The Financial Realities of Living Longer Lives


While there are many benefits to living a longer life, you also need to prepare yourself financially for these years. In particular, you should focus on being prepared for the impact a chronic or terminal illness can have on you, your loved ones, and your retirement savings.

A new life insurance policy from Pruco Life Insurance Company with the new BenefitAccess Rider can help families who need death benefit protection to also overcome the emotional and financial burdens associated with chronic and terminal illness, should their needs change. That's because this optional rider accelerates the death benefit (the amount paid to beneficiaries) of the life insurance policy if the insured is diagnosed with a chronic or terminal illness.

How BenefitAccess Works

• Purchase a PruLife® Universal Protector policy with the BenefitAccess Rider included (at an additional cost). Additional underwriting requirements apply.

• If, at any point in the future while your policy is still in force, you are certified as chronically or terminally ill by a licensed health care professional and meet the terms and conditions of the rider, you can then accelerate your policy’s death benefit. The BenefitAccess Rider is not long-term care insurance. Accelerating the policy’s death benefit may reduce and possibly eliminate the death benefit amount of the policy.

• You can then use this money to pay for medical care, pay a family member who is providing at-home care, or any other expenses you may have.

The rider features two components that offer you protection:

  1. Chronic Illness
  2. Terminal Illness

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.


Learn more about BenefitAccess

Interested in talking to a financial professional about life insurance with the BenefitAccess Rider?  Click here to get started.

Click here to view our BenefitAccess informational brochure.

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.

PruLife® Universal Protector is issued by Pruco Life Insurance Company in all states except New York, where, if available, it is issued by Pruco Life Insurance Company of New Jersey. Both are Prudential Financial companies located at 213 Washington Street, Newark, NJ 07102. Each is solely responsible for its own financial condition and contractual obligations. The policy form number is ULNLG-2013 (followed by the state abbreviation). The policy form number for the BenefitAccess Rider is ICC13 VL 145 B-2013 or VL 145 B-2013 followed by a state code. Like most insurance policies, our policies contain exclusions, limitations, reductions of benefits, and terms for keeping them in force. Your financial professional can provide you with costs and complete details.

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.

This material is designed to provided general information in regard to the subject matter covered. It should be used with the understanding that we are not rendering legal, accounting, or tax advice. Such services should be provided by the client’s own professional advisors. Accordingly, any information in this document cannot be used by any taxpayer for purposes of avoiding penalties under the Internal Revenue Code.


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.

Prudential, the Prudential logo, and the Rock symbol are service marks of Prudential Financial, Inc. and its related entities.

© 2013 Prudential Financial, Inc. and its related entities.


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