Speak with an experienced advisor! Prudential Life Insurance Review
Prudential has a rich history dating back to 1875. The company offers a diverse range of products to meet the evolving needs of individuals and families. In this review, we’ll explore Prudential’s strengths, including its financial stability and extensive product lineup. From affordable term policies to flexible universal life options and estate planning solutions. Prudential caters to various life insurance needs, including loan protection, employee benefits, and supplemental retirement income. We’ll discuss the underwriting risks that this insurer treats the most favorably, as well as highlight Prudential’s customer service reputation, and offer some practical insights to help you make an informed decision about your insurance future.
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FSR: Excellent
No-Exam Option? Yes
Customer Service: Great
Policy Options: Term & Universal Life
Prudential Life Insurance Company, also known as Prudential Financial, is a leading financial services company based in the United States. The company’s product offerings encompass a wide range of options, catering to various life insurance needs and goals. From its Term Essential policies, providing affordable protection for a specified term, to the flexible universal life policies, such as PruLife Universal Protector and PruLife Universal Plus, Prudential offers a solution for diverse circumstances and preferences. At the core of Prudential’s foundation is its commitment to financial strength. The company has consistently received high ratings from independent rating agencies, affirming its stability and claims-paying ability.
Table Of Contents
How Prudential Got Its Start
Prudential Life Insurance Company has a storied history that spans over a century. Founded in 1875, the insurer has evolved from a modest insurance business into a global financial services leader. Its commitment to innovation and forward-thinking strategies has allowed it to stay at the forefront of the industry, continuously meeting the evolving needs of its policyholders. The company’s robust financial ratings from esteemed rating agencies are a testament to its ability to honor its commitments and provide peace of mind to its policyholders.
Beyond its financial strength, Prudential has also been at the forefront of industry advancements. The company has consistently embraced technological innovations to enhance the customer experience, streamline processes, and provide greater accessibility to its products and services. Prudential’s digital tools and platforms have made it easier than ever for customers to research, purchase, and manage their life insurance policies, bringing convenience and efficiency to the forefront.
As Prudential continues to evolve and grow, it remains dedicated to its core mission of providing comprehensive life insurance coverage and financial solutions to individuals and families. With its extensive product portfolio, strong financial foundation, and commitment to customer satisfaction, Prudential has firmly established itself as a reliable and respected name in the life insurance industry.
| Prudential Life Insurance Company | ||
|---|---|---|
| A.M. Best | A+ | 90th percentile |
| Fitch Ratings | AA- | 90th precentile |
| Moody's | Aa3 | 90th percentile |
| Standard & Poor's | AA- | 90th percentile |
| Comdex | 95 | 90th percentile |
Prudential Products
Prudential offers a variety of life insurance policies, including term life, universal life, indexed universal life, and variable universal life. These policies provide death benefits to beneficiaries in the event of the policyholder’s death, and some policies also offer cash value accumulation that can be used for retirement or other financial goals.
Prudential Term Options
Prudential’s Term Essential policy provides straightforward and affordable coverage for a specific term, ranging from 10 to 30 years. It offers death benefit protection during the chosen term, giving you peace of mind that your loved ones will be financially secure if the unexpected happens.
PruTerm One, offered by Pruco Life Insurance Company, is a short-term term life insurance product designed to provide affordable coverage for a period of one year. It’s a no-frills policy where you pay a premium for that year, and if anything happens to you during that time, your beneficiaries receive a payout. It’s a straightforward and cost-effective way to get coverage for a specific short-term period.
| Prudential Life Products | Term Essential | PruTerm One |
|---|---|---|
| Product Specs | Level premium & convertible term periods. 10, 15, 20, & 30-year options. | Short-term protection, 1-5 years. Premiums must be paid annually. |
| Minimum Coverage | $100,000 | $50,000 |
| Save Age? | Yes | Yes |
| Issue Ages | 10-Year Term Non-Smoker: 18-75 Smoker: 18-75 15-Year Term Non-Smoker: 18-70 Smoker: 18-70 20-Year Term Non-Smoker: 18-65 Smoker: 18-60 30-Year Term Non-Smoker: 18-55 Smoker: 18-45 | 18-85 (All health classes) |
| Conversion Details | Convertible until end of term period or until insured's 65th birthday. 5-year conversion option for those ages 60-75 at time of policy issue. Ability to convert to a Survivorship UL. | Convertible until 5th policy year. |
| Optional Benefits | Accelerated Death Benefit Children's Protection Rider Living Needs Benefit Waiver of Premium | Living Needs Benefit |
| Common Uses | - Income Protection - Mortgage Protection - Loan Collateral - College Funding Protection - Buy/Sell Agreements - Key Person | - Income Protection - Mortgage Protection - Loan Collateral - Buy/Sell Agreement - Key Person |
Prudential Universal Life Options
Pruco Life Insurance Company’s universal life offerings provide policyholders with options for customized coverage, flexibility in premium payments, potential cash value growth, and lifelong protection. By understanding the unique features and benefits of each product, individuals can select the policy that aligns with their financial goals and priorities. It’s important to work with a knowledgeable insurance broker to assess your specific needs and determine the most suitable Pruco universal life insurance product for you.
