|
LIVING NEEDS BENEFITSM
We're There When You Need Us Most
Get the Most Out of Your Life Insurance
Since 1875, The Prudential Insurance Company of America has been committed to providing its clients with first-rate insurance and financial services and products. Continuing this tradition, Prudential and its affiliated companies, Pruco Life Insurance Company and Pruco Life Insurance Company of New Jersey are proud to offer their accelerated benefit rider, the Living Needs Benefit.
Available with no additional premium charge, 1 the Living Needs Benefit can help provide funds from your life insurance policy when the person the policy insures: 2
- Has been confined to a nursing home for at least six months and is expected to be permanently confined, or
- Is terminally ill, or
- requires a vital organ transplant.3
On a policy where you are the insured, the benefit can advance funds otherwise payable at your death - without depleting other sources of savings you may have targeted for your retirement or your family's future needs.
Prudential hopes you never need to use the valuable Living Needs Benefit, but this feature can help provide you and your loved ones added peace of mind. Contact us today.
Will the Living Needs Benefit replace my need for health insurance?
No, the Living Needs Benefit is not a replacement for health or long-term care insurance, and it is not intended to eliminate your need for health or long-term care insurance. If you can meet your expenses through health or long-term care insurance, you may choose not to use the Living Needs Benefit.
How can I use the money from the Living Needs Benefit?
You can use the funds from the Living Needs Benefit for any expenses - mortgage bills, medical bills, daily costs - or to maintain or improve your standard of living during a difficult time.
What happens to the death benefit if I use the Living Needs Benefit?
When you receive funds under the Living Needs Benefit, the death benefit under your policy is either reduced or eliminated.
How does the Living Needs Benefit work?
If you need to use Living Needs Benefit feature of your life insurance policy, some or all of your policy's death benefit will be paid in advance, either on a monthly basis or in a lump sum payment. If you elect to receive less than the maximum amount available under this rider (certain restrictions apply), a portion of your policy can continue with a reduced death benefit and lower premiums.
Are there any tax consequences if I use the Living Needs Benefit?
As long as the payment is for qualified costs incurred and the insured satisfies the tax law definition of "terminally ill" or "chronically ill" accelerated death benefits, like the Living Needs Benefits, are generally excludable from federal income tax. As always, Prudential recommends that you consult your tax adviser or attorney about how the election of the Living Needs Benefits may impact your personal situation.
How do I add the Living Needs Benefit to my life insurance policy?
You may have added the Living Needs Benefits when you first purchased your policy. If not, contact us and we will be able to tell you if you can add the Living Needs Benefits1 to your policy and provide you with additional information.
Life insurance policies and riders contain exclusions, limitations, reductions of benefits and terms for keeping them in force. We will be glad to provide you with complete details.
1Policies must meet certain face amount requirements before the Living Needs Benefit will be added to the contract. When a claim is paid under this rider, a reduction for early payment is applied and a $150 processing fee is deducted. Each additional policy used for the same claim will have a processing fee of up to $150. Receipt of accelerated benefits may be taxable; assistance should be sought from a personal tax adviser. Receipt of the accelerated death benefit may affect eligibility for public assistance programs. The Living Needs Benefit is not available in Minnesota to new purchasers over age 65 until the policy has been in force for one year, and the nursing home option is not available in New York or the District of Columbia. Term policies in Oregon must have waiver of premium to have Living Needs Benefit. Living Needs Benefit is not available in Massachusetts.
2Not all states have the same options.
3In most cases, documentation from a qualified physician will suffice. For an organ transplant, Prudential must receive physician documentation prior to the transplant. Prudential reserves the right to investigate further and decide eligibility for payment.
Prudential Financial and the Rock logo are registered service marks of The Prudential Insurance Company of America and its affiliates.
Life insurance is issued by The Prudential Insurance Company of America and its affiliates. All are Prudential Financial companies.
Each company is solely responsible for its own respective financial conditions and contractual obligations.
©2003 The Prudential Insurance Company of America
751 Broad Street, Newark, NJ 07102-3777
ALL RIGHTS RESERVED
Ed. 10/2003
|
Printer Friendly
