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Life insurance is one of the best purchases that you could ever make for your loved ones. It’s one of the only ways that you can ensure that your family has the money that they need. There are tons of highly rated companies on the market, and all of them have excellent coverage, how are you supposed to decide which one is going to work best for you.
If you're considering purchasing life insurance from Prudential or looking for a Prudential life insurance agent you're in the right place. The article will review Prudential's history, their 2 term life insurance products, Pru's permanent life insurance offerings, conversion options and where Prudential life insurance is the most competitive.
When you’re shopping for insurance coverage, it can be difficult to find the best option for you. There are dozens of different types of plans that you can choose from and hundreds of companies that you can choose from. All of them are going to have different policies or rates.
Lets start with Prudential's History.
Quick History of Prudential Life Insurance
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. While there are these great companies out there, there are those that are not as admired. Before you make your final life insurance purchase decision though, we recommend looking into some other company reviews as well, such as our reviews on Zander Insurance, Primerica Life Insurance and United Home.
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. Do not let this information limit you on your search. There are other companies out there that could be better for you. Options are always open and it is best to explore them all. This is why we offer our list of top 10 life insurance companies for you to review!
Review of 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.
When you fill out the quote form on this page to see their rates, you'll be looking at their Term Essential product.
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.
Prudential Life Insurance Review: Universal Life Insurance Products
Prudential has a lot of permanent life insurance options, including:
- PruLife Universal Protector with offers guranteed lifetime protection at very affordable rates.
- PruLife Universal Plus which offers the potential of cash value accumulation for those who are maxing out their retirement options.
- PruLife Index Advantage UL which offers cash value accumulation based on the performance of the S&P 500 Index with downside protection.
- PruLife SUL Protector which is used for estate planning cases, wealth transfer planning and business transfers.
Hands down the most popular universal life insurance product we're seeing consumers purchase is the PruLife Universal Protector because it's guaranteed level premiums for the rest of your life at the lowest possible cost. There's guarantees built into the policy so it acts as a level term policy without an expiration date because Prudential can't raise your rates or bring down your coverage amount where most universal life insurance policies, that's a possibility.
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 company on the market will give you smoker rates on life insurance coverage, 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 conditions like diabetes, prostate cancer risks and people with recent or multiple DUI's. They're great for lifestyle risks for private pilots and scuba divers as well.
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 uses your actual age to determine their rates which is a nice advantage if you're within 6 months of your next birthday. Most life insurance companies on the market use your "age nearest". So if you're 52 years old, but your birthday is within the next 6 months - you'll be considered 53 years old by other life insurance companies and your rates will be based on that age...which means your rates will be higher.
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:
If you have any questions about the above chart, feel free to contact us. There's a lot of industry terms in there.
Our Overall Prudential Life Insurance Review
As agents for Prudential life insurance, 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.
While we represent over 65 life insurance companies on the market, Prudential gets a lot of business from our agency simply because they're the most competitive option for various risks.
Every insurance company is going to offer you different rates and have different types of plans that you can choose from, which means it can be daunting trying to find the best company to meet your needs. That’s why we are here to help. Because we are independent insurance brokers, we can bring you dozens of rates and help guide you to the perfect plan for your family.
We 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 or get instant quotes from Prudential using our tool on the side of this page.
If you have any questions about anything mentioned in this article, we would love to answer those questions and connect you with the perfect insurance policy available. You never know what’s going to happen tomorrow, which means you shouldn’t wait any longer to get the coverage that you or your family.