NEWARK, N.J. - Prudential Insurance Company of America is offering two new term life products, Term Elite and Term Essential.
The new policies are issued in New Jersey and New York through two subsidiaries, Pruco Life Insurance Co. and Pruco Life Insurance Company of New Jersey. The coverage ranges from $100,000 to $30 million. Payments can be made annually, semiannually, quarterly, or through monthly electronic transfer.
Term Essential buyers receive a lower initial premium, which is guaranteed for only a portion of the term and could go up, a Prudential spokeswoman said.
Term Elite offers guaranteed premiums, which are level for the first 10, 15, or 20 years of the policy and increase annually thereafter until the holder reaches the age of 95 in New Jersey or 80 in New York.