PruLife Essential UL is a universal life insurance policy that offers flexible premiums and death benefit options. The policyholder can adjust their premiums and death benefit over time to meet changing needs and circumstances. The policy also offers the potential for cash value accumulation, which can be accessed tax-free through policy loans or withdrawals.PruLife Essential UL also offers several optional riders, such as an accelerated death benefit rider that allows policyholders to access a portion of the death benefit if they are diagnosed with a terminal illness.
| Prudential Life Products | Protector UL | Indexed UL | Variable UL | Survivorship UL |
|---|---|---|---|---|
| Product Specs | Basic UL option. Cost-effective with fixed interest crediting Extended No-Lapse Guarantee option Flexible premiums Low risk & low volatility Conservative risk & minimum exposure | Two Products: Founders Plus & Index Advantage Uncapped indexed account options. Designated Transfer Amount option. Adjustable No-Lapse Guarantee (Founders) & Limited No-Lapse Guarantee (Advantage) options | Three Products: FlexGuard, Protector, & Custom Premier II Diverse investment options Multiple No-Lapse Guarantee options Moderate to aggressive investment risk | Protector, Indexed, & Variable options Flexible premiums Multiple No-Lapse Guarantee options Conservative to moderate investment risk |
| Minimum Coverage | Age 0-75: $25,000 Age 76-80: $100,000 Age 81-85: $250,000 | Age 0-80: $100,000 Age 81-85: $250,000 | Age 0-17: $50,000 Age 18-75: $75,000 Age 76-80: $100,000 Age 81-85: $250,000* *Some exceptions permitted at $200,000 | Protector: $250,000 Indexed & Variable: Age 18-80: $200,000 Age 81-85: $250,000 |
| Save Age? | Yes | Yes | Yes | Yes |
| Issue Ages | 0-85: All Health Classes 86-90: Conversion Only 0-75: Return of Premium Death Benefit Option | 0-85 | 0-85 | 18-85 Protector Only: Age difference between insureds is a maximum of 25 years |
| Surrender Charge Details | 14 year period | Founders Plus: 14 year period Index Advantage: 15 year period | FlexGuard: 15 year period Protector: 14 year period Custom Premier II: 10 year period | Protector: 19 year period Indexed & Variable: 14 year period |
| Optional Benefits | Accelerated Death Benefit Living Needs Benefit BenefitAccess Rider Overloan Protection Rider Waiver of Monthly Deductions Children Level Term Rider Enhanced Cash Value Rider Premium Deposit Account | Accidental Death Benefit Living Needs Benefit BenefitAccess Rider Overloan Protection Rider Enhanced Cash Value Rider Children Level Term Rider Enhanced Disability Benefit Premium Deposit Account | Living Needs Benefit Accidental Death Benefit Overloan Protection Rider Enhanced Cash Value Rider Enhanced Disability Benefit Children Level Term Rider BenefitAccess Rider Premium Deposit Account FlexGuard Only: Extended (Plus) NLG Rider Protector Only: Other Goods and Services Rider Custom Premier II Only: S&P 500 Indexed Account Rider | Estate Protection Rider Guaranteed Policy Split Rider Survivorship Benefit Access Rider Indexed & Variable Only: Enhanced Cash Value Rider Overloan Protection Rider Variable Only: Premium Deposit Account |
| Common Uses | - Income Protection - Wealth Transfer - Asset Repositioning/Leveraging - Chronic & Terminal Care - Buy/Sell Agreement - Key Person - Estate Equalization | - Cash Value Accumulation Potential - Retirement Income Supplement - Chronic & Terminal Care - Estate Planning - Buy/Sell Agreement - Deferred Compensation - Executive Bonus - Key Person | - Cash Value Accumulation Potential - Retirement Income Supplement - Chronic & Terminal Care - Estate Planning - Trusts - Wealth Transfer - Deferred Compensation - Executive Bonus - Buy/Sell Agreement - Key Person - Split Dollar | -Estate Planning - Trusts - Wealth Transfer - Estate Equalization |
Indexed Universal Life
Indexed Universal Life (IUL) is a life insurance policy that combines life insurance protection with the potential for cash value growth based on the performance of a chosen index. It provides flexibility, potential growth, and a level of security for the policyholder’s accumulated cash value.
