For more than 140 years, Prudential Financial, Inc., has helped individual and institutional customers grow and protect their wealth. Today, we are one of the world's largest financial services institutions with operations in the United States, Asia, Europe, and Latin America. We also have one of the most recognized and trusted brand symbols: The Rock ®, an icon of strength, stability, expertise, and innovation.
We strive to create long-term value for our stakeholders through strong business fundamentals, consistent with our mission guided by our vision and directed by our company's core values. We are committed to keeping our promises and to doing business the right way.
Included Term Life Features
- Accelerated Death Benefit: Included at no extra cost. The Accelerated Death Benefit (ADB) payment is payable in the event of a qualifying terminal illness. The ADB is based on a portion of the policy's death benefit, subject to a maximum benefit amount, which is the lesser of $500,000 or 75% of the death benefit. The ADB is treated as a lien, which accrues interest. Upon the death of the Insured, the death benefits payable are reduced by the total ADB lien. Available in all states except CT.
- Conversion Option: Included at no extra cost. Convertible to the lesser of the level-premium period or to the first policy anniversary on or after the insured’s 65th birthday, but at least five years. Partial conversions are permitted.
- MediGuide Medical Second Opinion: Included at no extra cost. The MediGuide Medical Second Opinion Program provides services should the Insured be diagnosed with a qualifying life threatening condition or disease. MediGuide America will collect and assemble all medical records and obtain a medical second opinion and recommend three facilities, at no cost to the Insured. Available in all states except KS, NY, WA.
Optional Term Life Features
- Additional Term Insurance Rider: Available with extra premium. Additional Term Insurance Riders (AIR) can provide additional temporary life insurance coverage for 10, 15 or 20 years, after which coverage ceases.
- Children's Life Insurance Rider: The Children’s Life Insurance Rider (ICC14-CLIR) provides death benefit protection for families with one or multiple children. A single rider covers all eligible children to the earlier of the child’s 25th birthday, the insured’s 65th birthday or policy termination. Eligible children of the policy insured (not owner) include any unmarried child, stepchild or legally adopted child, who is not beyond his or her 18th birthday at the time of application. Available only at policy issue when the primary insured person is between the ages of 20 and 55, age nearest birthday.
- Waiver of Premium Rider: Available with extra premium. Banner Life Insurance Company will waive all premiums that are due during total disability if given due proof of total disability and such total disability has then existed continuously for at least six months. Waiver of Premium coverage ceases at the Insured's attained age 65.
A two-year contestable and suicide provision applies.
Term Essential PruLife Return of Premium Term are issued by Pruco Life Insurance Company in all states except New York, where they are issued by Pruco Life Insurance Company of New Jersey. Both are Prudential Financial companies located in Newark, NJ. Product availability varies by state.
The Term Essential form number is PLTIC-2008. The form number for the Accidental Death Benefit is TB 113-2000 and the Children’s Protection Rider is TB 182-2000.
The Return of Premium rider form numbers are ICC13 TB167(15)-2013, TB167(15)-2013, ICC13 TB167(20)-2013, TB167(20)-2013, ICC13 TB167(30)-2013, and TB167(30)-2013. Please note that the product may not be available in all states.
Term Essential is Prudential’s most affordable term product, offering a death benefit at a competitive initial premium. It offers 10-, 15-, 20-, and 30-year level-premium periods.
Term Essential 10: Term life insurance with level premiums during the initial 10-year period. Premiums increase annually in years 11 and later.
Term Essential 15: Term life insurance with level premiums during the initial 15-year period. Premiums increase annually in years 16 and later.
Term Essential 20: Term life insurance with level premiums during the initial 20-year period. Premiums increase annually in years 21 and later.
Term Essential 30: Term life insurance with level premiums during the initial 30-year period. Premiums increase annually in years 31 and later.
PruLife Return of Premium returns all premiums, less any contract debt, if all premiums have been paid and the insured is alive at the end of the level-premium paying period.
PruLife Return of Premium Term: Term life insurance with level premiums during the initial 15-year period. All premiums are returned to the policy owner at the end of the term period.
PruLife Return of Premium Term: Term life insurance with level premiums during the initial 20-year period. All premiums are returned to the policy owner at the end of the term period.
PruLife Return of Premium Term: Term life insurance with level premiums during the initial 30-year period. All premiums are returned to the policy owner at the end of the term period.
Important Note: PruLife®Return of Premium Term returns all premiums paid during the level premium period selected if the insured lives to the end of the selected period. Returned premiums do not include any outstanding loans and interest owed. The amount returned may vary on a case-by-case basis if the policy lapses, or is surrendered, prior to the end of the level premium paying period.