PruLife Index Advantage UL
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1 CREATED EXCLUSIVELY FOR FINANCIAL PROFESSIONALS FAQS PruLife Index Advantage UL A new product usually gives rise to questions, and PruLife Index Advantage UL (Advantage UL) is no exception. Here are some frequently asked questions and their answers to help you prepare for selling Advantage UL. This information supplements the Fast Facts, which contains the factual details of the product. The questions are arranged to provide information on: Competitiveness Internal Competitiveness External General Features Cap & Floor Interest Crediting Marketing & Illustrations To make these easier to use, you can search within this PDF: Press shift+ctrl+f and a search bar will open up. Enter a key word or phrase you want to locate and you will be shown the locations in which that word or phrase appears. COMPETITIVENESS INTERNAL 1. How does Advantage UL fit into our product portfolio? 2. How does Advantage UL compare to UL Plus and UL Protector? Advantage UL is a perfect addition to our protection portfolio. Its upside potential and downside protection lies between PruLife Universal Protector (UL Protector) and PruLife Universal Plus (UL Plus). See the chart below for a hypothetical cash accumulation comparison based on current interest rates, charges and hypothetical performance for the Indexed Account for Male, age 45, Preferred Best, $1MM face amount, Type A death benefit, using $10,000 of premiums in all years. For Advantage UL, 100% of the allocation is to the Indexed Account once 12 months of charges have been retained in the Basic Interest Account. $12,000,000 $10,000,000 CASH VALUE $8,000,000 $6,000,000 $4,000,000 $2,000,000 UL Plus 4.40% yrs then 4.90% UL Protector 4.10% Advantage UL 6.83% + Basic Interest Account 5.05% $0 AGE Illustrated rate assumptions: Advantage UL: 6.83% plus Basic Interest Account of 5.05%, GPT definition of life insurance UL Protector: 4.10%, CVAT definition of life insurance UL Plus: 4.40% through year 10, then 4.90%, GPT definition of life insurance. Cash values are not guaranteed and are based on the illustrated crediting rates. The guaranteed floor for the Indexed Account is 0%. 3. Why buy Advantage UL vs. UL Protector? 4. Does Advantage UL offer the same reward as a variable product without the downside risk? Consumers who may want to buy Advantage UL are those who are: 4interested in permanent protection. 4willing to consider the added upside opportunity to accumulate cash value through an indexlinked account. 4attracted to the downside protection offered by the 0% floor. 4willing to take more risk since the policy does not offer a lifetime no-lapse guarantee. Advantage UL is typically less risky because there is downside protection with the 0% floor. The interest rate cap limits upside returns, but variable products do not have caps that limit upside returns. There is no actual participation in the equity markets and this policy should not be marketed as an investment Prudential Financial, Inc. and its related entities Ed. 03/2012 Exp. 09/10/2013 1
2 COMPETITIVENESS EXTERNAL 5. How does Advantage UL compare against other Indexed ULs in the marketplace (for accumulation) if they were all run at the same rate as ours? What about with respect to cash value? 6. Why should someone buy Advantage UL over a Current Assumption UL product? 7. Why should someone buy Advantage UL over another IUL product? Advantage UL can be compared with other IULs using these three benchmarks: 4Minimum Premium (MP) Using this solve, Advantage UL will generally rank in the near top quartile among key competitors. 4Premium Based Guarantee When Short-Term and Limited Guarantees are compared, Advantage UL falls in the top quartile. 4Cash Value Though Advantage UL may not be as competitive as other IUL competitors for cash value, it can provide very competitive cash values depending on actual crediting rates. It is similar in the sense that it provides death benefit protection, but this product also has the upside potential because the interest crediting (subject to caps, floors, etc.) is based on the S&P 500, which excludes dividends. In essence, Advantage UL is a competitive Current Assumption UL with the advantage of the Indexed Account option. There are several reasons why someone may want to buy Advantage UL: 4Simpler design compared to other IULs in the marketplace. 4A design leveraging the most popular index crediting strategy annual point-to-point using the S&P 500 Index. 4Competitive illustrated rate, Basic Interest Account rate, cap, participation rate (100%), and, floor compared to other IULs. 4Short-term No-lapse Guarantee lesser of 20 years and attained age 70 (min of 10 years); Limited No-lapse Guarantee lesser of 30 years and attained age 80 (min of 10 years). 4Other than the Indexed Account that is available on this product, other features and riders are similar to those of interest-sensitive UL. GENERAL FEATURES 8. Is this a fixed or variable product? Advantage UL is a fixed, interest-sensitive, general account UL product. Unlike a variable UL policy, it is not a security and should not be marketed as one. 9. What does a 100% participation rate mean? 10. If a policyholder is paying the Limited Premium but then misses a payment, can he or she get the guarantee back? It means 100% of the index performance (which excludes dividends of the companies which comprise the index) will be credited. A higher participation rate doesn t necessarily mean a higher crediting rate, because it also depends on the cap being offered and the actual S&P performance. Yes. Catch-up premiums can be paid to get the guarantee back. However, this will not be the case while a loan is outstanding. (Note that, while a loan is outstanding, the no-lapse guarantee will not be in effect.) 11. What is included in the Contract Fund? The Contract Fund consists of the Indexed Account, the Basic Interest Account, and any loan value. 12. Is the Asset-Based Charge shown as a separate charge on the policy statement? The Asset-Based Charge is a portion of the administrative charge on the policy statement. 