Prudential Life Insurance Company Review
When you compare Prudential to other insurance companies, how you rate it depends on your experience.
For some, their experience with Prudential Life Insurance was more than they expected, for others it was far less than satisfactory.
My own experience with Prudential was unique, and yours will be too.
But knowing what you can expect from a company, good or bad, helps you truly get to the heart of the matter and decide which company, and which policy, is the best for you.
Prudential is certainly one worth looking at, with dependable term life policies and secure permanent policies that have secure rates and good benefits for clients. The average life insurance cost is all dependent upon the company, the age at which you are applying and your current health situation, though do not allow you health to hinder you from seeking the coverage you need, there are companies out there that offer no medical exam policies if that is what will be best for your needs.
When seeking a life insurance policy, we recommend the younger the better, as most likely your health is better and you will receive a lower rate on premium. Though do not allow your age to hinder you from purchasing life insurance in your 50’s or even your 60’s, we can help! Make sure to quote out several companies, such as Americo Insurance or Fidelity Life Insurance, before making your final decision.
History and Financial Stability of Prudential
Prudential Financial, Inc. has been in the business of serving its customers for almost 140 years. This firm works with both individual and institutional clients in the business of helping them with growing and protecting their wealth.
Today, Prudential is considered to be one of the largest financial services companies in the world, as it serves clients not only in the U.S., but also in Europe, Asia, and Latin America – with a total of 43 countries and territories in which it serves its customers. Because of this, the company had one of the most notable and recognized brand symbols worldwide – the Rock – which is indicative of its stability, strength, innovation, and expertise. Prudential, or Pru, is headquartered in Newark, New Jersey.
As of year end 2014, Prudential held more than $1.2 trillion in assets under management. The company has approximately 48,000 employees across the globe to help serve its large – and growing – customer base.
Prudential has very high ratings from the insurance company rating agencies, which shows that this insurer is both strong and stable and that it pays out it policy holder claims. The Prudential Insurance Company of America (as of May 6, 2015) has received the following ratings:
Standard & Poor’s
Life Insurance Products Offered By Prudential
Prudential Life Insurance Company offers a wide variety of different life insurance products to its customers. These include term life, universal life, and variable universal life insurance coverage options.
Term Life Insurance Coverage
Term life insurance is considered to be “temporary” life insurance protection. This is because this type of coverage is offered for a certain amount of time such as ten years, 15 years, 20 years, or 30 years. Term can oftentimes be a good fit for someone who, for example, wants to ensure that their 15 year home mortgage will be paid off for survivors if they were to pass away while there is still a large balance on the loan.
With term life insurance, death benefits coverage only is offered. This means that there is no cash value or saving option included. Because of this, term life insurance is typically cheaper to purchase than permanent life insurance protection. However, once the period on a term life insurance policy has expired, the insured will need to re-apply for coverage if he or she wishes to continue being insured.
Prudential offers several options for term life insurance protection.
These include the following:
- Term Essential – The Term Essential option provides a level premium period of 10, 15, 20, or 30 years. It also provides the insured with the option to convert the term coverage over to a permanent life insurance policy at the end of the level premium period or at age 65, whichever is earlier. This policy may also be customized with certain types of policy riders such as an Accidental Death Benefit, Children’s Protection Rider, Living Needs Benefit, and Waiver of Premium.
- Term Elite – The Term Elite term insurance option also provides the option for a level premium for periods of 10, 15, 20, or 30 years, with the option to convert to permanent life insurance coverage that is available to age 65 or 5 years from issue – whichever is later. Here, too, the insured has the option of adding some different riders to his or her plan.
- PruTerm WorkLife 65 – With the PruTerm WorkLife option, the level premium lasts until the insured reaches the age of 65. For many individuals, this means that the insurance protection will remain throughout the person’s working years. This policy may also be convertible to permanent life insurance in certain instances.
- PruLife Return of Premium Term – Prudential also offers a return of premium term life insurance option. Here, the insured has the security of term life insurance protection, along with a guarantee of having his or her premium dollars returned to them if they outlive the level premium period (provided that certain conditions have been met). In addition, this policy also allows the individual to accelerate their death benefit if they should become terminally ill and require their funds prior to death for paying off medical bills – or for any other purpose that they see fit. It is important to note that any policy loans that are taken out and not repaid will be subtracted from the premium amount that is returned to the policy holder.
- PruTerm One – With the PruTerm One term life insurance policy option that is offered via Prudential Life Insurance Company, the insurance coverage will last for between one and five years. This particular plan is designed to be a “stepping stone” into permanent life insurance coverage. This coverage is renewable each year, up to age 95. This policy also provides the option of accelerating the death benefit if the insured should become terminally ill and need their funds prior to passing away.
Permanent Life Insurance Coverage
Prudential offers a variety of permanent life insurance coverage options. These include universal life insurance, as well as variable universal life insurance. Also, the company also provides a survivorship universal life insurance plan that covers two individuals with just one life insurance policy.
