Prudential Life Insurance Review: Why Prudential Maybe the Best Choice For You?
If you are looking for a comprehensive Prudential life insurance review then you are at the right place!
The hunt for best life insurance company seems never-ending. You may end up with a long list and then you wonder which company may be the best for you. At LifeQuote, we make your work easier. We work with dozens of companies that provide best life insurance in the marketplace. Not only will you receive a quote from let’s say Prudential Life Insurance but also from other top-rated life insurance companies as well.
Shopping for an insurance coverage is not easy. In order to find the best life insurance quotes on any product, you need to know your options, and this can only be done by comparing different top-rated life insurance carriers. This all may seem like a nightmare and time-consuming process but don’t you worry. We are here to help!
Prudential Life Insurance: Let’s look at the Positives First
Prudential Life Financial Ratings
You may have read in other Pacific Life Insurance reviews about Pruco Life Insurance company. It’s actually a subsidiary of Pacific Life Insurance that offers coverage in New York and New Jersey.
Either way, the company has a solid foundation in the insurance industry and it has successfully proved itself as one of the world’s most admired companies. Let’s have a look at the company’s financial ratings:
A.M. Best: A+
Standard & Poor’s: AA-
(Ratings last updated November 2017)
Prudential Life Insurance’s Favourable Underwriting for Niche Clients:
When it comes to underwriting, every company has a different set of guidelines.
Why is it important to understand underwriting criteria for insurance policies you are applying to? Well, let us explain it to you.
Life insurance companies have as many as 16 different rating classifications and for each drop in rating, your premiums increase by 25%. Wow, that’s a lot of money! That is why it is important to consider this key component before you choose any life insurance company.
Let’s see how Prudential Life Insurance offers unique underwriting for clients who fall under these categories:
Prudential Life Underwriting Guidelines
The top 3 health classes used by Prudential Life are:
#1 Health Class = Preferred Best
#2 Health Class = Preferred
#3 Health Class = Non-smoker Plus
1. Preferred Best
Blood Pressure: Up to 130/80 for ages up to 49. Up to 135/85 for ages 50 and over. Without medication.
Tobacco: No tobacco or nicotine use within last 5 years.
Cholesterol: The cholesterol/HDL ratio should be 5 or less. With or without medication.
Family History: No death of parents or siblings from Coronary Artery Disease, Cerebrovascular Disease or cancer prior to age 60. A high family risk for cancer. (breast, pancreas, colon, prostate, melanoma, ovarian and stomach)
Driving Record: No record of reckless driving or being accused of DUI within the last 5 years. No license suspension within the last 3 years. No more than 1 citation for moving violation or motor vehicle accident within the last 3 years.
2. Preferred Plus
Blood Pressure: Up to 135/85 for ages up to 49. Up to 140/90 for ages 50 and over. With or without medication.
Tobacco: No tobacco or nicotine use within the last 3 years.
Cholesterol: The cholesterol/HDL ratio should be 6 or less. With or without medication.
Family History: No death of more than one parent from Coronary Artery Disease, Cerebrovascular Disease, or cancer prior to age 60. A high family risk for cancer. (breast, pancreas, colon, prostate, melanoma, ovarian and stomach)
Driving Record: No record of reckless driving or being accused of DUI within the last 5 years. No license suspension within the last 3 years. No more than 2 citations for moving violation or motor vehicle accidents within the last 3 years.
3. Standard Plus
Blood Pressure: Up to 140/90 for ages up to 49. Up to 145/90 for ages 50 and over. With or without medication.
Tobacco: No cigarettes within the last 12 months. May smoke cigars, pipe or chew tobacco.
Cholesterol: The cholesterol/HDL ratio should be 7 or less. With or without medication.
Family History: No Specific Criteria.
Driving Record: To determine if the client qualifies for this class, an evaluation will be conducted of his /her actual driving history.
Prudential Life also provides excellent coverage for clients seeking life insurance for diabetes. However, their diabetes should be under strict control.
Products Offered By Prudential Life Insurance Company
Prudential Life offers a variety of life insurance products that include:
- Term Life Insurance
- Universal Life
- Indexed Universal Life
- Variable Universal Life Insurance
Note: The company does not offer whole life insurance.
Prudential Term Life Insurance
Prudential offers level term policies which means that your premiums are guaranteed for life of the term. The terms available are 10,15,20 and 30.
Let’s have a look at different term life options available by Prudential:
MyTerm: MyTerm is a no exam life insurance policy with coverage amounts ranging from $50,000 up to $250,000. The different term lengths available are 10, 15, 20 and 30 years.
There is one drawback when buying this policy i.e it cannot be converted to a permanent policy. So if you are nearing your end and are looking for a permanent coverage option then this policy would be of no help.
Term Elite: A level premium term life insurance that can be converted to permanent life insurance without a medical exam.
PruTerm WorkLife 65: This guaranteed level term policy is designed to provide protection during your income-earning years. It also includes a waiver of premium benefit in case you become disabled or unemployed. There may be some policy restrictions you have to refer to.
PruLife Return of Premium Term: Another term policy with an interesting feature. If you get to outlive the term period, Prudential will repay your premiums in a lump sum.