13. What is an index segment? An index segment is what is created when money is allocated from the Basic Interest Account to the Indexed Account. The policyholder would allocate money this way to receive a crediting rate based on S&P performance (which excludes dividends). The segment matures after 12 months. 14. Can allocations be made to both the Basic Interest Account (fixed) and Indexed Account? Yes. The policyowner can choose the amount that he or she would like to allocate to each account. Allocations to the Indexed Account will begin once there is enough money in the Basic Interest Account to cover 12 months of charges. Once there is enough money in the Basic Interest Account to cover that amount, the remaining money is eligible to be allocated into the Indexed Account or can be allocated to remain in the Basic Interest Account. 15. What is the Minimum Contract Fund? The Minimum Contract Fund is an alternative way to calculate the insurance benefit and the cash surrender value in the policy. Regardless of Indexed Account performance, the policy will guarantee a cumulative return of 1% annually on net premiums, reduced by monthly charges (other than the Asset-Based Charge), withdrawals, and any other contract charges. When the Minimum Contract Fund value is more than the actual Contract Fund value, the Minimum Contract Fund will be used in its place for most policy provisions, including the calculation of surrender value, available loan amount, amount at risk, and death benefits. Please note that there is no guarantee that the Minimum Contract Fund will be a positive value as charges and other reductions can deplete it. 2
3 CAP & FLOOR 16. Why is the cap set at the percentage it is? To have a higher cap, we would have had to raise our charges to account for a higher hedging budget (which is how our competitors pay for higher caps). We prefer to have leaner charges and still provide a reasonable cap. 17. How does the cap affect the product? The cap helps determine the interest crediting rate. Some companies use a very high cap, which improves their illustrated rate, but may not be very realistic. 18. What would make the cap change? The cap is subject to change at our discretion. There are two key factors that could impact our decision to change the cap: 4The interest earned on the general account by the insurance company. Since a portion of the general account is used to purchase the options (to set the cap and floor), any significant changes in the interest earned in the general account will impact the company's budget to purchase these options. 4The cost of the option. When there is volatility in the stock market, the cost of options generally rises. When the stock market is stable, the cost of options generally falls. 19. How do other companies offer a higher cap? There are a variety of reasons why other companies may offer higher caps. The key ones: 4They have higher charges to pay for the higher caps. 4They have a participation rate lower than 100%. 4They may be using monthly averaging, 5-year annual point-to-point or blended indices. While a higher cap is offered, the average return may be similar to that of the S&P 500 index using annual point-to-point method. 20. What is an interest rate floor? The interest rate floor is the minimum amount a segment in the Indexed Account can receive over a one-year time period. INTEREST CREDITING 21. How does the interest crediting method of Advantage UL compare with a current assumption product? Interest is credited on a current assumption product based on the fixed interest declared in advance by the company. That company has the discretion to change this interest rate. On an IUL product such as Advantage UL, interest is credited based on the performance of the S&P 500 annual point-to-point method adjusted for the cap, floor and participation rate. The company has the discretion to change the cap, floor and participation rate. 22. What is a look-back period? It is the period of years of historical data that a company uses to determine the illustrated rate (along with the cap, floor, and participation rate). Prudential uses a 25-year look-back period. However, it is important to note that past performance does not indicate or guarantee future performance. 23. What does annual point-to-point mean? 24. Why does Pru use only the S&P 500 but other companies use blended indexes such as Hang Seng? It measures the performance of the Index (in the case of Advantage UL, the S&P 500 ) from the date the index segment is created to exactly 12 months later, when it matures. This is the most common crediting method used. The S&P 500 is the most common index used and has the least costly and most readily available hedging options. The companies that use a blended index still buy just one option from an investment bank to hedge. Because these indices are less common in the marketplace, they are more difficult to price and often more expensive. Oftentimes, competitors choose an index such as Hang Seng because it helps raise their illustrated rate. 25. What is the sweep date? The sweep date is the date that money moves from the fixed account (Basic Interest Account) to the Indexed Account. For Advantage UL, it is the 15th of every month. Because the sweep may not occur immediately after premiums are paid, it is important to note that segments will not mature exactly one year after a premium is paid. Also, there is a policy requirement that 12 months of policy charges be retained in the Basic Interest Account before money can move into the Indexed Account. Because of this rule, depending on how your client chooses to pay premiums, it may take a number of premium payments to have enough in the Basic Interest Account to have money eligible for allocation into the Indexed Account. 3
