One of the largest life insurance companies in the US, Prudential Life Insurance is an excellent choice— especially if you are overweight or have health issues. They offer term life and universal life insurance policies that let you add extra features to customize your coverage. They also offer health insurance products and provide financial planning.
Pros & Cons of Prudential Life Insurance
Pros
Highly rated company with sound financial backing.
Robust online tools and resources available to policyholders.
Offers a large selection of term and universal life insurance policies.
Uses your actual birthday to calculate your age instead of age nearest birthday (makes you a year older 6 months before your birthday). This can often times lead to a better price compared to other leading carriers.
Less underwriting requirements to get approved versus other leading carriers. Prudential does not require a treadmill ECG, MD exams, or inspection reports on larger policies.
Prudential will often times approve Non-Smoker Plus underwriting class for applicants who would otherwise be approved Standard at other leading life insurance carriers.
Better prices for overweight people versus other leading carriers – especially for women.
Better prices for well controlled diabetics versus other leading carriers.
Favorable underwriting for cigars, pipe, and chewing tobacco.
Better prices for overweight people versus other leading carriers – especially for women.
Better prices for overweight people versus other leading carriers – especially for women.
Cons
Online quotes aren’t available for all policies.
Medical history is required, which can highlight health conditions.
Premiums can be higher than average for people in good health.
Fewer options for non-medical life insurance versus other leading carriers.
Preferred Plus rates are not as competitive as other leading carriers.
How is Prudential Life Insurance Different?
Prudential Life got its start in 1875 and remains one of the largest life insurance providers today.
They offer various options for both term and universal life insurance, with the ability to customize your policy with extra features and riders.
The company has been on Fortune magazine’s Change the World list for the second year in a row, recognizing Prudential’s commitment to creating a meaningful and lasting impact on the human condition.
They were also among the top ten companies on Fortune’s Change the World Sustainability All-Stars list.
They serve over 3.7 million customers and can offer excellent rates for people with complicated medical histories.
Prudential prides itself on providing financial education, including having representatives available to answer your questions and help you select the right policy.
Have you had any first-hand experience with Prudential Life Insurance? We’d like to hear about it…
What Types of Life Insurance Can You Purchase from Prudential?
Term Life Insurance
TERM ELITE
Level Term Period:
10, 15, 20, and 30 years.
Premium Guarantees:
Premiums are guaranteed both during and after the level period.
Face Amount:
$1,000,000 and up
Issue Ages:
- 10 Year: 18-75
- 15 Year: 18-70
- 20 Year: 18-65 Non Smoker | 18-60 Smoker
- 30 Year: 18-50 Non Smoker | 18-45 Smoker
Underwriting Categories:
- Preferred Best
- Preferred Non-Smoker
- Non-Smoker Plus
- Non-Smoker
- Preferred Smoker
- Smoker
- Substandard Rating Classes A to H
Premium Paying Period:
Once the level period ends, premiums increase annually for the remainder of the policy which ends at age 95. The annually increasing premiums are guaranteed in writing in the policy and can not be raised by Prudential.
Conversion Options:
Convertible till the end of the term period or to the first policy anniversary after your 65th birthday, which ever comes first. You can convert all or part of your Term Elite policy to one of Prudential’s permanent life insurance.
Conversion Premium Credit:
Prudential will credit a portion of your term premiums you paid if you convert your Term Elite policy to a new permanent life insurance policy with in the first 5 years.
Available Life Insurance Riders On Both Term Essential and Term Elite
Living Needs Benefit Rider –
Gives access to the death benefit while you are alive if you are diagnosed with a terminal illness, confined to a nursing home or need a vital organ transplant. There is no charge for the Living Needs Benefit.
NOTE: This benefit is not nursing home or long term care insurance.
Wavier of Premium Rider –
Waives the premium if you become disabled and are unable to work.
Children’s Protection Rider –
Allows you to buy inexpensive life insurance on your children.
Accidental Death Benefit Rider –
Pays an additional death benefit, sometime double the amount, if you die in an accident. Your death certificate must list accidental death as the cause of death in order to get the additional death benefit.
TERM ELITE
Level Term Period:
10, 15, 20, and 30 years.
Premium Guarantees:
Premiums are guaranteed both during and after the level period.
Face Amount:
$1,000,000 and up
Issue Ages:
- 10 Year: 18-75
- 15 Year: 18-70
- 20 Year: 18-65 Non Smoker | 18-60 Smoker
- 30 Year: 18-50 Non Smoker | 18-45 Smoker
Underwriting Categories:
- Preferred Best
- Preferred Non-Smoker
- Non-Smoker Plus
- Non-Smoker
- Preferred Smoker
- Smoker
- Substandard Rating Classes A to H
Premium Paying Period:
Once the level period ends, premiums increase annually for the remainder of the policy which ends at age 95. The annually increasing premiums are guaranteed in writing in the policy and can not be raised by Prudential.
