Prudential Life Insurance Review
Are you desperately trying to find a life insurance company to work with? It can be hard to choose a life insurance company that offers you with great coverage at affordable rates. We have reviewed many companies over the years, but one name that stands out, is Prudential Life. Their extensive product range and easy underwriting process is one of the reasons why they are regarded as one of the best in the life insurance industry.
The best thing about Prudential Life is that they place the needs of their policyholders before their own interests, which has allowed them to become the biggest insurance and financial company currently in operation in the United States.
Prudential Life has been around in the insurance industry for over 140 years, and the company is renowned for assisting clients, and helping them build and protect their wealth. Prudential is a global name and has operations in over 43 different countries around the world. The company was founded by John Fairfield Dryden, who was an insurance agent. In the earlier years Prudential was selling burial life insurance policies to low income families.
Throughout the years, Prudential Life has acquired a reputation for being the most reliable and reputable insurance company in the United States. All independent insurance agents prefer working with the company because of the great policies and coverages offered by them.
Established in 1875 under the name of The Prudential Friendly Society by an insurance agent, the company offered low-income families with industrial insurance. The company quickly acquired assets worth $1 million in 1885, and then underwent a name change, which it currently holds. The Prudential Insurance Company of America offers excellent financial security and strength through their products to all its customers.
The company moved into financial and retirement services in 1923, after writing its first group pension plan, and bought the Empire State Building in 1961. The company sold the building in 1991, and when the financial crisis of 2008 came around, Prudential was one of the few companies that didn’t need any financial bailout, and that earned them their solid reputation for being an absolute “ROCK’, which is also the logo of the company.
Prudential had been owned by policyholders in the beginning and functioned like a mutual life insurance company, but it revamped its structure later. Now it is one of the biggest and best insurance and financial product provider in the United States.
Financial Stability and Customer Service Ratings
There are very few companies that can offer better financial ratings and customer service ratings than Prudential. The company has more assets valued at more than a trillion dollars than any other insurance company in the United States! It employs over 50,000 employees, and has operations in more than 43 countries around the world. Prudential has an incredible reputation in the industry for being financially strong, and has received the highest ratings from all the major financial ratings agencies in the United States. This clearly shows the impressive standing of Prudential in the industry.
The company was given the following ratings:
- M. Best rating — “A+, Excellent”
- Standard & Poor’s rating — “AA-”
- Fitch – “A+”
- Moody’s – “A1”
Prudential was ranked 3rd in the category of ‘Most Admired Company in the World”, and was also awarded and recognized for employing working mothers, and its diversity. The company has also scored perfect marks on human equality over the past decade.
Prudential was ranked as the best life insurance company in 2013, and had net life insurance premiums of over $13 billion! The company has an impressive track record when it comes to accolades and awards, both internationally and nationally.
Prudential Life Insurance Coverage
There are a lot of different life insurance products offered by Prudential Life, which makes it difficult to cover them all. However, we have tried our best to cover all major life insurance coverage offered by Prudential Life to give you a better idea. Here are the insurance options you get from the company:
- Term Life
- Universal Life
- Indexed Universal Life
- Variable Universal Life
There are separate riders and coverage options offered with these life insurance policies. It is recommended that you should always discuss important aspects of your policy, with an insurance agent before agreeing to buy a policy. Here are the different life insurance policies offered by Prudential:
- Term Life
Prudential offers 6 different products in term life, which include:
- Term Essential®
- Term Elite®
- PruTermWorklife 65SM
- PruLife® Return of Premium Term
- PruTermSM One
All 6 options have their own benefits and are perfect for anyone looking for affordable life insurance. The best part is that this allows you with more freedom to make choices, but you should always check with the insurance agent before buying a policy.
This policy offers death benefit from $50,000 to $250,000 with no medical exam required.
· Term Essential®
This policy offers affordable 10 to 30-year terms, and is the cheapest product offered.
· Term Elite®
This policy offers you the chance to convert your policy into a permanent one. It is like Term Essential® and offers conversion privileges.
· PruTermWorklife 65SM
This is a niche product, which is unique to Prudential and is for people who want to replace lost income. The policy is for people till the age of 65, and comes with benefits like 1-year Unemployment coverage, and free Waiver of Premium.
· PruLife® Return of Premium Term
This policy helps people get returns on their money, if they manage to outlive their policy.
· PruTermSM One
This policy has annual renewable terms and is for people, who only need coverage for a short time. It is an affordable choice and offers death benefit coverage for a maximum of 4 years.
