If you are considering applying for life insurance and you are considering Prudential as your company of choice, this article will put Prudential under the microscope and answer many of your questions. This will be an in-depth review of the trusted Prudential Life Insurance Company. We will look at everything from their company history, financial strength to the life insurance product line they currently offer. This is a company you will definitely want to consider before you apply for your new life insurance plan.
Let’s first take a look at Prudential’s history when the company was first founded.
The Prudential Life Insurance Company has been in business for over 141 years. The company has the experience and the expertise to produce some of the most well designed life insurance products in the industry.
The company was first founded by a single life insurance agent named John Dryden in Newark New Jersey all the way back in 1875. The company founder actually opened the doors of the would-be behemoth corporation from a small basement office.
The very first life insurance product was specifically designed for working class people to cover the expenses of the funerals and final expenses. In fact, some of the first premiums were as low as three cents per week. In just four short years the Prudential Insurance Company blossomed out into New York and Philadelphia. By this time the company assets had grown to over $1 million dollars.
John Dryden purchased the one-millionth policy in the year 1885. At this point in time it was clear that the company was destined to become a huge success and make their mark as an icon in the life insurance industry.
The company now has over 49,000 thousand employees worldwide. Prudential Managed assets now top 1.2 Trillion dollars. You read it right, that is Trillion Not Billion. They now do business in 47 countries around the world. Not bad for a company that started out with one man working out of a basement office.
Prudential Term 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 design for Term life insurance. This plan does not offer an option to convert to permanent Universal Life insurance.
You can choose a level-premium period of 10, 15, 20, or 30 years. Your option to convert is available to the end of the level-premium period or age 65, whichever is earlier, but never less than 5 years. The riders available are Accidental Death Benefit. Children Protection Rider, Living Needs Benefit and a Waiver of Premium rider.
You can choose a level-premium period of 10, 15, 20, or 30 years. Available to age 65 or 5 years from issue, whichever is later. Riders available are Accidental Death Benefit, Children Protection Rider, Living Needs Benefit and a Waiver of Premium rider.
PruTerm WorkLife 65:
This is life insurance for your working years. The Level-premium period lasts until your age 65. This plan design offers accidental death benefit, child protection and living needs riders.
PruLife Return of Premium Term:
This excellent plan design offers the security of 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 which is available to the end of the level-premium period or age 65, whichever is earlier, but never less than 5 years. This plan also offers a Living Needs Benefit.
This Return of Premium Term policy offers a benefit where your out-of-pocket premiums are guaranteed to be returned to you at the end of your level-premium period provided you are still alive and your policy remains in force.
This is a term life insurance policy for needs that last from 1-5 years at most. This is a stepping stone into permanent insurance. Your coverage lasts 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.
Explanation of Rider Benefits:
- Accidental Death Benefit – This benefit will pay an additional death benefit if your death is a direct result of an accident.
- Children Protection Rider – This is a great feature that gives you the option 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 to help ease the financial burdens of this time of your life.
- Waiver of Premium – This benefit will pay your policy premiums so that your life insurance coverage can remain in force if you become disabled.
- Benefit Access Rider – This rider will accelerate your policy’s death benefit if you become chronically or terminally ill under the terms of the rider. In other words, you can receive a percentage of the rider before you die for the extra costs that you have while you are ill.
Now we are going to take a look at Prudential’s permanent policy designs.
PruLife Universal Protector:
This plan design provides a death benefit protection for your beneficiaries regardless of when you die. The optional riders include an Accidental Death Benefit, Benefit Access Rider, a Children Level Term Rider, an Enhanced Disability Benefit and a Living Needs Benefit.
PruLife Universal Plus:
Life insurance protection with cash value accumulation potential.
PruLife SUL Protector:
This Universal Life policy will cover two lives with one policy with guaranteed lifetime of protection.
Prudential can be a great company for people that use tobacco products
Prudential is one of the few companies that will offer a non-smoking rate to someone who:
- Chews tobacco
- Smokes a pipe
- Smokes cigars
- Uses E-Cigarettes
- Uses Nicotine patches or gum
- Periodically uses Marijuana
Prudential has a much more liberal underwriting department that is not as sensitive to pre-existing medical conditions.
Due to the size and financial stability of this company they can afford to insurance people with medical conditions or have hazardous occupations or dangerous sports they are active in.
Prudential uses your actual age to determine their rates.
Using your actual age gives you the advantage of lower rates if you’re current age is within 6 months of your next birthday. Most life insurance companies on the market use your “age nearest” otherwise known as your insurance age. For example, if you’re 35 years old, but your birthday is within the next 6 months you would normally be rated at 36. Being rated at your next birthday would increase your rates.
Prudential simply 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 in your older years when your rates are higher.
The Prudential Life Insurance Company is very good to the men and women of the Armed Forces.
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, Prudential will take them as a normal everyday applicant. This is a great advantage for the members of the armed forces who want to buy life insurance and are going off to war. We definitely take our hats off to Prudential for doing this.
Prudential also has a very liberal height and weight build chart and work out very well with folks who have many health conditions such as Diabetes, Prostate Cancer and people that currently have very recent Driving While Intoxicated convictions.
They work out very well for hazardous sports and occupations such as Pilots, Scuba Divers, Drag Racers, Skydivers, Rock Climbers, Hang Gliders, Motorcycle Racers, Iron Workers, Helicopter Pilots, Racing Boat Drivers, Stock Car Racers etc.
Don’t hesitate to use our free quoting system to compare companies and their perspective life insurance rates.
Feel free to use out consumer quoting tool by completing the form on the right to compare plans from over 40 trusted life insurance companies. We use many different insurance companies and we use the most applicable company for each applicant’s specific application information.
Our final thoughts on the Prudential Life insurance company.
We use over 40 different life insurance companies and Prudential is an important member of our team of companies. Their huge product line, liberal underwriting department and excellent financial stability make them an excellent 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 is definitely going to be a great choice.
We have always been happy with the performance we have seen from Prudential. I hope this article has answered many of your questions concerning the Prudential life insurance company. If you have any other questions or need help in any way, do not hesitate to contact us 7 days a week and during evening hours. Thank you for visiting our website and reading this blog post. Visit our About Us page to learn more about us.
You may visit the Prudential website by clicking on this link: https://www.prudential.com/
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