If you're considering purchasing life insurance from Prudential or looking for a Prudential life insurance agent you're in the right place.
Prudential has been around since 1875 and carries an "A" (excellent) financial strength rating from A.M. Best. A.M. Best is the industry benchmark for financial strength in the life insurance industry. Prudential Life Insurance has over $784 billion in assets under management.
They were on Fortune Magazine's 2010 list of "World's most admired companies" and are the 2nd largest life insurer in the United States.
Prudential Life Insurance offers term life, universal life, variable life and non-participating whole life. However, their most popular product is their term life insurance
Prudential's Term Life Insurance Options
Their most popular product is their term life insurance. They actually have 3 different term policies: Term Essential, Term Elite and WorkLife 65. Here's a quick synopsis of each:
1. Term Essential
This is where the bulk of Prudential's term business is placed because it's the least expensive and not much different than the other 2 term products they offer. It's available in 10, 15, 20 or 30 year term lengths with rapid underwriting for amounts less than $250,000.
This policy allows you to convert to permanent coverage without proving your insurability. Which means no matter what your health condition is, you'll be able to convert to a permanent policy by simply filling out some paperwork. View the image below for more information.
2. Term Elite
This has the same benefits as Term Essential except you receive conversion credits. It's more expensive than Term Essential and should only be purchased if you are planning to convert to a permanent policy within the first 5 years of the policy. Below is a side by side comparison of the Term Essential and Term Elite.
3. WorkLife 65
This product is meant to protect you during your working years and expires at age 65. This product is attractive for anyone under the age of 35 because the max term length on the market is a 30 year term. With WorkLife 65 you can get more than a 30 year term if you're under age 35.
It comes with other benefits that Term Essential and Term Elite don't have, such as:
- Waiver of Premium for specific periods of disability and unemployment. Meaning you don't have to pay premiums if you're disabled or unemployed up to a specific time frame.
- Guaranteed conversion to any of Prudential's permanent insurance polices with no evidence of insurability (as discussed previously).
For whole life, universal life or indexed life insurance Prudential has some great products and can send you illustrations and information regarding those upon request.
Where Prudential Life Insurance Is Competitive
Hands down, Prudential is the best option for smokeless tobacco users. Anyone who dips, chews or uses snuff can get non-smoker rates. Which means that you'll pay half the amount other life insurance companies would charge. Every other life insurance company on the market will give you "Smoker" rates with the exception of 1 other company and Prudential's rates blow them out of the water.
Prudential also has a liberal build chart and are very aggressive with many health and lifestyle risks.
They are the ONLY company we know of that will write insurance on the military with active deployment orders. As long as the application is taken on US soil and accepted on US soil, then Prudential will take them as an ordinary risk. This is a very patriotic stance they've taken and we admire them for it.
For amounts of $1 million of coverage and higher, they seem to be very competitive in many age bands.
Prudential has some of the best conversion options in the industry. Here's how a Prudential term life insurance conversion stacks up to other carriers:
As Prudential life insurance agents, we love that they are always on the cutting edge of underwriting advancements. In certain health risks, they are half the amount of premium as other life insurers. On top of that their customer service is prompt and claims paying abilities are solid.
Root Financial would recommend Prudential Life Insurance to anyone if it makes sense for their situation. If you would like to speak to a Prudential life insurance agent, please don't hesitate to contact us.