There are thousands of different insurance companies that you can choose from when you’re shopping for life insurance protection. All of them have different advantages and plans that you’ll need to consider to ensure that you’re getting the best plan for you. 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.
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.
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 never know what’s going to happen to your business, and 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 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 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:
Universal Life Insurance Products
In additional 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 Affordable Life Insurance
Regardless of which company that you get life insurance from, there are several ways that you can get cheaper insurance protection. Making a few simple lifestyle changes can save you thousands and thousands of dollars on your insurance coverage.
The first thing that you should do is cut out any tobacco that you currently use. If you’re listed as a smoker on your application, you’re going to pose a much greater risk to the insurance company. They are going to offset that risk by charging you higher premiums. In fact, smokers are going to pay at least twice as much for life insurance coverage versus what a non-smoker is going to pay for the same sized policy. If you want to save thousands of dollars on your life insurance, you’ll need to kick that bad habit once and for all.
The next thing that you should do is improve your overall health. Before the insurance company approves your application, they are going to require that you take a medical exam, and the results are going to play an important role in how much you pay every month in premiums. There are two easy ways that you can improve your health, getting exercise and starting a diet. Both of there are going to help you lose weight, lower your blood pressure, lower your cholesterol, and reduce your chances being diagnosed with health complications. Regardless if you choose Prudential or another company, your overall health is going to impact how much you pay for your coverage.
The easiest way to ensure that you’re getting the lowest rates is by comparing dozens and dozens of companies before you decide which one is going to work best for you. Prudential is only one of the thousands of companies on the market that you can choose from. Each of them is going to have different medical underwriting and rating standards. The quotes that you receive are going to vary drastically depending on which company that you get the quote from.
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. We would be happy to answer any questions that you have and connect you with the most affordable plan available.