What would happen to your family if you were no longer there to provide for them? Do you have enough life insurance for them to keep their home, pay all the monthly bills, and afford college for your children and other future expenses?
Group Universal Life Insurance helps provide the financial resources your family may need to carry on.
With this type of life insurance, you can:
Who needs life insurance?
Everyone needs life insurance.
Contrary to popular belief, life insurance isn't just for parents. You may need life insurance if anyone is financially dependent on you.
You've recently graduated from college.
You may have significant student loan obligations. If something were to happen to you, your loved ones would most likely be forced to shoulder that debt.
You're the parent of small children.
You want to make sure they'll be able to keep the same lifestyle and attend college—even if you're not there to see it happen.
Your grown children are on their own.
But your children may rely on you for support and help around the house. If you weren't there for them, your children would need extra money to pay someone to take care of things you've been managing for them.
Your spouse may be depending on your income for retirement.
But you're not sure your retirement savings is enough to keep up with a rising cost of living if your paycheck stopped. Life insurance can be a smart way to fill the gap.
Like many families, you rely on two incomes to make ends meet.
You'll need life insurance on both you and your spouse. Even if your spouse stays at home, you should consider life insurance on your spouse to help cover the cost of hiring someone to take care of the things your spouse generally handles.
You want to be sure your children can protect their futures, too.
Most children's life insurance coverage contains an innovative feature that allows them to convert their term life coverage to a permanent life insurance plan at a higher premium when they become adults. This ensures that your children can protect their own families—no matter what health problems they may develop.
Who is Prudential?
For over 140 years, The Prudential Insurance Company of America (Prudential) has helped individual and institutional customers grow and help protect their wealth.
Who can enroll?
You can enroll if you:
If you enroll, you can also enroll these family members:
When can I enroll?
You can enroll anytime!
At certain times, you may enroll in the Group Universal Life plan without having to answer many questions. These times include:
How much will this coverage cost?
Associate and Spouse Coverage
Monthly cost of insurance per $1,000 coverage unit
|70 and over||Available upon request||Available upon request|
*Use Age as of April 1 of the prior year.
|Coverage Amount||Monthly Cost|
What if my employment status changes?
When you leave or retire from your current employer, you can continue your coverage without interruption as long as the group policy is in effect, subject to applicable law and the policies' terms and conditions. Although payroll deduction will no longer be available, you can opt for other payment methods such as direct bank account deduction, credit card billing or home billing. Higher rates may apply.
Why choose Group Universal Life over other life insurance plans?
Perhaps the best advantage of Group Universal Life Insurance is the cash you can choose to contribute into a special interest-bearing, tax deferred account. Withdrawals are often paid out tax-free.1 You can access the money whenever you want and for whatever you want. You can also take a loan against the value in your cash fund and continue to earn interest on the borrowed amount. Minimum withdrawal amount is $200.
1Withdrawals and unpaid loans generally reduce death benefits. In general, loans are not taxable, but withdrawals are taxable to the extent they exceed cost basis in the Certificate. Loans outstanding at certificate lapse or surrender prior to the death of the insured will cause immediate taxation to the extent of gain in the Certificate.
Are there other benefits to this plan?
Additional benefits include:
When would my coverage start?
If evidence of good health is required...
Coverage is effective on the first of the month after coverage is approved by Prudential.
If evidence of good health is not required...
Coverage is effective the first day of the month in which your first payroll deduction begins.
These materials are for informational or educational purposes. In providing these materials, Prudential (i) is not acting as your fiduciary as defined by the Department of Labor and is not giving advice in a fiduciary capacity and (ii) is not undertaking to provide impartial investment advice as Prudential will receive compensation for its services/products.
Accelerated Death Benefit option is a feature that is made available to group life insurance participants. It is not a health, nursing home, or long-term care insurance benefit and is not designed to eliminate the need for those types of insurance coverage. The death benefit is reduced by the amount of the accelerated death benefit paid. There is no administrative fee to accelerate benefits. Receipt of accelerated death benefits may affect eligibility for public assistance and may be taxable. The federal income tax treatment of payments made under this rider depends upon whether the insured is the recipient of the benefits and is considered “terminally ill” “chronically ill”. You may wish to seek professional tax advice before exercising this option.
Group Insurance coverages are issues by The Prudential Insurance Company of America, a Prudential Financial Company, Newark NJ. The Booklet-Certificate contains all details, including any policy exclusions, limitations, and restrictions, which may apply. California COA #1179, NAIC #68241. Contract Series: 83500 and 96945.