Conversion Options:
Convertible till the end of the term period or to the first policy anniversary after your 65th birthday, which ever comes first. You can convert all or part of your Term Elite policy to one of Prudential’s permanent life insurance.
Conversion Premium Credit: Prudential will credit a portion of your term premiums you paid if you convert your Term Elite policy to a new permanent life insurance policy with in the first 5 years.
Available Life Insurance Riders On Both Term Essential and Term Elite
Living Needs Benefit Rider –
Gives access to the death benefit while you are alive if you are diagnosed with a terminal illness, confined to a nursing home or need a vital organ transplant. There is no charge for the Living Needs Benefit.
NOTE: This benefit is not nursing home or long term care insurance.
Wavier of Premium Rider –
Waives the premium if you become disabled and are unable to work.
Children’s Protection Rider –
Allows you to buy inexpensive life insurance on your children.
Accidental Death Benefit Rider –
Pays an additional death benefit, sometime double the amount, if you die in an accident. Your death certificate must list accidental death as the cause of death in order to get the additional death benefit.
Universal Life
PRULIFE ESSENTIAL UNIVERSAL LIFE
PruLife Essential Universal Life Insurance (Essential UL) is a flexible premium adjustable life insurance policy that offers:
- Life time protection
- No-lapse guarantees
- Fixed Interest Rate on the cash value
Reasons to own PruLife Essential UL
- Competitively priced permanent life insurance.
- Benefit Access Rider – (optional) – “accelerates” (pays out a portion of the death benefit before you actual die) if you become chronically or terminally ill.
- Estate planning – For example funding a special needs trust upon death, etc.
- Wealth transfer – Leverage your current dollars and provide your beneficiary with a great return on investment plus the money is income tax free when your beneficiary receives it.
Underwriting Categories:
- Preferred Best
- Preferred Non-Tobacco
- Non-Smoker Plus
- Non-Smoker
- Preferred Smoker
- Smoker
Issue Ages: 0 To 90
Available Riders / Benefits:
- Accidental Death Benefit
- Children Level Term Rider
- Benefit Access Rider
- Wavier of Monthly Deductions
- Living Needs Benefit (no cost)
What is a No Lapse Guarantee (NLG)?
Provides a guarantee that the policy will not lapse assuming the contract has sufficient cash value. You can adjust the timing of the NLG by the amount of premium you pay.
For example, a NLG to age 90 will be less expensive than a NLG to age 121.
Basically, the more premium you pay, the longer the guarantee will last.
Also if you do any of the following it will have an effect in how long the NLG lasts:
- skip premiums or change the timing of your scheduled premium
- change the amount of coverage
- take out policy loans or withdraws, etc.
Basically, if you are looking to keep the policy guaranteed to not lapse for a certain period of time, always pay the scheduled premiums on time and do not alter the policy or remove any of the cash value.
What Policies Does Prudential Life Insurance Offer?
Despite the name Prudential Life Insurance, life insurance isn’t the only type of policies they offer. You may also be eligible for:
- Health insurance
- Retirement planning
- Annuities
- Mutual funds
- 529 plans
Through your employer, you may also be eligible for:
- Accident insurance
- Disability insurance
- Critical illness Insurance
A Brief History of Prudential Life Insurance
Prudential was founded in 1873 by John F. Dryden. Dryden was a Yale dropout with a vision of providing low-cost insurance for people of meager means, pensions for older persons and burial funds for adults and infants.
The company grew quickly, reporting over 400,000 policies in 1885 and nearly 6.5 million by 1905.
In 2000, Prudential Insurance announced plans to become a publicly traded company, and it was one of the largest initial public offerings in American history at the time.
Today, Prudential has moved beyond its primary business of insurance to operate in securities, investments, residential real estate, employee benefits, home mortgages and corporate relocation.
It is one of the highest-ranked life insurance companies with more than 51,000 employees and sales associates and annual revenue of $64.8 billion.
Prudential Life Insurance Products
Prudential seeks to streamline their life insurance products by offering term and universal life.
However, each has many options for customized coverage, so knowing what you want from your life insurance is important.
Do you need insurance funds for temporary or permanent needs?
