Prudential Financial is widely regarded as one of the best life insurance companies in the United States, and for good reason. Its long-standing reputation for financial strength and stability, coupled with its commitment to customer service, sets it apart in the industry. Prudential is known for offering some of the most competitive term life insurance rates in the country, making it a popular choice for those seeking affordable coverage.
But what exactly makes Prudential stand out from other top life insurance companies? In addition to its financial strength, Prudential is also recognized for its diverse range of life insurance products, including term life, whole life, and universal life policies. This means that customers have the flexibility to choose the policy that best fits their unique needs and budget. Prudential also offers a variety of optional riders that can be added to policies to provide even greater protection and peace of mind.
While Prudential may be an excellent choice for many individuals seeking life insurance coverage, it’s important to keep in mind that no single company is the best fit for everyone. Shopping around and comparing quotes from multiple insurers is always a wise move to ensure that you’re getting the best possible coverage at the most competitive rate.
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About Prudential Life
Prudential has been around since 1875 and is probably a name you’ve heard before. Prudential Financial is a big financial institution and Prudential Life is a subsidiary of Prudential Financial.
In addition to insurance, Prudential also helps with investment management. They currently operate in over 40 countries and use the Rock of Gibraltar as their logo.
According to its latest 10-Q, Prudential Life Insurance Company sells variable annuities, universal life insurance, variable life insurance and term life insurance primarily through affiliated and unaffiliated distributors in the United States.
Prudential Financial currently has over $1.6 trillion in assets under management and approximately $4 trillion in gross life insurance in force worldwide. Source
Prudential is a publicly traded company, trading under the symbol PRU. The company currently has a $26.5 billion market cap, with over 51,000 full time employees.
Prudential Financial Inc., is located at:
751 Broad Street
Newark, NJ 07102
Prudential Life Insurance Ratings
The best place to start a review of Prudential Life or any other life insurance company is with their ratings.
Pruco is a top rated life insurance company, receiving stellar ratings from the top 3rd party ratings agencies in the industry.
Pruco Life Insurance Ratings:
- A.M. Best rating: A+
- S&P rating: AA-
- Moody’s rating: Aa3
- Fitch rating: AA-
- Comdex ranking: 95
These are great life insurance ratings and should mean a lot to anyone who is potentially going to purchase a Prudential Life Insurance policy.
PruFast Track Accelerated Underwriting
Prudential Life offers no exam life insurance for qualified applicants. You must be between the ages of 18-60. You can qualify for up to $3,000,000 in life insurance coverage under PruFast Track.
Prudential life insurance policies
Life insurance comes in two primary flavors, term life vs permanent life insurance.
Depending on your needs and objectives will determine which type of life insurance policy is best suited for you.
So let’s take a look at the different policies offered by Prudential.
- Term Life Insurance Policies
- Universal Life Insurance Policies
- Indexed Universal Life Insurance Policies
- Variable Universal Life Insurance Policies
Term Essential is Prudential’s flagship term policy. 10, 15, 20 and 30 year term periods are available.
The policy is renewable term life insurance. It also has a conversion option, allowing you to convert the policy to permanent coverage down the road.
Prudential’s Universal Life Insurance policy, Essential UL, provides guaranteed protection for life as long as sufficient premiums are paid and other guarantee requirements are met.
The UL policy has the potential to accrue cash value. You can increase your premium payments to increase your cash value accumulation and lengthen your policy’s no lapse guarantee.
A minimum crediting rate of 2% is included.
A Living Needs Benefit and BenefitAccess Rider are useful, allowing you to access your death benefit while alive if you become terminally ill or chronically ill.
VUL Protector is Prudential Life’s variable universal life policy. It provides death benefit protection but also the opportunity for cash value growth.
Prudential Life Insurance Underwriting Niches
Not all life insurance companies can do a good job underwriting policies for niche clients.
Pruco Underwriting Niches include:
- Cancer Survivors
- Any DUIs
- World travelers
- Tobacco users, including cigar smokers and chewing tobacco users
Prudential Life also does a good job for clients with:
- Atrial fibrillation
- Bladder cancer
- Breast cancer
- Thyroid Cancer
- Prostate Cancer
- Hepatitis C
- Mood disorders
Prudential Life Review: Expats
If you are not an American, but do business in the USA or if you are an American but live abroad, Prudential also might have a great policy for you.
Pros of Prudential Life
As mentioned above, Prudential Life meets the need of many people that fall into various health and lifestyle niches. But what are some more benefits of Prudential Life?
Actual Age vs. Nearest Age
Most life insurance companies round up rather than rounding down when determining your age. For example, if you are 35 and 6 months, they will consider you to be 36. This is nearest age.
However, even if you are 35 and 11 months and apply for a life insurance policy through Pruco Life, they will still underwrite your policy based on your real age: 35.
This may not play a huge difference in pricing in your thirties, but for anyone 55 and above, a single year can really change the price of a policy.
If you used to be a smoker, but stopped, then you’ve already done something good for your life insurance rates.
However, with Pruco, you will actually get a reduced rate each year that you are smoke-free.
This is true for things like smoking, drug/alcohol consumption, driving, aviation, and weight.
Potential Prudential Life Drawbacks
Is Pru the Best Price?
As we mentioned, there are a lot of things that Prudential excels at. However, they aren’t always the number one life insurance company. In some instances, Protective Life or other life insurance companies can offer you a much better rate.
Limited Term Lengths
Pru Term only offers 10, 15, 20, and 30 year term lengths. Some companies offer a 25, 35 and 40 year term. Maybe you don’t need any of those term lengths, but just in case you do, it is always good to know your options.
Prudential Financial may be a top life insurance company with competitive rates, but it’s important to remember that everyone’s insurance needs and preferences are different. While Prudential may offer the right coverage for some, it’s possible that another company may offer better rates, more tailored coverage, or better customer service for others. Therefore, it’s always a good idea to shop around and compare policies and quotes from multiple insurance companies to ensure that you’re getting the best coverage and value for your specific needs.
By taking the time to compare policies and premiums, you can make an informed decision and feel confident that you’ve chosen the right life insurance provider for you and your loved ones.