Prudential Financial Life Insurance

Prudential life insurance review

For nearly 140 years, Prudential Financial, Inc, commonly referred to as Pru or Prudential has been maintaining its status as an excellent company offering insurance and financial services worldwide.  The goal of the company includes assisting individuals and businesses with growing and protecting their wealth.  Considered to be one of the leading financial services institutions in the world, Prudential operates in the United States, Latin America, Asia, and Europe.

The company’s brand, known as “The Rock”, has been the symbol known by both investors and non-investors all over.  Recognized across the globe, the slogan, “Get a Piece of the Rock”, has been iconic in representing expertise, innovation, stability, and strength.

Prudential Life Insurance Background and Ratings

Founded by life insurance agent, John Fairfield Dryden, Prudential got its start in Newark, New Jersey in 1875.  “The Prudential Friendly Society” started its meager beginnings in a basement office.  Dryden’s goal was to provide life insurance coverage for the “working class”.  He primarily sold industrial insurance, which included funeral and burial coverage for lower-income families.  In fact, at that time, the policy premiums were going for as low as three cents a week.

In a few short years, The Prudential Friendly Society had reached $1 million in assets, and expanded into metro areas like New York City and Philadelphia.  In 1885, Prudential celebrated selling its one millionth policy, and proceeded in changing its name to The Prudential Insurance Company of America.  Soon after, it selected The Rock of Gibraltar as the symbol of the company.

Currently, Prudential employees approximately 47,000 individuals around the world, serves consumers in over 41 countries and territories, and has assets equaling around $1.176 trillion under management.

Leading independent insurance rating agencies award companies with a letter-grade rating based on their financial strength and the financial security that the company offers its policyholders.  Currently, Prudential holds an “A+” (superior) rating with A.M. Best, an “AA-” (very strong) rating with Standard & Poors, and an “AA-” (very strong) rating with Fitch’s.

Prudential Term Life Insurance Products

Even though Prudential is a strong competitor in the financial and insurance services industries, the company has both its advantages and disadvantages.  It’s important to consider all of the policy’s features when selecting the company and the policy that will protect your livelihood.  You’ll want to be certain that both are able to meet your specific needs as well as your coverage needs that will  afford your loved ones comfortably.

Prudential’s most popular product is term life insurance.  The life insurance company offers several different types of term life insurance – WorkLife 65, Term Essential, and Term Elite are some of the main life insurance product offerings.

Prudential WorkLife 65

This term life insurance product protects you during your working years and expires once you are 65 years old.  This policy is highly attractive to those that are presently under the age of 35 since the maximum term length available is a 30-year term policy.  Some other benefits specific to WorkLife 65 policies include:

  • Waiver of Premium – Option to waive the premiums during times of disability for a specified time frame.
  • Guaranteed Conversion – Without the need to prove further insurability, these policies can be easily converted to a Prudential permanent life insurance policy.

Prudential Term Essential

Due to its affordability and simplicity, Prudential’s Term Essential is the company’s most popular product.  Rapid underwriting is available for coverage less than $250,000, and the policy is available in 10, 15, 20, or 30-year terms.

Furthermore, the Term Essential can easily be converted into permanent coverage without additional proof of insurability.  You’re able to convert your policy simply by filling out minimal paperwork.

Prudential Term Elite

The Term Elite policy has essentially the same features as the Term Essential, but you receive credit for conversion.  It is more expensive when compared to Term Essential, so you’ll want to purchase this policy if you plan to convert it to a permanent policy within 5 years.

Prudential’s Universal Life Insurance Products

The insurance provider offers numerous permanent life insurance policies, including:

PruLife Universal Protector

Prudential’s version of a no-lapse guarantee universal life policy is the PruLIfe Universal Protector.  This universal life insruance policy offers guaranteed protection for life at an affordable cost.  The premium is guaranteed to remain level and so is the life insurance death benefit.

PruLife SUL Protector

Primarily used for estate planning, business transfers, and, wealth transfer planning.  Survivorship UL policies are mainly used in estate planning and Prudential happens to be a great company for high net worth individuals. 

PruLife Universal Plus

Provides a death benefit, as well as a cash value accumulation tool to help with retirement.

PruLife Index Advantage UL

Yes, even Prudential offers an indexed universal life insurance policy.  We do not recommend this policy for use as a tax-free retirement vehicle.  The PruLife Index Advantage UL provides cash value accumulation linked to the performance of the underlying stock along with protection from any downturns in the market.

The most popular universal life product currently being selected due to its guaranteed level premiums and affordable cost   is the PruLife Universal Protector.  This policy is similar to a level term policy but without the expiration date.  Prudential won’t raise your rates or lower your coverage, which is the possibility with other universal life insurance providers.

Prudential offers more competitive rates

Prudential is hands-down the best option for users of smokeless tobacco.  Individuals that chew, uses snuff, or dips can apply for non-smoker rates.  This means that you’ll pay nearly half of what other providers charge.  Most every other company in the insurance industry will price your life insurance coverage according to smoker rates even if you use smokeless tobacco.  Furthermore, Prudential provides coverage for those with serious health conditions, cancer risks, recurrent DUI’s, and risky lifestyles, such as scuba divers and pilots.

Another important feature to disclose – Prudential is the only company that considers those in the military with active deployment orders.  Provided that the life insurance application has been processed and approved in the United States, Prudential considers them to be an ordinary risk.  This patriotic stance makes Prudential an admirable life insurance provider.

Prudential is also competitive when it comes to pricing according to age for insurance coverage amounts of $1 million or higher.  In fact, Prudential uses your actual age to calculate your rates, making this a great advantage if you’re 6 months shy of your next birthday.  This means that if you’re 52 ½ , your age won’t be rounded up to 53.  This is the practice with most other life insurance companies.

Prudential Life Insurance Review Summary

Prudential Life Insurance is a provider that stays on the cutting edge of advancements in underwriting.  In regards to certain medical conditions, Prudential’s premiums are nearly half that of other leading insurers.  Additionally, the customer service is amazingly prompt and courteous, and their ability to payout their policyholder’s claims is solid.

Prudential has also been able to shine in the group life insurance space.  Prudential currently underwrites the AICPA Life Insurance Trust.

The AICPA life insurance program is offered to Certified Financial Planners or CPA’s and their families.

When it comes time to decide on the very best life insurance product to help you meet your specific needs and goals, be sure to sit down with a qualified independent insurance agent so that you are able to properly make comparisons.  You’ll want to choose an agency that has access to a numerous amount of life insurance providers in order to make a well-informed decision.

Yes, we represent Prudential life insurance company as well as over 40 other highly reputable life insurance companies.

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