Prudential offers two IUL options: Founders Plus and Index Advantage. Pruco’s Founders Plus is an outstanding life insurance product that combines essential protection with the potential for cash value growth. What sets this product apart is its potential for cash value growth. With its flexibility, you can customize the policy to align with your changing needs. Whether you’re looking for financial security, an investment opportunity, or both, Founders Plus offers a compelling solution worth considering. Meanwhile, Prudential’s Index Advantage lets you participate in the potential growth of selected market indices while still enjoying the protection of life insurance. It offers death benefit coverage along with the opportunity to accumulate cash value based on the performance of those indices, providing the potential for growth in line with market trends.
The key difference between Prudential’s indexed offerings is the risk versus reward of cash growth potential. Founders Plus is a more flexible but conservative product, whereas Index Advantage can engage in more volatile markets. Index Advantage may be better suited for someone looking to supplement their retirement income, while Founders Plus is better suited as protection and collateral.
Variable Universal Life
Variable Universal Life (VUL) insurance is a type of life insurance policy that combines the flexibility of universal life insurance with the investment opportunities of variable investment options. It allows policyholders to allocate their premium payments into different investment accounts, such as mutual funds or stocks, offering the potential for growth based on the performance of these investments. The key distinction between Variable Universal Life and Index Universal Life lies in how the cash value accumulates. In VUL, the policyholder assumes more investment risk and has greater control over the investment options, while an IUL provides protection against cash value decreases even if the linked index performs poorly.
Prudential has invested a lot resources into its VUL offerings. FlexGuard, Protector, and Custom Premier II all provide a variety of investment potential, cash value growth, and death benefit options. FlexGuard is designed to provide lifelong protection with the flexibility to adapt to changing needs. It offers a wide range of investment options, allowing policyholders to allocate their premiums among various investment accounts based on their risk tolerance and investment goals. FlexGuard aims to strike a balance between death benefit protection and cash value growth potential, providing policyholders with the opportunity to accumulate cash value over time.
Protector VUL focuses on providing a death benefit protection for policyholders’ loved ones. It offers a simplified investment approach with a limited number of investment options that are designed to align with long-term growth objectives. Protector aims to provide the necessary life insurance coverage while maintaining simplicity and ease of use. It offers flexibility in premium payments and allows for potential cash value growth based on the performance of the selected investments.
Custom Premier II is a comprehensive VUL product that offers a wide range of investment options and features for policyholders who seek flexibility, control, and potential growth opportunities. It provides a customizable approach to premium payments, death benefit options, and investment strategies. Custom Premier II allows policyholders to adapt the policy to their changing financial circumstances and investment preferences, offering the potential for cash value accumulation and death benefit protection.
While each of these products falls under the Variable Universal Life category, they differ in terms of investment options, complexity, and focus. FlexGuard provides flexibility with a broad range of investment options, Protector emphasizes simplicity and death benefit protection, and Custom Premier II offers a comprehensive and customizable approach. Policyholders should carefully consider their financial objectives, risk tolerance, and desired level of customization to choose the VUL product that aligns best with their specific needs. Consulting with a financial professional is recommended to explore these products in greater detail and make an informed decision.
Prudential Life’s Underwriting Specialties
Like all insurance companies, Prudential’s underwriting process involves assessing various factors related to the applicant’s health, lifestyle, and medical history to determine their insurability and premium rates. The process typically includes a review of the application, and medical records, and may require the applicant to undergo a medical examination, including blood tests and possibly a medical interview.
Build
Prudential categorizes its build requirements based on BMI. Of all underwriting considerations, build is the most rigorous due to its simple calculation and set ranges. Prudential may offer underwriting credits or allowances that can potentially result in a better build class for applicants. These credits are sometimes referred to as “build credits” or “build allowances.” They are designed to provide more favorable underwriting assessments for individuals who have certain health conditions or characteristics that might otherwise result in a less favorable rating.
