public assistance programs such as Medicaid. Accelerated benefits paid under the terms of the Terminal Illness portion of the rider are subject to a $150 ($100 in Florida) processing fee. You should consult your tax and legal advisors prior to initiating any claim.
A licensed heath care practitioner must certify the chronic or terminal illness to qualify for the benefits. Chronic illness claims will require recertification by a licensed health care practitioner. Other terms and conditions may apply. This rider is not long-term care (LTC) insurance and it is not intended to replace LTC. The rider may not cover all of the costs associated with chronic illness. The rider is a life insurance accelerated death benefit product, is generally not subject to health insurance requirements, and may not be available in all states.
IMPORTANT NOTE FOR CA RESIDENTS:
This is a life insurance benefit that also gives you the option to accelerate some or all of the death benefit in the event that you meet the criteria for a qualifying event described in the policy. This policy or certificate does not provide long-term care insurance subject to California long-term care insurance law. This policy or certificate is not a California Partnership for Long-term Care program policy. This policy or certificate is not a Medicare supplement (policy or certificate). It is important to understand the differences between the BenefitAccess Rider (BenefitAccess) and Long-Term Care (LTC) Insurance. While BenefitAccess and LTC Insurance both provide benefits for similar conditions, BenefitAccess is not Long-Term Care Insurance and should not be used to replace Long-Term Care Insurance. BenefitAccess is an accelerated death benefit rider, which allows a qualifying client to accelerate the death benefit on their life insurance policy, subject to the conditions in the contract. Once the insured qualifies for benefits, payments can begin immediately and there are no restrictions on the use of benefit payments. A LTC insurance policy is a type of health insurance designed to provide coverage for qualified LTC expenses for a set number of years or possibly a person’s lifetime, subject to the conditions in the contract. Many LTC insurance policies have a provision which requires the client to satisfy a benefit waiting period or elimination period such as 90 or 100 days prior to being eligible to receive benefits. LTC policies generally pay benefits either on an indemnity or expense reimbursement basis, and generally require evidence that the insured has incurred expenses for qualified LTC services. There may be other differences between BenefitAccess and any specific LTC Insurance policy. You should carefully review the specific details of each before making any decision to purchase.
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 company.
Investors 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. They also contain other important information. A copy of the prospectus(es) may be obtained from www.prudential.com. You should read the prospectus(es) carefully before investing.
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Securities and Insurance Products:
Not Insured by FDIC or Any Federal Government Agency. May Lose Value. Not a Deposit of or Guaranteed by Any Bank or Bank Affiliate.
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