In response to medical advances, Prudential Financial Inc. (NYSE: PRU) announced today new individual life insurance
underwriting guidelines that may offer significant reductions in
premiums for applicants who have coronary artery disease (CAD). More
specifically, these changes mean more competitive pricing for
individuals who have recovered, stabilized, and engage in a lifestyle
conducive to good cardiac health. In fact, some “best case” CAD
applicants who may have received impaired risk ratings previously may
now qualify for standard ratings.
“Our underwriting guidelines now make life insurance
more readily available for some individuals who have been treated for
coronary artery disease and offer them the opportunity to qualify for
significantly lower premiums,” said Mike McFarland, vice president,
Individual Life Insurance Underwriting at Prudential. “We have
completely re-written our procedures.”
| "Our
underwriting guidelines now make life insurance more readily available
for some individuals who have been treated for coronary artery disease
and offer them the opportunity to qualify for significantly lower
premiums." |
As an
example, a 58 year-old male who is being treated for multi-vessel
disease could save significantly on a Pruco Life Insurance Company Term
Essential ear policy with a face amount of $1 million. Previously,
the lowest annual premium he could receive would be $19,465.
However,
with our new underwriting standards, this same man could pay only
$14,285 annually, resulting in a savings of $5,180 annually. All final
offers of insurance are subject to full underwriting review, which may
result in different premiums and can vary depending upon an applicant's
specific and complete medical history.
Coronary artery
disease, or heart disease, affects nearly 13 million Americans and is
the leading cause of death of both men and women in the U.S. according
to WebMD, 2006. "Life insurance applicants being treated for coronary
artery disease often assume they are automatically excluded from the
valuable protection of life insurance. An in-depth understanding of the
medical advances surrounding coronary artery disease can lead to
favorable underwriting decisions for these individuals," adds
McFarland.
Prudential Financial companies, with
approximately $568 billion in total assets under management as of June
30, 2006, serve individual and institutional customers worldwide and
include The Prudential Insurance Company of America, one of the largest
life insurance companies in the United States. These companies offer a
variety of products and services, including life insurance, mutual
funds, annuities, pension and retirement-related services and
administration, asset management, banking and trust services, real
estate brokerage franchises, relocation services and, through a joint
venture, retail securities brokerage services. For more information,
visit Prudential's website .
Term
Essential is issued by Pruco Life Insurance Company in all states
except New Jersey and New York, where it is issued by Pruco Life
Insurance Company of New Jersey. The policy form number is PLTIC-2005.
The Pruco Life companies, which are Prudential Financial companies
based in Newark, NJ, may have the right to contest the policy for
misrepresentation or to apply a suicide clause.
Term
Essential offers guaranteed level premiums for 10, 15, 20, or 30 years
(premiums increase annually thereafter to age 95 (80 in New York) and
are not guaranteed) and the ability to convert to permanent insurance
until the earlier of the end of the level premium-paying period or age
65, but never less than 5 years. All guarantees are based on the
claims-paying ability of the issuer.
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