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Prudential Life Insurance
Company Review
Prudential has been recognized as one of the world's most trusted brands for insurance and financial planning for over 140 years. They offer a variety of not just life insurance products, but also retirement planning, annuities, mutual funds, and investment services. Because they are the largest life insurer in the United States, with strong financial strength ratings, they are able to approve more customers at higher risk than other life insurance companies.
Prudential Life Insurance
- 751 Broad St.
Newark, NJ 07102
Advantages of Prudential Life Insurance
Prudential Life has some of the best financial strength ratings as well as one of the largest selections of insurance products among its competitors. The diverse array of options means that there is something for almost everyone. Its term policies are inexpensive and flexible, it has affordable no medical exam plans with higher coverage amounts than usual, and it provides universal life insurance with the survivorship feature, meaning that two people can be the policyholders and the survivor receives the death benefit if the other dies.
Prudential Life also has some of the best underwriting for those with unusual or complicated medical histories. Individuals with a history with conditions such as HIV, cancer, and diabetes will find better options here than in most other places. Additionally, Prudential offers a “living needs” benefit rider, which allows for extra coverage in the case of chronic conditions or terminal illnesses.
Disadvantages of Prudential Life Insurance
While Prudential provides excellent coverage for those with certain illnesses and pre-existing conditions, it does not have solid choices for those with a personal or family history of certain other conditions. It is important to read up on what is covered well before committing.
Additionally, receiving your policy and canceling your policy is all done by mail. While this is often a minor inconvenience, it can result in unwanted delays.
Lastly, Prudential does not provide whole life insurance, which is a type of permanent policy that has level premiums, meaning that the amount paid does not change over the course of the policyholder’s lifetime. If you were looking for consistent payments for a permanent policy, consider looking at other providers before settling for the more flexible but more volatile universal coverage.
Available Products
Prudential Term Life Insurance
Prudential offers level term policies, which means that your premiums are guaranteed for the duration of the term. The term periods available are 10, 15, 20, and 30 years.
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. The only drawback when buying this policy is that it cannot be converted to a permanent policy.
Term Elite: This is a level premium term life policy 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.
PruLife Return of Premium Term: With this option, if you get to outlive the term period, Prudential will repay your premiums in a lump sum.
PruTerm One: If you are looking for 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:
- Universal Life
- Indexed Universal Life
- Variable Universal Life
Universal Life insurance
Universal life insurance gives you the flexibility to adjust your premiums. It offers you the low-cost protection of term life insurance while adding a savings element, which you can further invest to build up your cash value.
Universal life products by Prudential:
- PruLife® Universal Protector
- PruLife® Universal Plus
- PruLife® Founders Plus UL
- PruLife® Essential UL
Indexed Universal Life
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 where the policyholder has the opportunity to allocate his or her funds either to a fixed account or to one of the indexed accounts.
Indexed Universal life Products by Prudential:
- PruLife® Index Advantage UL
- PruLife® SUL Protector
- PruLife® Survivorship Index UL
Variable Universal Life Insurance:
Variable universal life (VUL) is another type of cash value life insurance product that offers both a death benefit and an investment feature. Unlike index life insurance, VULs make a direct investment. These investments are made in multiple sub-accounts that act similar to mutual funds.
Variable Universal life Products by Prudential:
- VUL Protector®
- PruLife® Custom Premier II
- PruLife® SVUL ProtectorSM
- Life Insurance Riders
Available Riders
By adding life insurance riders in your life insurance policy, you can enhance your 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 a 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: This is a term life rider that provides life insurance protection to all of your children until they reach 18 years of age. It also offers the option to convert your insurance coverage to a new permanent life insurance policy when your children are old enough.
Overloan Protection Rider: This rider can help prevent a lapse in your policy due to 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.
Prudential Life Insurance Ratings
A life insurance company is only as good as its ratings. These ratings show the financial strength of a company according to the leading rating agencies. A high rating indicates that the company is well-managed and will last long enough to pay the death benefit should your beneficiary file a claim.
| Agency | Rating | Description |
| A.M. Best | A+ | Superior |
| Standard & Poor´s | AA- | Very Strong |
| Moody´s | A1 | Good |
| Fitch | AA- | Very Strong |
Conclusion
Prudential is one of the most highly rated insurance companies in the world. Its flexible and precise products, its excellent customer service, and its commitment to building and maintaining the trust and confidence of its customers ensure that you will have little to worry about if you choose this company for your life insurance needs.
However, as good as Prudential is, it is always best to shop your policy around to other companies before purchasing. There are many factors that go into making a good life insurance company and even more factors that go into choosing the right policy. That’s why it’s always best to have a professional life insurance agent look over your case and help you find the policy that is best for you and your loved ones. Get a free quote from us today and contact our office to have one of our agents get you started on the path to a brighter financial future today.
