Prudential's EssentialTerm Suite Enhancements Available
Prudential to releases updated EssentialTerm Suite
Two new term life insurance products, Prudential EssentialTerm ValueSM and Prudential EssentialTerm PlusSM are available beginning 10/14 to better match the budgets and long-term planning needs of clients.
Both products will first be available on policies with face amounts up to $249,999. Our Term Essential product will remain available in several scenarios as we work towards expanding availability of EssentialTerm products to polices with higher face amounts in the near future.
New EssentialTerm Suite of products offers:
Competitively priced death benefit protection for a term of 10, 15, 20, or 30 years.
The flexibility to convert to permanent coverage for the level premium period or till age 70, whichever comes first.
A terminal illness rider that is automatically included at no charge.
A fast and easy application process.
EssentialTerm Value – Prudential's most affordable option is here to help you meet the needs of budget-conscious buyers. This product includes the ability to convert to any of Prudential's permanent products for the first 7 years, or until age 70, whichever comes first. In year 8 through the end of the level premium period or age 70, whichever comes first, clients can convert to a designated conversion product.
EssentialTerm Plus – Designed for clients who want term insurance today, but are long-term planning-minded. This option provides the most robust conversion option, allowing clients to convert to Prudential's permanent products for the length of the level premium period, or to age 70, whichever comes first.
Product Availability
The EssentialTerm suite is available on policies with face amounts up to $249,999. Only digital applications will be accepted for EssentialTerm products.
Term Essential is available on policies with face amounts of $250,000 or more. Digital and paper applications will be accepted for Term Essential.*
Transition Rules
Important Dates (subject to state approval)
Oct. 13, 2024 (Term Essential Retirement Date): Term Essential will be retired for face amounts under $250,000. All applications for under $250,000 must be signed and dated on or before Oct. 13, 2024.
Oct. 18, 2024 (Home Office Receipt Date): Last day that a Term Essential application can be received in the Home Office.
Dec. 13, 2024 (Placement Date): Last day that a pending Term Essential case can be placed. All delivery requirements must be received in good order by end of business day (4 p.m. EST).
Applications with Pending Ownership Arrangements
Updates to applications as part of establishing a trust or finalizing the ownership arrangement can be made after the application deadlines outlined in the Transition Rules. However, these cases must still meet the application deadlines for the original application and comply with all other deadlines outlined in the Transition Rules.
Informal/Inquiry Applications
Informal/Inquiry applications will not be eligible for Term Essential unless replaced by a live application signed by Oct. 13, 2024, and received in the Home Office by Oct. 18, 2024.