Prudential Adds Variable Investment Options to COLI Product

Prudential Financial, Inc. has come out with a group of variable universal life insurance contracts for informally funding nonqualified benefit plans, including Supplemental Employee Retirement Plans (SERPS) and Deferred Compensation Arrangements.
According to a press release from the company, the PruBenefit Select product is the next in line for Prudential’s corporate owned life insurance (COLI) product.
PruBenefit Select offers life insurance protection with a variety of choices:
  • Return of Charges feature;
  • Over 70 variable investment options from asset managers;
  • Optional Target Term Insurance; and
  • Pre-scheduled and post-issue coverage amount flexibility.
“PruBenefit Select offers almost twice as many variable investment options than COLI products we have previously offered and allows all contributions to be allocated to the general account option,” said Andy Sforzini, vice president of PruBenefit Funding at Prudential, in the press release.
Sforzini continued that the product’s eight-year Return of Charges feature is meant to help minimize any volatility on a corporation’s earnings.
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