Most people choose a policy based on how it would be used when they pass away:
- Paying off a mortgage
- Covering a child’s college education costs
- Paying off other debts
- Funeral costs and final expenses
- Dependent care
- Keeping a business running
- Offsetting estate taxes
Some of these expenses are temporary, such as a mortgage, other debts and a child’s college education.
Once you pay for them, you don’t have to worry about it again. Term life insurance usually covers these types of expenses easily.
Other expenses, like supporting a spouse or dependents, are permanent and may require something more robust than term life insurance can offer.
Universal life insurance is permanent life insurance that can also provide cash value.
Many policyholders borrow against the cash value while alive, especially if they fall ill or need supplemental income during retirement.
However, it’s important to note that any money you withdraw from your cash value will decrease the death benefit your beneficiaries receive when you die.
Prudential Life Insurance Coverage Details and Guidelines
Learn about Prudential Life Insurance underwriting guidelines, how they issue policies, how to get an online quote and how to keep your premium costs down.
WHO ISSUES THEIR POLICIES?
When you purchase life insurance from Prudential, your policy may be issued by The Prudential Life Insurance Company of America, Pruco Life Insurance Company, Pruco Life Insurance Company of New Jersey or Prudential Annuities Life Assurance Corporation.
After your policy goes through underwriting, Prudential Life will handle the rest of the process internally.
HOW DO I GET AN ONLINE QUOTE THROUGH PRUDENTIAL LIFE INSURANCE?
Prudential makes it easy to get a quote for Term Essential life insurance.
Simply go online to answer a few questions about your coverage options, lifestyle and medical history to get an automated quote.
Suppose you want a quote for their other term policies, such as Term Elite or any of their universal policies, including PruLife Essential UL or PruLife Survivorship Index UL.
In that case, you must contact an agent to apply.
HOW DO I GET A LOW RATE ON PRUDENTIAL LIFE INSURANCE?
Some factors that affect your Prudential life insurance rates you can’t control, like your age or gender.
But other factors, like your weight, overall health and your lifestyle, are ones you can manage.
You can also lower your rate by reducing the amount of life insurance coverage you purchase.
Bigger policies tend to have bigger premiums.
Examine the amount of coverage that makes sense for you, so you’re not paying for more than you need.
Who is Prudential Life Insurance For?
Prudential Life insurance is for anyone who needs customizable life insurance.
They offer 11 different life insurance plans to choose from.
If you don’t already have life insurance or are looking to supplement or replace your policy, Prudential may be a good fit.
WHO IS THE IDEAL PRUDENTIAL LIFE INSURANCE APPLICANT?
Prudential is an excellent choice if you’re looking for term or universal life insurance coverage.
With more lenient underwriting requirements, they’re an excellent choice if you are overweight or have other health issues or complications.
If you’re in good health, you may find a lower-cost policy with another company.
WHAT IF I’M NOT PERFECTLY HEALTHY?
Don’t let the fact that you’re not in ‘perfect health’ stop you from applying for Life Insurance with Prudential.
The company offers policies, even if your health history isn’t ideal.
You could find coverage if you have a history of smoking or high cholesterol.
They even have options for people who have diabetes or a history of other medical complications.
We always recommend getting at least 2 or 3 competitive quotes, for comparison purposes; before you buy. You can get started on that, right here…
How to Apply for Life Insurance with Prudential
If you’re applying for Term Essential Life Insurance, you can get a quote and apply online.
All other policies require that you go through a licensed Prudential life insurance agent.
There are agents located throughout the United States, and there’s likely one in your neighborhood.
SIGNING UP FOR PRUDENTIAL LIFE INSURANCE
Qualified individuals can get a quote and complete their term life insurance policy purchase completely online.
You can also contact a Prudential representative to discuss your term or universal policy options and complete the application.
HOW DOES THE APPLICATION PROCESS WITH PRUDENTIAL LIFE INSURANCE WORK?
Whether you apply online or through an agent, you’ll complete a life insurance application.
On it, you’ll disclose your personal information as well as your health history.
This information helps underwriting determine your application status and policy premiums.
Most Prudential life insurance policies also require a medical exam and assessment of your medical records.
If a medical exam is required, the company will coordinate a time for you to complete the exam.
PRUDENTIAL LIFE INSURANCE FINANCIAL STRENGTH AND BBB RATINGS
Because Prudential has a strong financial history, they should not have a problem paying out claims when the time comes.
Their financial strength also shows it’s unlikely they’ll file for bankruptcy.
Here’s how Prudential Life stacks up with the rating companies:
- AM Best: A+
- Standard & Poor’s: AA-
- Moody’s: Aa3
- Fitch: AA-
- BBB: 1.05 out of 5
- JD Power: 3 out of 5
Prudential Life Insurance Reviews and Complaints
According to J.D. Power, a trusted source to gauge customer satisfaction and product quality, Prudential Life scored a three out of five.