The specific criteria for build credits may vary. Generally, these credits are intended to recognize factors that contribute to overall health and well-being, such as regular exercise, athletic participation, and well-maintained body composition. Applicants who meet the criteria for build credits may be assigned a better build class, which can result in more favorable premium rates. It’s important to note that the availability and eligibility for build credits may vary based on the specific insurance policy, the applicant’s age, health condition, and other underwriting factors. Prudential’s underwriters evaluate each application individually, taking into account various factors to determine if an applicant qualifies for underwriting credits.
| Height | Preferred Best (Excellent) | Preferred (Great) | Nonsmoker Plus (Good) | Nonsmoker (Average) |
|---|---|---|---|---|
| 4'11" | 91 - 155 | 147 - 175 | 156 - 190 | 176 - 200 |
| 5'0" | 95 - 161 | 152 - 181 | 162 - 197 | 182 - 207 |
| 5'1" | 98 - 166 | 157 - 187 | 167 - 203 | 188 - 214 |
| 5'2" | 120 - 172 | 162 - 194 | 173 - 210 | 195 - 221 |
| 5'3" | 105 - 177 | 167 - 200 | 178 - 217 | 201 - 228 |
| 5'4" | 108 - 183 | 172 - 206 | 184 - 224 | 207 - 235 |
| 5'5" | 112 - 189 | 178 - 213 | 190 - 231 | 214 - 243 |
| 5'6" | 115 - 195 | 183 - 219 | 196 - 238 | 220 - 250 |
| 5'7" | 119 - 201 | 189 - 226 | 202 - 245 | 227 - 258 |
| 5'8" | 122 - 207 | 195 - 233 | 208 - 253 | 234 - 266 |
| 5'9" | 126 - 213 | 200 - 240 | 214 - 260 | 241 - 274 |
| 5'10" | 129 - 219 | 206 - 247 | 220 - 268 | 248 - 282 |
| 5'11" | 133 - 225 | 212 - 254 | 226 - 276 | 255 - 290 |
| 6'0" | 137 - 232 | 218 - 261 | 233 - 283 | 262 - 298 |
| 6'1" | 141 - 238 | 224 - 269 | 239 - 291 | 270 - 307 |
| 6'2" | 145 - 245 | 230 - 276 | 246 - 299 | 277 - 315 |
| 6'3" | 149 - 252 | 237 - 284 | 253 - 308 | 285 - 324 |
| 6'4" | 152 - 258 | 243 - 291 | 259 - 316 | 292 - 332 |
| 6'5" | 157 - 265 | 249 - 299 | 266 - 324 | 300 - 341 |
| 6'6" | 161 - 272 | 256 - 307 | 273 - 333 | 308 - 350 |
| 6'7" | 165 - 279 | 262 - 315 | 280 - 341 | 316 - 359 |
| 6'8" | 169 - 286 | 269 - 323 | 287 - 350 | 324 - 368 |
| 6'9" | 173 - 293 | 276 - 331 | 294 - 359 | 332 - 377 |
| 6'10" | 177 - 301 | 283 - 339 | 302 - 368 | 340 - 387 |
Prudential’s Health & Lifestyle Considerations
Prudential, like other insurance companies, has its own underwriting guidelines and risk assessment criteria. While it is challenging to provide an exhaustive list of all the specific “sweet spots” for underwriting risk at Prudential, there are some areas where Prudential may have a reputation for treating applicants more favorably compared to some other insurance companies. Prudential has been recognized for its underwriting approach to applicants with diabetes. They have developed specialized underwriting programs and guidelines that may result in more favorable ratings for individuals with well-managed diabetes. The company has also been known to offer competitive underwriting terms for individuals who are occasional or social smokers, as well as for those who have quit smoking for a certain duration.
When it comes to lifestyle, Prudential tends to be more lenient towards recreational activities, like skydiving and rock climbing, so long as the insured has a history of taking the appropriate safety measures and training. Travelers are typically treated well by Prudential underwriters, but it depends heavily on the regions traveled and how frequently. Finally, Prudential is one of the better insurers for underwriting occupational risks. First responders and active military can expect a fair shake and more affordable rates with Prudential than some other insurance companies.
It’s important to note that the treatment of lifestyle risks can vary based on individual circumstances and policy specifics. While Prudential may treat these lifestyle risks more favorably compared to some insurers, it’s still recommended to consult with a licensed insurance professional or Prudential directly to get a more accurate assessment based on your specific situation.
How Much Does Prudential Life Insurance Cost?
