Pruco Life (also known as Prudential) officially announced that as of April 13th 2020, they are temporarily pulling their 30-year term and single pay GUL products from the market. This is due to the low interest rate environment and the fear that they cannot find the investment yield they need to support that product over the next three decades. Will others follow? Do others just shut their doors to new business?
As previously stated, we have no idea how long this product update and/or reduction will last, or if any other companies will follow suit. Now would be a very good time to get your 20, 25, 30, and 40 year life insurance rate secured. The low interest rates that the carriers are experiencing may soon lead to price increases for longer level-term products.
Our firm has the ability to process everything electronically, so there is no need to meet with anyone person-to-person or to transfer any physical documents. Our clients are used to our virtual practice and process so, luckily, we have been able to keep our typical business processes in motion.
Now would be the time to reassess your policies; are they close to expiring or do you or someone you love need insurance in general? Let us know if you would like a policy review to be sure you are adequately insured and/or to be sure you won’t be losing coverage sooner than you expected. To book a complimentary consult, schedule here.