4 INTEREST CREDITING (continued) 26. What happens if the 15th of the month occurs on a weekend? 27. Will the policy statement show the percentage of interest credited from inception to date? 28. If a policyholder pays an annual premium, can he or she choose to have multiple segments? 29. What happens if money is moved out of an index segment before it has been there for 12 months? The transfer occurs the next business day. However, the interest rate used will be based on the rate from the previous business day. No, it will not show the percentage of interest credited from inception to date. The policy statement will show the percentage of interest credited in the maturing segments during the year. No. This feature may be incorporated in a future update to Advantage UL. No interest will be credited on the portion of the segment that was removed prior to maturity. The portion that remained in the segment to maturity will earn interest. The one year point-topoint method requires the money in the segment stay in the Indexed Account for a full 12 months before interest is credited. 30. Can I lose money in the index segment? While money will not be lost in the index segment (due to the minimum 0% floor), note that charges (including the Asset-Based Charge) are taken out of the policy each month which may reduce the account value of the policy. MARKETING & ILLUSTRATIONS 31. How should this product be marketed? It should be marketed as a Current Assumption UL with an indexed account option. It should be offered as a companion or substitute for no-lapse guarantee products when appropriate. 32. Who are our biggest competitors in the current assumption market? 33. Why shouldn t a consumer simply choose the policy with the highest illustrated rate? We have competitors in both the IUL and Current Assumption UL markets. IUL competitors: Current Assumption UL competitors: Pacific Life s Indexed Accumulator III John Hancock Protection UL Lincoln Benefit Ultra Index Pacific Life's Versa Flex Pro II - DB Midland National XL DB2 AXA Athena UL Minnesota Life Eclipse John Hancock Indexed 11 Companies that generally have the highest illustrated rates also have the highest charges. Also, these products are generally complex with multiple crediting methods, variable loans, various indices and participation rates that are lesser or greater than 100%. In comparison, Advantage UL offers a simpler design based on the S&P 500 index and a competitive illustrated rate. 34. Does PruLife Index Advantage UL have rolling targets? 35. Up to what age should we illustrate cash value? 36. What message should we be sending to producers? Yes, rolling targets are included for 24 months (except NY). Age 121. Advantage UL is an affordable indexed UL product that provides death benefit protection with upside potential based on S&P 500 performance. 37. How is the illustrated rate calculated? The 6.83% illustrated rate is based on an historic 25-year look-back using a 10.75% cap and a 0% floor. If the cap changes, so would the illustrated rate. 4
5 Produced with the environment in mind Printed on Recycled Paper With 10% Consumer Waste PruLife Index Advantage UL, PruLife Universal Protector and PruLife Universal Plus are issued by Pruco Life Insurance Company in all states except New York where, if available, they are issued by Pruco Life Insurance Company of New Jersey. Variable life insurance is offered by Pruco Securities, LLC. All are Prudential Financial companies located in Newark, NJ, and are solely responsible for their own financial condition and contractual obligations. When comparing products, price is not always the sole determining factor. Features and benefits are equally important. This information was compiled by Pruco Life Insurance Company and Pruco Life Insurance Company of New Jersey. The competitive analysis for PruLife Index Advantage UL assumes that all rates shown are as of March 14, We have selected certain scenarios that highlight our competitive position. These scenarios are not indicative of our competitive position in every scenario. Pruco Life companies can confirm the accuracy of the values shown only for their products and make no representations regarding the accuracy or comparability of the other values shown. The information in this piece is intended only to provide a general view of relative illustrated values. Different assumptions regarding issue ages, rating classes, states of issue, interest rates, charges, face amounts or premium payments will produce different relative results. Pricing structures and administration of charges and fees may also differ and would affect relative results. Use of this material with the public is prohibited. It is intended for Producer/Broker use only. * Standard & Poor s, S&P, S&P 500, and Standard & Poor s 500 are trademarks of Standard & Poor s Financial Services LLC ( Standard & Poor s ) and have been licensed for use by The Prudential Insurance Company of America for itself and affiliates. This indexed product is not sponsored, endorsed, sold or promoted by Standard & Poor s and Standard & Poor s makes no representations regarding the advisability of purchasing an indexed policy. S&P 500 index values are exclusive of dividends. The potential for cash value accumulation in the Indexed Account is based on the performance of the S&P 500 Index on a yearly point-to-point basis. Money that is placed in the Indexed Account is not a direct investment in the S&P 500 Index. Life insurance cash values are accessed through loans and withdrawals, which will reduce cash values and death benefits and may have tax consequences. The Index Growth Cap is generally stated as a percentage, which is the maximum rate of interest the policy will earn, regardless of changes to the designated index. The Index Growth Cap is declared for each Index Segment in advance of each Index Segment Duration. The Index Growth Cap is subject to change at our discretion, both up and down, but is guaranteed to never be less than 3.00%. If the Index Growth Cap were reduced to 3%, then the maximum interest rate available in the Indexed Account would be 3%. Changes to the Index Growth Cap could result in different policy performance. Changes are not tied to the performance of the underlying index and may be based on interest rates, market volatility, and other factors. Index Growth Caps and Floors may be different in selected states Prudential Financial, Inc. and its related entities Ed. 03/2012 Exp. 09/10/2013 5
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