Prudential Life Insurance Company Review

Prudential Life Insurance Company Review for [2023]

Anytime you purchase a new product or service, you must research first. This article will answer your questions about the Prudential Life Insurance Company and why they should be considered for your next life insurance purchase. We will look at everything from their company history and financial strength to the new life insurance product line they currently offer.

We work with over 40 of the most trusted life insurance companies. This carrier is one of the most financially secure and medical condition-friendly insurers. They also have 147 years of experience providing life insurance worldwide.

When Was the Prudential Insurance Company Founded?

Prudential was in business fourteen years before the start of the civil war.

How Prudential was born is very impressive, to say the least. Prudential Life Insurance Company has been in business for over 147 years. The company has the experience and the expertise to produce some of the most well-designed life insurance products.

The company was founded by a single life insurance agent named John Dryden. It was in Newark, New Jersey, back in 1875. The company founder opened the doors of the would-be behemoth corporation from a small basement office.

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Prudential will be an excellent choice if you have several medical conditions you are concerned with. They are the best for complex health issues.

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Prudential Designed Their Life Insurance for the Working Class

The very first life insurance product was explicitly designed for working-class people. This was to cover the expenses of funerals and final expenses. Some of the initial premiums were as low as three cents per week. The Prudential Insurance Company blossomed into New York and Philadelphia in just four short years. The company’s assets had grown to over 1 million dollars by this time.

John Dryden purchased the one-millionth policy in 1885. At this point, it was clear that the company was destined to become a huge success. Prudential made its mark as an icon in the life insurance industry.

What Are Prudential’s Financial Statistics?

Having managed assets approaching two trillion dollars is unmatched by any other company.

The Prudential Life Insurance Company now has over 57,000 thousand employees worldwide. Prudential Managed assets now top 1.7 Trillion dollars. You read it right; that is Trillion (not) Billion. They currently do business in 51 countries around the world. Not bad for a company that started with one man working out of a basement office. Prudential’s growth rate keeps increasing consistently with a higher percentage than before.

 

What Does Prudential Offer for Term Life Insurance?

Prudential offers the industry’s largest selection of term life insurance plan designs.

MyTerm Products:

 An affordable term policy of up to $250,000 with an easy application process. You can choose a level-premium period of 10, 15, 20, or 30 years. This is their most basic plan designed for term life insurance. This plan does not offer an option to convert to permanent Universal Life insurance.

Term Essential:

 You can choose a level-premium period of 10, 15, 20, or 30 years. Your option to convert is available until the end of the level-premium period or age 65. After that, it was whichever is earlier, but never less than five years. The riders available are Accidental Death Benefits. Child Protection Riders, Living Needs Benefits, and a Waiver of Premium Riders.

Term Elite:

You can choose a level-premium period of 10, 15, 20, or 30 years. Available until age 65 or 5 years from issue, whichever is later. Riders available include Accidental Death Benefits, Child Protection Riders, and Living Needs Benefits. A waiver for premium riders is also available and can be a very beneficial benefit to include in your policy.

PruTerm WorkLife 65:

This is life insurance for your working years. The level-premium period lasts until the age of 65. The plan’s design offers accidental death benefits, child protection and living needs riders.

PruLife Return for Premium Term:

This excellent plan design offers the security of low-cost term insurance, with a guarantee to have your premiums returned if you outlive the level-premium period. You can choose a level-premium period of 15, 20, or 30 years.

It offers an option to convert up to the end of the level-premium period or age 65. Whichever is earlier, but never less than five years. This plan also offers a Living Needs Benefit.

This policy offers a benefit where your out-of-pocket premiums are guaranteed to be returned to you. This happens at the end of your level-premium period, provided you are still alive, and your policy remains in force.

Check out our return of premium blog posts for more information on how these policies work. 

Pru-Term SM One:

This term life insurance policy for needs lasts from 1 to 5 years. This is a stepping stone to permanent insurance. Your coverage lasts for one year and is renewable annually up to age 95. The option to convert is available through the 5th policy anniversary. A Living Needs rider is also available.

Prudential’s List of Available Policy Riders

• Accidental Death Benefit – This benefit will pay an additional benefit if your death directly results from an accident.
• Children Protection Rider – This is a great feature that allows you to provide life insurance for your children while they are young.
• Living Needs Benefit – If you become terminally ill, this rider will advance a portion of your death benefit. This is to help ease the financial burden of this time of your life.
• Waiver of Premium – This benefit will pay your premiums so that your coverage can remain in force if you become disabled.
• Benefit Access Rider – This rider will accelerate the benefits of your policy’s death benefits if you become chronically or terminally ill. In other words, you can receive a percentage of the face amount while alive.

Prudential’s Permanent Policy Designs

Today’s permanent plan designs are known as Universal Life.

