A single-premium universal life policy is using streamlined underwriting to allow policy issue on the spot.
Called MyLegacy, the UL policy is targeting bank customers who want an efficient way to create a financial legacy for their heirs, says Prudential Financial, Inc., Newark, N.J., the parent of the issuing companies.
The policy is being offered over the Internet through banks and other financial institutions, says Prudential. Qualifying applicants can make a one-time payment and leave their bank in a few minutes with policy in hand, the company says.
Features include:
- The single premium payment can range from $5,000 to $250,000,
- A return-of-premium guarantee will return the single premium paid (less any withdrawals and/or outstanding loans) if the policy is surrendered.
- The guaranteed interest crediting rate is 4%, as of Sept. 27.
- A liquidity feature permits access to policy values, without surrender charges, if the policyholder becomes confined to a nursing home or enters hospice care.
The issuing companies are Pruco Life Insurance Company in most states and Prudential Insurance Company of America in New York. Both are based in Newark, N.J.
All guarantees are based on the claims paying ability of the issuer.
