Prudential Reveals New Life Insurance Product for Unemployed
Life insurerÂ Prudential has recently announcedÂ a new productÂ that could provide unique benefits to policyholders who become unemployed or disabled before retirement age.Â Known as PruTerm WorkLife 65, this newÂ life insurance option sets out to ensure a policy remains intact if the holder is temporarily unable to pay.
What is PruTerm WorkLife 65?
The PruTerm WorkLife 65 product is described by the company as a new life insurance option for working years with premium protection that is available in the event of unemployment or disability.
It works by havingÂ the policyholder pay for coverage through their working years as they would any other type of life insurance coverage. But if the policyholder suddenly becomes unemployed or disabled, theÂ coverage will remain intact.
Even more importantly, according to Prudential, the one-time unemployment benefit will waive premium payments for up to one continuous year during the time of unemployment or disability. The paymentsÂ will be reinstated after the one year, when the policyholder is no longer unemployed or disabled, or when the policyholder turns 65 years old, whichever comes first.
Who is Eligible?
The PruTerm WorkLife 65 policy is offered by Pruco Life Insurance and is eligible to anyone. Already existing policyholders with Pruco Life are able to convert their existing term policies to thisÂ policy at any time up to the age of 65 without additional medical testing.
On the whole, the policy is available up to 40 years for each policyholder and is said to provide a “once and done” approach to providing insurance protection for working Americans.
Do You Have Life Insurance Coverage?
If you are currently uninsured, there are many reasons why you should purchase coverage. One major reason is to make sure your family is financially protected in the event you die unexpectedly.
Of course, no one wants to contemplate their untimely demise, but since it’s virtually inevitable for everyone, it’s a good idea to take steps to ensure your loved ones are not left with unnecessary financial burden.
So your job is to explore the different types of policies out there, includingÂ permanent andÂ term. Then look at the life insurance companies offering services to determine what company and coverage would be best for you.