PruLife Universal Protector:

This plan design provides death benefit protection for your beneficiaries regardless of when you die. Optional riders include Accidental Death Benefits and Benefits Access Riders. Also, a Child Level Term Rider, an Enhanced Disability Benefit, and a Living Needs Benefit.

Remember that universal life plans will always cost more than term insurance regardless of the insurance company.

PruLife Universal Plus:

PruLife is a life insurance protection with cash value accumulation potential. In addition, these universal life policies pay interest at a designated percentage rate stated in the policy.

PruLife SUL Protector:

This universal life policy will cover two lives with one policy with a guaranteed lifetime of protection.

Prudential Life Insurance Products for Tobacco Users

When people use tobacco products, they are issued a tobacco rate health classification as a standard rule. Prudential is one of the few companies that will offer non-smoking rates to someone who:

• Chew Tobacco
• Smokes a Pipe
• Smoked Cigars
• Uses E-Cigarettes
• Uses Nicotine Patches or Gum
• Periodically used Marijuana

Prudential is Excellent for High-Risk Life Insurance

Prudential has a much more liberal underwriting department that is less sensitive to pre-existing medical conditions. As a result, I have seen Prudential accept many people whose other carriers have declined.

Due to this company’s size and financial stability, they can afford to insure people with severe medical conditions, hazardous occupations, or dangerous sports they are active in.

Prudential Uses Your Actual Age to Determine Your Rates

Using your actual age gives you the advantage of lower rates. For example, suppose your current age is six months before your next birthday.  Most life insurance companies use your nearest age, otherwise known as your insurance age. 

For example, if you’re 35 years old, your birthday is within the next two months. You would typically be classified as age 36 but not with Prudential. Being placed on your next birthday would increase your rates by 3.5 to 9%, depending on your age.

Prudential uses your current age, which will spell lower premiums. This is one of the advantages of using Prudential. This age difference can make a big difference if you are older and have higher rates.

Prudential Takes Good Care of Our Military Members

Prudential goes out of its way to help our service people get approved for life insurance.

Prudential is the only life insurance company that will sell life insurance to military personnel with active deployment orders as long as the application is taken in the United States and accepted in the United States. After that, Prudential will take them as typical applicants.

This is an excellent advantage for the members of the armed forces, especially those who want to buy life insurance and are going off to war. We take our hats off to Prudential to do this.

Prudential Offers Some of the Best Life Insurance Rates

Prudential also has a very liberal height and weight underwriting system for overweight or obese applicants. They also work out very well with folks with medical conditions, such as Diabetes, Prostate Cancer, and heart disease, and people who currently have very recent Driving While Intoxicated convictions. 

They work out very well for hazardous sports and dangerous occupations, such as pilots, scuba divers, drag racers, skydivers, motorcycle racers, and ironworkers. Also, helicopter pilots, racing boat drivers, stock car racers, etc.  

Using Our Quoting System to Compare Over 40 Companies

Feel free to use our instant quoting system. Just complete the form on the right to compare plans from over 40 trusted life insurance companies. Our quoting system includes excellent individual life insurance plan designs from the Prudential Life Insurance company.

We use many different insurance companies since the right insurance company has to be used for each applicant. In other words, we use the most applicable company for each applicant’s specific application information. If you need help choosing a face amount, feel free to contact us and we will be happy to help you.

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Prudential has some of the best life insurance quotes for applicants who smoke, are overweight, or have health conditions.

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Prudential Life Insurance Company Is One of the Most Commonly Used Insurers

We use over 40 life insurance companies, and Prudential is an essential member of our company’s team. Their vast product line, liberal underwriting department, and excellent financial stability make them a perfect choice for many people.

They also have a reputable name in the industry and have become a household word from coast to coast. If you are planning on purchasing life insurance, Prudential Life Insurance would be a great choice.

 

How Can I Apply for Prudential Life Insurance?

Applying for life insurance is now very simple. We don’t waste our client’s time with paper or online applications. The best way to apply is with a modern telephone application right over the phone. They take about 15 to 20 minutes, and all you have to do is sit back, listen to the question from one of our telephone application gals and then answer it. This is the most straightforward way to apply for life insurance.

In Conclusion

I hope you have learned a lot from this Prudential Life Insurance blog post. Our agency works with more than 40 of the highest-rated life insurance companies to ensure our clients don’t spend a dime more than they have to. There is never any cost to apply; life insurance companies pay all fees. Our service to you is always free and without obligation to buy anything.

All the best,
Jack Venturi
708-334-6226

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If you have questions about the Prudential Life Insurance Company, contact us today to help you at no cost or obligation. We are independent agents, also known as brokers, and work for our clients, not insurance companies. We will help you get approved for the best policy at the lowest possible premium. You can also set up a time at your convenience to talk.  

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