OREANDA-NEWS. Prudential’s Individual Life Insurance business (NYSE:PRU), simultaneously introduced an updated version of its variable universal life product, VUL Protector® and a new term product, PruTermSM One. Both products offer consumers tailored coverage depending on their specific needs.

Issued by Pruco Life Insurance Company and Pruco Life Insurance Company of New Jersey, subsidiaries of Prudential Financial, Inc., the enhanced VUL Protector provides life insurance protection with a no-lapse guarantee as well as an optional rider, the BenefitAccess Rider, which allows consumers to accelerate the death benefit to cover costs associated with a chronic or terminal illness. VUL Protector also features 6 new underlying investment options from well-known investment companies that offer the potential to accumulate cash value that clients can utilize during their lifetime.

Seven in ten people age 65 and older will need some type of chronic illness care according to 2013 data from the U.S. Department of Health and Human Services. “VUL Protector can provide flexibility to help consumers meet different challenges throughout their lifetime,” said Mark Hug, Executive Vice President, Product and Marketing, Prudential Individual Life Insurance. “Enhancements to the product strike a balance between the need for life insurance protection and the ability to access cash should unexpected needs arise,” said Hug.

PruTerm One, a one-year, annually renewable, convertible term product is a new product offered through Prudential and is designed to cater to consumers with short-term needs. The product offers consumers the peace of mind that accompanies life insurance protection without a long-term commitment.

“There are many situations that can arise over the course of one’s life that could require the need for life insurance protection on a shorter-term basis. Whether supporting an existing life insurance policy, fulfilling the need to close a temporary life insurance coverage gap or protecting a business in case an owner or key person dies, PruTerm One can be an ideal solution,” said Hug.

Both products further solidify Prudential’s wide array of product solutions for consumers with diverse needs. “The enhancements made to VUL Protector and the introduction of PruTerm One demonstrates our commitment to meeting the evolving needs of consumers,” said Hug.