J.D. Power also conducted a 2019 life insurance satisfaction study where Prudential scored “about average” and ranked No. 11 out of 24 companies surveyed.
Have you had any first-hand experience with Prudential Life Insurance? We’d like to hear about it…
Frequently Asked Questions About Prudential Life Insurance
DOES PRUDENTIAL COVER COVID-19 RELATED DEATHS?
Yes. Life insurance covers death by all causes that are not explicitly excluded in the policy. COVID-19 is not explicitly excluded in the policy therefore they would not deny a claim for that reason alone.
IS PRUDENTIAL A GOOD / LEGIT COMPANY?
Yes. Prudential is a good / legit company. Their Comdex rating equals 92. The Comdex is a composite index, calculated by Ebix Exchange, which is the average percentile of a life insurance company’s financial strength ratings.
DOES PRUDENTIAL HAVE THE BEST PRICES FOR LIFE INSURANCE?
Yes & No. If you are healthy (Preferred Plus or Preferred underwriting catagory), Prudential’s prices are more expensive versus other leading carriers. However, they do have excellent prices if you are in average health / poor health versus other leading carriers.
HOW EASY IS IT TO GET APPROVED FOR LIFE INSURANCE THROUGH PRUDENTIAL?
If you are healthy, it is not difficult to get approved. If you are in poor health however, it might be difficult but not impossible. Prudential will do a thorough application and underwriting process before you are approved. Even with accelerated underwriting (possible non-medical but not all people will qualify), most cases will require a medical exam and an attending physician statement from your doctor in order to get approved. The approval process may take up to 6 to 8 weeks.
WILL I HAVE TO GIVE MY SOCIAL SECURITY NUMBER WHEN I APPLY?
Yes. Prudential will use your social security number to verify your identity. Prudential will also run a credit check and other types of data reporting such as an RX Prescription database, the Medical Information Bureau (MIB), Motor Vehicle Report, criminal background check, etc. during the underwriting process.
The Comdex Explained
The Comdex is not a rating itself. It is a composite of all of the ratings that the company has received.
The Comdex gives the company’s standing, on a scale of 1 to 100, in relation to other companies that have been rated by the services. It is an objective value based solely on the mathematical distribution of all of the companies that have been rated.
It is based on the ratings issued by the following rating services: A.M. Best, Standard & Poor’s, Moody’s Investors Service, and Fitch. The Comdex is a composite index, calculated by Ebix Exchange, which is the average percentile of a life insurance company’s financial strength ratings.
The Comdex is not a rating itself. It is a composite of all of the ratings that the company has received. The Comdex gives the company’s standing, on a scale of 1 to 100, in relation to other companies that have been rated by the services.
It is an objective value based solely on the mathematical distribution of all of the companies that have been rated. It is based on the ratings issued by the following rating services: A.M. Best, Standard & Poor’s, Moody’s Investors Service, and Fitch.
DOES PRUDENTIAL HAVE A LOT OF COMPLAINTS?
Not a lot when you factor in the size of the company. According to the National Association of Insurance Commissioners, Prudential scores a .94. A score of 1 is the baseline average, and a score of 0 means there were zero or limited complaints to receive a rating. With an below average score of .94, Prudential’s customer experience is good.
HOW DOES CONSUMERSADVOCATE.ORG RATE PRUDENTIAL?
Prudential is rated 4.3 of 5 or “very good” by consumersadvocate.org.
HOW DO PRUDENTIAL’S PRICES COMPARE TO OTHER COMPANIES?
Prudential has more expensive prices, versus other leading carriers; if you are in excellent health. If you are in average —or even less than average— health, then definitely apply to Prudential. Their actual “approved” price is better than other leading carriers, most of the time.
WHAT IS LIFE EXPECTANCY?
Life expectancy is the statistical expectation of how long someone will live at birth based on a number of factors such as socioeconomics, demographic, geographic, thermographic, stenographic, idiographic, and historiographics.
The Bottom Line
Prudential Life Insurance offers many competitively priced term and universal life insurance policies. They’re one of the oldest and most established insurers globally with excellent ratings for stability and reliability.
There’s a network of Prudential agents across the US, allowing you the option to work with a local representative to select your policy, get quotes and complete the application process. There is also an online platform if you do not want to see an agent face to face.
Whether you’re looking for term life or universal life, Prudential has several policies that can meet your needs and should definitely be considered when you are deciding what company to buy your life insurance coverage from.
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