If you want a life-insurance policy that lasts for your entire life, then get the Universal Life policy from Prudential. Like all the rest of their policies, they offer loads of options with their universal life, which include the following:
- PruLife® Universal Protector
- PruLife® SUL Protector
- PruLife® Universal Plus
· The PruLife® Universal Protector
This policy offers guaranteed death benefit for all ages and for your entire life. You will pay higher premiums if the guarantee length if longer, and any withdrawals or loans will affect the guarantee if you don’t pay them back.
· PruLife® SUL Protector
This policy is the same, but offers coverage for two people. The policy is used for transferring estates or wealth, and doesn’t payout a death benefit unless both policyholders are dead.
· PruLife® Universal Plus
This is the best policy if you want great cash value build-up with no risk.
Indexed Universal Life
The indexed universal policies from Prudential are a less common option, as a lot of people prefer getting variable universal life insurance. There are different options offered with the indexed universal life policy, which includes:
- PruLife® Founder’s Plus UL
- PruLife® Index Advantage UL
- PruLife® Survivorship Index UL
· The PruLife® Founder’s Plus UL
This policy lets you choose between growth tied to the market like the S&P 500 or choose a fixed interest rate.
· The PruLife® Index Advantage UL
This policy has more income potential and options, but is the same.
· The PruLife® Survivorship Index UL
This policy has a dual-life structure to help easier wealth transfer.
- Variable Universal Life
Prudential offers two different options when it comes to their variable universal life insurance products, which include the following:
- VUL Protector®
- PruLife® Custom Premier II
· The VUL Protector®
This policy offers a death benefit guarantee, and allows you to use other investment types and mutual funds for growth.
· The PruLife® Custom Premier II
This policy offers growth in the life insurance policy, with guarantees.
Prudential Life Insurance Riders Review
A lot of people don’t understand the purpose of riders with their insurance policy. The riders are an additional supplement that improves the entire policy. There are times when getting riders with the policy means paying extra, but the additional costs are clearly worth it. If you are confused or worried about the policy riders from Prudential Life Insurance, then you can review them here:
Ø BenefitAccess Rider
The accelerated death benefit rider offers the policyholder to access their death benefits, while alive, if they suffer from a terminal or chronic illness. Prudential Life also lets you access the entire death benefit amount with no restrictions being put into place. That is better than most companies, which only allow 50% of the death benefit to be accessible.
Ø Living Needs Benefit
The living needs benefit rider ensures that you can acquire the death benefit quickly when you are confined to a nursing home or diagnosed with a terminal illness. The rider is applied automatically with term life insurance policies offered by Prudential.
Ø MyNeeds Benefit
The MyNeeds benefit rider is a unique product, only offered in the PurLife Universal Plus policy. If the policyholder requests a withdrawal from the cash value or cash surrender when they have been transferred to a nursing home, the charges of the policy linked with the transactions are waived.
Ø Waiver of Premium
Prudential Life loves making things easier for people looking to buy life insurance in the United States. That is the reason why their waiver of premium policy is perfect for those who have become disabled due to an accident or old-age.
Ø Children’s Rider
Every child needs their own life insurance policy, which can be a part of the life insurance policy of the parent. The Children’s Rider can also be converted into a whole life policy in the future.
Ø Accidental Death Benefit
This is a common rider that comes with a lot of life insurance policies, and it adds more benefit to the death benefit you have already, if the policyholder dies from an accident.
Ø Overloan Protection Rider
The Overloan protection rider is only for the Universal Life policies, and is a charge that is applied once and ensures that the policy doesn’t lapse if the policyholder has outstanding loans.
Ø Enhanced Cash Value
The Enhanced cash value rider ensures that you can choose to cash out a higher cash value from your insurance policy, but it is only available in the Universal Life policy.
Ø Guaranteed Policy Split Rider
This rider is only offered in the Survivorship policies, and ensures that the policy can be divided into different policies if the insured couple get a divorce.
Ø Estate Protection Rider
This rider is also a part of the Survivorship policies, and helps increase death benefit by more than 100% if the policyholders die before the policy has been active for 4 years.
The Bottom Line
When it comes to life insurance companies, there are only a select few that can stand at the top with Prudential Insurance Company. It is an iconic institution all over the world, and continues to deliver outstanding financial and insurance products to its customers. If you are looking for a solid life insurance company, then there aren’t many that are better than Prudential.