The cost of a life insurance policy from Prudential, or any insurance company, can vary significantly depending on several factors. It’s important to note that without specific details, it is challenging to provide precise average costs. However, key cost considerations will always come down to age, gender, and overall health. Below is a generic table showing the cost of a one million dollar life insurance policy at Prudential’s best rate. Bear in mind that this is a basic example and not a guarantee of premium.
| 10 Year Term | 15 Year Term | 20 Year Term | 30 Year Term | |
|---|---|---|---|---|---|
| Male | Age 30 | $25.82 | $33.69 | $41.57 | $59.94 |
| Age 40 | $34.57 | $51.19 | $65.19 | $108.94 | |
| Age 50 | $82.69 | $115.94 | $153.57 | $270.82 | |
| Age 60 | $222.69 | $306.69 | $490.44 | N/A | |
| Age 70 | $776.57 | $1,053.07 | N/A | N/A | |
| Female | Age 30 | $21.44 | $25.82 | $31.94 | $53.82 |
| Age 40 | $27.57 | $38.07 | $52.94 | $91.44 | |
| Age 50 | $72.19 | $91.44 | $115.94 | $212.19 | |
| Age 60 | $147.44 | $203.44 | $333.82 | N/A | |
| Age 70 | $456.32 | $647.94 | N/A | N/A | |
Rates featured for $1,000,000 life insurance at the best health class. Monthly rates shown. The data represented is an estimate and is not a guarantee of an actual offer. |
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It’s important to remember that individual circumstances can vary, and the cost of a life insurance policy is highly personalized. To obtain accurate and personalized information about the cost and rates for a Prudential life insurance policy, it is recommended to consult directly with a Prudential representative or agent. They can evaluate your specific situation, consider your needs, and provide you with a customized quote based on the relevant factors discussed above.
Prudential Life’s Application Process
The choice of application method depends on individual preferences, comfort levels, and the level of guidance required. Some individuals prefer the convenience of online applications, while others may seek the expertise and guidance of an agent or advisor. Prudential aims to offer a range of options to accommodate various applicant preferences, and the company accomplishes this by embracing technology. Prudential provides an online application platform that allows applicants to apply for life insurance coverage conveniently from their own devices. The online application process typically involves filling out electronic forms, submitting necessary documents electronically, and completing required health questionnaires.
The insurer utilizes electronic signature capabilities, enabling applicants to sign documents electronically without the need for physical paperwork or mailing. This helps to expedite the application process and eliminate the hassle of manual signatures. On top of this, Prudential is also an early adopter of mobile-friendly applications and policy services. Finally, advanced underwriting algorithms allow the insurance company to process applications more quickly and more efficiently.
It’s important to note that the availability of application methods may vary depending on the region and specific policies. For detailed information and guidance on the application process with Prudential, it is recommended to visit their official website, contact a Prudential representative, or work with a licensed insurance agent or advisor who can provide personalized assistance.
Prudential Life’s Customer Satisfaction
Prudential’s customer service reputation can vary among customers, as individual experiences and opinions may differ. It’s important to note that customer reviews and feedback can be subjective and based on personal experiences. Many customers appreciate Prudential’s responsive and helpful customer service representatives. They may highlight timely and knowledgeable assistance provided by Prudential’s representatives during the application process, policy management, or claims handling. Positive experiences often involve friendly and professional interactions.
Prudential is also known for its customer service efficiency, particularly when it comes to processing applications, policy updates, or handling inquiries. However, like any large insurance company, Prudential Life’s wait times and callback consistency is the primary source of customer complaints. Overall, Prudential is a strong company with millions of satisfied policyholders and beneficiaries. Currently, the insurer is extremely low on NAIC’s national complaint index at 0.06.
The Pros & Cons of Prudential Life
| Prudential Life Insurance Company | |
|---|---|
| Pros | Cons |
| Diverse product line | Higher premiums than many competitors |
| Customizable insurance plans | Restricted availability |
| Flexible underwriting | Limited term options |
| Long history of financial stability | |
Why Should You Use Prudential Life?
Prudential Life Insurance is not just any insurance company; it is a trusted partner that understands the importance of protecting what matters most to you. With their long-standing legacy spanning over a century, they have proven themselves time and again in the industry. When you choose Prudential, you’re choosing stability, reliability, and peace of mind.
What sets Prudential apart is its genuine care for its customers. They see beyond numbers and policies, striving to make a real difference in people’s lives. Their team of knowledgeable agents is dedicated to walking you through the process, answering your questions, and ensuring that you make informed decisions about your coverage. You’re not just another policyholder to them; you’re a valued individual with unique needs and aspirations.
Lastly, Prudential’s financial strength is unwavering. It has a solid foundation, built on a history of sound financial management. This means they have the resources to fulfill their commitments and provide the security you seek. You can trust that Prudential will be there for you, supporting you through life’s ups and downs.