PruTerm One: If you are looking for a short-term life insurance coverage ( 1-5 years) for your personal or business needs then this policy is for you. It’s also renewable and convertible to permanent life insurance.
Permanent Life Insurance
Prudential Life Insurance offers three types of permanent life insurance:
1. Universal Life
2. Indexed Universal Life
3. Variable Universal Life
Universal Life insurance
Universal life gives you the flexibility to adjust your premiums. You can add more in good times and pay less when you are not in good financial condition.
It offers you a low-cost protection of term life insurance as well as a savings element (like whole life insurance), which you can further invest to build up your cash value.
Universal life is more death benefit focused that makes it ideal for long-term investment.
Universal life products by Prudential:
- PruLife® Universal Protector
- PruLife® Universal Plus
- PruLife® Founders Plus UL
- PruLife Essential UL
Indexed Universal Life
There is a great potential for high cash value growth with Indexed Universal Life insurance. But…
How does IUL Work?
It’s an insurance policy that is tied to a stock market index such as the S&P 500. The premiums are placed in a general account. Now the policyholder has an opportunity to allocate his funds either to a fixed account or to one of the indexed accounts.
Each account has a guaranteed floor that protects you against market losses. This protection is available since you are not investing directly in the market.
Indexed Universal life Products by Prudential:
- PruLife® Index Advantage UL
- PruLife® SUL Protector
- PruLife® Survivorship Index UL
Variable Universal Life Insurance:
Another type of cash-value life insurance product that offers both a death benefit and an investment feature. Unlike Index Life Insurance, VULs makes a direct investment. These investments are made in multiple sub-accounts that act similar to mutual funds.
How does VUL work?
VUL works in a manner similar to IUL. However, there are no caps and floors. There is a cash value account, which is invested in different sub-accounts available in the policy. Your risk/reward ratio is increased in this case. Now you have the potential for bigger gains as well as big losses depending upon the performance of your accounts.
Variable Universal life Products by Prudential:
- VUL Protector®
- PruLife® Custom Premier II
- PruLife® SVUL ProtectorSM
- Life Insurance Riders
By adding life insurance riders in your life insurance policy, you can enhance this valuable coverage and tailor the policy to meet your specific needs.
Living Needs Benefits: This rider allows you to access your death benefit earlier if you suffer from one of the qualifying events such as terminal illness, or a vital organ transplant as described in the rider’s policy.
Waiver of Premium: This rider will help you keep your life insurance intact in case you are not able to pay your premiums because of an unfortunate event such as total disability.
Children’s Protection Rider: A term life rider that provides life insurance protection to all of your children until they reach 18 years of age. It also provides an option to convert the life coverage to a new permanent life insurance policy when your children are old enough.
Overloan Protection Rider: This rider can help prevent your policy to lapse because of an outstanding policy loan.
High-Risk Insurance Policies
Since Prudential life is one of the biggest players in the insurance market, it allows them to take a bit more risk with their underwriting. Individuals with DUIs, recreational marijuana use, and controlled diabetes have more chances of getting approved by Prudential then by other insurance carriers.
Sample Prudential Life Insurance Quotes
Prudential Life Insurance Quotes for Males
All quotes are based on a 45-year-old male at a preferred plus non-tobacco health class as of December 2017. Rates may subject to change.
|Face Amount||10 Year||15 Year||20 Year||30 Year|
Prudential Life Insurance Quotes for Females
All quotes are based on a 45-year-old female at a preferred plus non-tobacco health class as of December 2017. Rates may subject to change.
|Face Amount||10 Year||15 Year||20 Year||30 Year|
Prudential Short Term Disability Insurance
Prudential is known to be one of the best disability life insurance companies for group employer plans. Short-term disability insurance is offered through Prudential Insurance Company of America. It can provide you with needed financial assistance when you are initially disabled. Your employer will cover the expenses of this coverage. If your disability still remains after 90 days then your short-term plan will be converted to long-term disability insurance plan.
There are certain limitations and exclusions for obtaining this coverage. Call us to find out more!
Prudential Long Term Disability Insurance
Prudential Long Term Disability (LTD) insurance can help pay your bills and support your family even if you are disabled. By offering an income replacement LTD coverage protects your financial livelihood. Again this coverage can be paid entirely by the employer, or by employees and sometimes the cost can be shared.
Now Let’s have a look at some Drawbacks:
A lot of good prudential life insurance reviews doesn’t necessarily mean that the company is perfect enough to have no negatives.
It May Not be the Best Option for You:
Although Prudential Life is a great company for purchasing a life insurance policy, it does not mean that it’s ‘the best’ for everyone. You may get better options and better prices with another life insurance carrier depending on your circumstances and needs. That is why it’s important to look around for options before you make a final decision. An agency that has contacts with multiple life insurance companies may come handy at this time. It will save your time and energy to go through all the hassle of making calls individually to every insurance company out there and taking out time to discuss their options. LifeQuote can handle all this work for you and provide you with rates and options that best meet your needs.
LifeQuote is an independent life insurance agency that works with multiple top rated life insurance companies. We do not favor any life insurance company over other. Instead, we find out your needs and then look for the company that is best in terms of price and providing the desired coverage.
If you are looking to save thousands of dollars on life insurance, then give us a call to see what we can do for you today!
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