New term product also available in branches for the first time

Prudential Financial, Inc. (NYSE:PRU) today announced an agreement between its Individual Life Insurance business and Union Bankshares Corporation to offer MyTerm^SM, a simplified issue term life insurance policy available through the Internet to customers of Union Bank & Trust.

For the first time, licensed associates in branch locations are also equipped to assist customers with completing the MyTerm^SM application, allowing them to leave the bank knowing their insurance coverage is in place. Whether customers look to purchase MyTerm^SM directly through the Internet or assisted by a licensed representative in their branch, an automated underwriting process that can be accessed from virtually anywhere delivers a policy in about 10 minutes to qualified customers that can be saved electronically or printed locally.

“We’ve created these access points for consumers to provide a fast, easy and convenient way to select a high quality life insurance product that’s well suited to their needs and fits within their budget,” said Jim Avery, president of Prudential’s Individual Life Insurance business. “The option to apply for a policy through licensed associates in branch locations is yet another milestone we’ve crossed in responding to what customers want.”

The buying process and service of MyTerm^SM, which is targeted to the middle market consumer, are supported by state-of-the-art technology operating in a real-time environment. From a secure web site, customers choose from a 10, 20 or 30-year level term policy with face values between $50,000 and $250,000, issued by Pruco Life Insurance Company (Pruco Life Insurance Company of New Jersey in NY and NJ). “MyTerm^SM has been well-designed from start to finish with the consumer in mind,” according to an assessment of simplified issue online sales platforms conducted by Kehrer-LIMRA, a subsidiary of LIMRA Services, and leading provider of information and consulting services for financial institutions and their product and service providers.