A universal life insurance policy can help to meet the needs of policy holders wanting longer term life insurance coverage, as well as cash value, build up. The cash value is allowed to accrue on a tax-deferred basis, meaning that there is no tax due on the gain until the time of withdrawal. This can allow the funds to grow essentially and compound exponentially over time.
There are several universal life insurance plans to choose from. These include the following:
- PruLife Universal Protector – The PruLife Universal Protector policy is particularly suited for business related needs such as buy-sell arrangements, key person insurance, and business loan repayment options. It can also be a good plan for wealth transfer and liquidity planning and other estate planning needs. The policy may be further customized by adding additional riders such as the accidental death benefits rider, the living needs benefits rider, the benefits access Rider, and others.
- PruLife Universal Plus – The PruLife Universal Plus plan also provides life insurance along with cash value accumulation potential. This policy can be a good supplement for retirement income, as it can be set up to provide income distributions. This, too, can be further customized by adding additional policy riders – including the over loan protection rider that helps to keep a policy from lapsing if a policy holder has an outstanding loan.
- PruLife Index Advantage UL – This policy option can provide a policy holder with the potential for additional cash value accumulation, as the performance of the underlying cash value component is based upon the underlying performance of a chosen market index (or indexes) such as the S&P 500. Because of this, the PruLife Index Advantage UL policy can be a good tool for retirement income planning, as well as death benefits protection.
- PruLife SUL Protector – The PruLife SUL Protector provides protection for two lives, yet with just one life insurance policy. Here, for instance, a couple could offer a death benefit to their children after both parents pass away. These policies may also be a good option for family business transfer situations. Also, it can also be used in special needs life insurance planning areas. The policy can be even further customized by adding riders such as the estate protection rider – which increases the amount of the death benefit by up to 100 percent should both of the insured individuals pass away before the fourth anniversary of the policy – and / or the guaranteed policy split rider – which allows the policy to be split into two individual policies should the insured individuals divorce each other, or if the tax laws change.
- PruLife Founders Plus UL – The PruLife Founders Plus UL policy balances life insurance protection with cash value accumulation potential that is based upon two different account options – one which is based in part on the underlying performance of the S&P 500. This policy also allows access to accelerated benefits should the insured become terminally ill, which provides funds for whatever the insured wishes to use them for.
Prudential also offers variable universal life insurance policies. This permanent life insurance plans balance insurance coverage along with the opportunity to build cash value via underlying investment options.
The variable universal life insurance options that are offered by Prudential include the following:
- VUL Protector – With the VUL Protector plan, the insured is protected with death benefits coverage, along with the potential to grow cash value via its underlying investment options. The amount of the death benefit will remain constant, and there are 22 different investment options to choose from.
- PruLife Custom Premier ll – The PruLife Custom Premier ll policy offers three different death benefits options. These include fixed, variable, or return of premium. There is also a wide variety of investment options to choose from for the cash-value component of the policy. Here, too, you can further customize the policy by adding riders such as the accidental death benefits rider, the benefits access rider, the living needs benefits rider, and the over loan protection rider.
High Risk Insurance Polices
Since Prudential is one of the largest insurance companies, they are able to take on a bit more risk with their underwriting. For individuals that have been declined by previous carriers, it seems that Prudential will give the individual a good shot at getting approved. I previously had an individual that had a DWI and used marijuana on a casual basis and we were able to get them approved with a table 2 rating standard non-tobacco. The person had been previously declined by Banner Life and Transamerica.
While their policies are dependable and secure, the customer service is what can be the difference between being happy with your policy or looking for a different company. My own experience with their customer service was mixed; my first agent was rude and unhelpful. I was switched to a different agent after expressing my dissatisfaction to someone higher in the company, and my second agent was much more helpful and polite.
How and Where to Obtain the Best Life Insurance Quotes
When seeking quotes for coverage on a Prudential life insurance policy – or for any type of life insurance coverage – it is typically best to go through a company or an agency that works with more than just one life insurance carrier. This is so that you can obtain a non-biased look at several different policies, benefits, and premium quotes – and then make a determination as to which of the plans will work the best for you and your specific coverage needs.
If you’re in the market for life insurance, we can help. We work with the top life insurance carriers in the market place today, and we can assist you in obtaining all of the important information that you need in order to make a well-informed purchase decision. We can do so for you quickly, easily, and conveniently – all from your home computer – and without the need to meet in person with a life insurance agent. Whenever you’re ready to begin the process, start by filling out the form on this page to get your quotes.
Should you discover that you have any questions regarding Prudential Life Insurance Company – or even about life insurance in general – our experts are here and ready to help. We can be reached directly, via phone, toll-free, by calling 888-836-7071.
We understand that the purchase of life insurance can be a big decision. There are many variables to consider – and you want to ensure that you’re making the very best choice for you and those whom you care about. That’s why we’re here – to walk you through the important questions that will lead you to the best coverage for your and your loved one’s needs. So, contact us today – we’re here to help.