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Pruco Life Launches Single Premium Policy

Helps consumers to purchase coverage and transfer wealth

Pruco Life Insurance, a Prudential Financial company, has launched a new single-premium universal life insurance policy – MyLegacy that helps consumers to purchase coverage and transfer wealth. MyLegacy is the new life insurance product in the company’s portfolio offered over the internet through banks and other financial institutions.

Reportedly, MyLegacy policy can be purchased with a single premium payment, from $5,000 up to $250,000. A feature of MyLegacy is the return of premium guarantee, meaning the single premium paid will be returned if the policy is surrendered. An additional benefit is the policy’s guaranteed interest crediting rate of 4%. The policy’s MyNeeds benefit allows for access to policy values by waiving any surrender charges in the event the policyholder is confined to a nursing home or enters hospice care.

The company has said that MyLegacy is issued by Pruco Life Insurance Company, except in New York, where it is issued by The Prudential Insurance Company of America.

Joan Cleveland, senior vice president of business development, individual life insurance, The Prudential Insurance Company of America, said: “Consumers respond well to the ‘once and done’ approach of our immediate issue life insurance products. MyLegacy offers a simple solution for bank customers who would like to efficiently create a financial legacy for their heirs. This product is the second offered through our innovative internet-based application process, following our term insurance product, MyTerm. By utilizing the internet for both of these products in a real-time environment, we are also delivering a more environmentally friendly process.”