Prudential Term Life Insurance Conversion

How in the world are you going to choose between the 6,000 insurance carriers out there? Luckily, we are here to help. We’ve reviewed dozens and dozens of insurance companies to help you find the one that’s going to work best for you.

One of the most popular life insurance companies that we work with is Prudential. They’ve been in business for a long time, and they currently hold hundreds of thousands of insurance plans and continue to provide insurance coverage to millions of people across the United States.
prudential

If you own a term life insurance policy with Prudential Life Insurance, you can convert your policy to a permanent one with no evidence of insurability. We help consumers convert their Prudential term life insurance policies even if we’re not the agent on the policy.

There are currently 6 term products and all of them have different conversion options: MyTerm, PruTerm, PruLife, Term Essential, Term Elite and WorkLife 65. If you have an old Prudential life insurance policy, we can also convert those policies as well.

All of Prudential’s term life insurance policies can be partially converted. This means if you have a $500k term life insurance policy and only want to convert $100k of it, you can. This would decrease your term insurance to $400k with $100k being permanent. This is an important benefit because many life insurance companies will make you convert the full amount which often times is unaffordable.

Prudential Term Essential Conversion Options

You can convert to any permanent coverage that is offered by Prudential up to age 65. If you purchased your Term Essential policy between the ages of 60 and 64, Prudential will allow 5 years for you to convert. So if you purchased a policy on your 64th birthday, you can convert up to the age of 69.

Prudential Term Elite Conversion Options

Same options as “Term Essential” except you get a conversion credit the 1st 5 years of the policy. The conversion credit allows you to apply the term life insurance premiums you paid during the 12 months prior to the conversion. Conversions processed before the first policy anniversary will be prorated to reflect the premiums actually paid.

prudential life insurance term essential

PruTerm One

These plans are a highly unique option for life insurance coverage because they only offer protection one year at a time. Every year you can decide if you want to continue the policy or let it drop. This might seem like an odd decision, but these plans are designed for small business owners.  You don’t want to be stuck with a life insurance policy that you don’t need, and that’s why PruTerm One can be an excellent option for you.

MyTerm

MyTerm is one of the popular options from Prudential because it’s one of the quickest and it doesn’t require a medical exam to be approved. These plans are a great option for anyone that wants to be approved for life insurance quickly or doesn’t want to go through the hassle of taking the health tests. With a MyTerm insurance plan, you can only purchase insurance plans from $50,000 to $250,000. For most families, that may not be enough life insurance protection.

PruLife

PruLife is a term insurance policy that has a return of premium rider attached to it. That means that when you reach the end of the term, if you’re still alive, you’ll get a return of the premiums that you paid. Because this plan has an additional rider with it, it’s going to be more expensive than some of the other more basic options for life insurance.

WorkLife 65 Conversion Options

You can convert to any permanent policy that Prudential offers up to age 65 (when the policy expires).

Prudential offers one of the most client-friendly approaches to term conversion in the industry.  Here’s how they stack up to some of the other top life insurance companies on the market:

Prudential Life Insurance Conversion

Universal Life Insurance Products

In addition to their term insurance policies, Prudential also has several universal life insurance plans that they offer. These universal plans are a permanent form of coverage, which means that they will never expire as long as you continue to pay the monthly premiums. If you don’t want to worry about reapplying for life insurance in the future, a universal life insurance plan can be a great option for you.

Another advantage of universal life insurance plans is that they continue to build cash value the longer that you pay the premiums. The longer that you hold the plan, the more value that is inside of the plan. You can use the cash value of these plans to build more value based on the financial index of the plan. You pick the investments and you can sit back and watch your money grow.

If you’re interested in converting your Prudential term life insurance policy or even just considering it, we encourage you to contact us. One of our team at RootFin.com will go over the permanent products available to you and design a policy specifically for your needs.

Getting Cheap Life Insurance Coverage 

Are you scared of paying expensive premiums to protect your family? It may not be as bad as you think.

Most of our customers are happy with the insurance rates they receive. For the ones who aren’t, we give them some advice on how they can save money on their insurance.

We don’t want to just connect you with the best carrier, we also want to help you save money. We believe you shouldn’t have to pay extra for coverage.

Your health determines your premiums. Better health, lower premiums.

Quit smoking. Start exercising. Eat healthier. These are just a few of the ways you can save money on your life insurance.

Instead of trying to do the search yourself, work with one of our independent insurance brokers. Unlike traditional agents, we work with dozens and dozens of highly rated companies across the nation. Regardless of your situation or where you live in the United States, we can help you find the best insurance policy to meet your needs.

 

About Jeff Root

is the owner of rootfin.com. He's an independent life insurance agent who has helped 1,000's of consumers purchase life insurance online and over the phone.

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