Prudential’s – Mirrored Loan Program

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In general, by exchanging an old life insurance policy with a loan for a new policy that mirrors the loan, the following benefits may be achieved:
  • The new policy may provide a higher death benefit than the old policy.
  • The new policy may offer an enhanced no-lapse guarantee.
  • The 1035 exchange allows the client to avoid taxation associated with the loan when the loan is mirrored.
  • The loan interest charges and mortality and expense charges on the new policy can be significantly less, thereby preserving more of the contract’s values over the long term.
  • Depending on how much cash can be transferred from the old policy, net of fees and policy loan, and depending on new policy performance, policy values may be used to pay policy charges. In all cases, the policy should be carefully monitored and additional premiums should be paid if necessary to continue the policy.
  • New riders, such as one that can accelerate the death benefit in the event of a chronic illness, may be added to the new policy in the exchange.

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