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A next-generation planning tool: unique features make PruTerm WorkLife 65 ideal for financial professionals with Gen X, Gen Y clients.

Clients count on you to help provide a strategy that helps them preserve their lifestyle in the face of the unexpected. Now there's a term life product designed to integrate readily into a financial plan, with features that can provide built-in protection from unanticipated events such as disability and unemployment.

Unveiled this spring, Pruco Life Insurance Company's WorkLife 65 convertible term life product is a new kind oflife policy. Developed based on extensive consumer research, customer feedback and advisor input, WorkLife 65 is a flexible, choice-laden and comprehensive policy designed to help be responsive to the most pressing needs facing younger consumers, while still providing a death benefit and convertibility at a competitive price.

Along with the traditional value proposition of a term policy--a meaningful death benefit--WorkLife 65 addresses other realities and risks that face consumers, including disability and loss of employment/ income. It offers a waiver of premium payments for one year in the case of unemployment and in the case of disability, will waive payments until the disability ends or the policyholder turns 65. This gives policyholders all-important peace of mind. And for advisors, that means greater client satisfaction and loyalty, which in turn can translate into follow-on sales and referrals.

"The unemployment feature [of WorkLife 65] isn't really anywhere else," says financial planner Stephanie Sherman. 'And then the added value of coverage in the event of disability really speaks to the issues."

It's an all-too-prevalent trend: resource-limited clients purchasing inadequate life coverage, leading to coverage gaps. What advisors and their clients say they need is a versatile product that helps close those gaps without breaking the bank. WorkLife 65 is designed to help fill that need. It's flexible, affordable and perhaps most importantly, easy for advisors to explain and easy for clients to grasp.

"My experience with WorkLife 65 is that it's very easy for people to understand," says advisor Philip Rosenau. "The client does not have to decide on the length of the term. They're covered 'til retirement."

WorkLife 65 provides affordable life insurance protection until age 65 no matter when purchased. Certain unemployment and disability premium-payment protection comes with each policy. Premium payments remain level until age 65, with the option of converting to permanent life insurance, an important consideration in legacy planning. Customization features include are also available.

The new generation of term life insurance has indeed arrived, ready to meet the planning needs of Gen X and Gen Y clients.

The ABCs of X & Y

Members of Generation X and Generation Y:

* Don't want their 'parents' policy'

* Don't want to be 'sold'

* Want to be educated

* Want an 'advisor relationship'

* Want a multifaceted, multi-solution policy

* May not realize full coverage needs

* Are time-pressed and highly distracted

* Are often financially squeezed, i.e., the Sandwich Generation

* Change jobs voluntarily or out of necessity

* Carry debt, i.e., mortgage, college loans

* Feel invincible but understand need for coverage

WorkLife 65 Fast Facts

Issuing company             Pruco Life Insurance Co. (Pruco Life
                            Insurance Co. of New Jersey in NY, if
                            available)

Level premium period        Coverage to 65, regardless of age at which
                            policy is purchased

Minimum & maximum face      $100,000 min.;
amount                      $3 million max.

Issue age range             25-55 (35-55 in WA)

Built-in riders             * Waiver of premium payments for one year
                              in the case of unemployment

                            * In case of disability, payments waived
                              until disability ends or the policyholder
                              turns 65

Premium payment period      At the end of the level period (age 65),
                            premiums increase annually for 20 yrs.;
                            annually increasing premiums are
                            guaranteed. Coverage ends at age 85.

Optional riders             * Living Needs Benefit (LNB)
                            * Accidental Death Benefit (ADB)
                            * Children's Protection Rider

Conversion options          Convertible during the level premium
                            period; partial conversions permitted.
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Title Annotation:Conversation: Issues and Opinions on Life Insurance Planning
Publication:Agent's Sales Journal
Date:Jun 1, 2011
Words:615
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