Prudential is beefing up its online term life insurance product, MyTerm, to make it even easier for people to buy and more likely to qualify.
"Buying life insurance can significantly improve the quality of your financial life," says Steve Roche, vice president, product solutions, Prudential Individual Life Insurance. "You get the comfort of knowing you have taken care of your family’s financial needs if you are no longer around."
Roche notes Prudential has expanded MyTerm’s underwriting classes to help deliver more affordable rates for most customers. The company has added two non-smoker classes—Elite and Select. About 85 percent of applicants are anticipated to be rated Elite and could save up to 15 percent on their premiums.
Previously, there were just smoker and non-smoker categories. In addition, Prudential has added a Terminal Illness rider and simplified the application process in a way that makes it easier for consumers to understand and respond appropriately, while minimizing confusion and possible resulting rejections.
MyTerm is an immediate issue term life insurance policy available online at branches of banks, like Wells Fargo, and through phone assisted sales. The application process takes about 15 minutes.
Want to learn more about MyTerm or to speak to Steve? Contact Sheila Bridgeforth.
MyTerm® is issued by Pruco Life Insurance Company except in NY, where, if available, it issued by Pruco Life Insurance Company of New Jersey. Both are Prudential Financial companies located in Newark, NJ. Each is solely responsible for its own financial condition and contractual obligations. Policy form number for MyTerm® is ICC16 PFT-2016 or PFT-2016 followed by a state code. Not available in all states. The rider form number for the Terminal Illness Rider is either ICC16 TB 146-2016 or TB 146-2016 which may be followed by a state code.
Policies contain exclusions, limitations, reductions of benefits and terms for keeping them in force. A financial professional can provide you with costs and complete details.
15 June 2016
Prudential beefs up its online insurance product
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