Planning for after you’re no longer around may be an uncomfortable subject, but if you have family you want to make sure will be financially okay if something should happen to you, it’s an important matter to address.
There are different types of life insurance products that will pay your designated loved ones a sum of your choice when you pass. The Prudential Life Insurance Company is one of the oldest and most reputable companies around. Here’s more about the Prudential Insurance Company and what it has to offer.
Prudential Life Insurance
Prudential Life Insurance has streamlined the process of getting life insurance to make it quick and hassle-free. After all, insuring yourself in case of death is a topic not many people want to dwell on.
When you apply for life insurance, most companies will require you to have a medical exam. Your premiums are based on your health — the insurer needs a good idea of your health condition to price your plan. The Prudential Life Insurance Company has replaced the standard medical exam with an online questionnaire about your health instead.
Known as PruFast Track, it’s a faster way of underwriting your policy. You’ll answer questions about yourself and your health history online and receive a decision about your policy in days instead of weeks. You’ll still need to meet with an insurance agent who will interview you to collect personal and medical information, but you won’t have to have a blood test or medical exam.
Types of life insurance policies offered
The Prudential Insurance Company offers two main types of life insurance: universal life and term life. Here’s a closer look at the products available in each category.
Universal life insurance
Unlike term insurance, which insures you for a set period of time, universal life insurance is permanent. It has an investment element to it — besides the death benefit your loved ones will receive, a portion of your monthly premium is invested and goes in a savings account that grows by earning interest or being invested. It comes with tax benefits, and you can access the cash balance.
Universal life insurance could be a good option if you’re interested in providing loved ones with financial security when you pass while setting money aside for yourself for retirement. The Prudential Life Insurance Company has three universal life products:
- Universal life insurance: Prudential has three options of universal life insurance with an interest-bearing cash account — PruLife® Universal Protector, PruLife Essential UL® and PruLife® SUL Protector.
- Indexed universal life insurance: Prudential’s universal policies in this category grow at the pace of the S&P 500 — PruLife® Founders Plus UL, PruLife Index Advantage UL® and PruLife® Survivorship Index UL.
- Variable universal life insurance: This type adds an underlying investment option for greater growth of your cash account. You choose the type of investment you’d like to make with your cash contributions, which will be kept separate from the death benefit amount — VUL Protector®, PruLife® Custom Premier II and PruLife® SVUL ProtectorSM.
Term life insurance
Term life insurance is simpler than universal life. You can buy a policy that will cover you for a certain number of years and pay your loved ones a tax-free benefit if you pass away during the term. Your premium is fixed for the set period of time so you know what to expect. Prudential offers four term life products:
- Term Essential®: This is Prudential’s basic term life insurance product.
- Term Elite®: This term insurance can be converted to a permanent policy in the future.
- SimplyTerm: This is an affordable policy that can be purchased online up to $500,000 for terms of 10, 20 or 30 years. It is not available in all states.
- PruTermSM One: This is a short-term, year to year renewable coverage.
Prudential ratings, reviews, customer satisfaction and complaints
You can trust in Prudential as a stable, reliable insurer — the company has been around for more than 170 years. The top rating agencies agree. Moody’s recently upgraded the Prudential Insurance Company from an A1 to Aa3 due to its growing position in the life insurance market. The Prudential Life Insurance Company also earned a high A+ rating from AM Best.
Prudential life insurance reviews from customers vary. In the 2019 J.D. Power U.S. Life Insurance Study, the insurer ranks in the middle of the 25 insurance companies included. Customers rated Prudential as average in customer satisfaction, with three out of five stars overall.
Prudential is not accredited with the Better Business Bureau (BBB). There are about 100 complaints on the BBB website, which is a low number for a company with 20 million customers. The most common complaints are slow response times from Prudential customer service to change requests and issues and correspondence not arriving as promised.
Reasons Prudential is a great option
Prudential is a great option because of its financial strength and legacy. The insurer has been providing clients with insurance services for over 170 years. The company is highly rated by the top ratings agencies.
Although Prudential is making changes to streamline the life insurance underwriting process by replacing the standard medical exam with an online questionnaire, the company could improve by providing more online or phone support services for existing customers interested in making changes to their policies instead of relying so much on written mail communications.
Additional policies offered by Prudential
Besides the life insurance policies mentioned above, Prudential also provides:
- Health insurance
- Retirement planning
Frequently asked questions
What is the best life insurance company?
There are many factors that determine the best life insurance company. What’s best for one person may not be ideal for someone else. Choose three or four insurance companies and review customer reviews, get quotes on their products and speak to customer service to help you decide which company may be best for you.
Can I buy life insurance if I smoke or have a medical condition?
You can buy life insurance even with health issues, but you’ll likely pay more for your premium than a healthier or younger person would. Most insurers will require you to have a medical test to decide how much your life insurance premium would be.
What’s the cheapest life insurance?
If you’re looking for the cheapest life insurance, choose term life over universal. Your term life premium is set in advance and doesn’t change, so you know what you’ll be paying each month.
Universal life insurance is more expensive because you’re paying for two things — a premium for the death benefit for your loved ones and an amount that will be invested into the cash value portion of your policy. Your monthly premium will be much higher than a term life premium.