Prudential Financial, Inc. was established in 1875 to provide affordable funeral insurance to low-income families. Over the last 145 years, Prudential has expanded its life insurance offerings to include a wide variety of policies, as well as a long list of riders for customized protection. For first-time life insurance buyers, Prudential has a number of online resources to help you pick the right type of coverage for your family, and calculate your coverage needs.
- Date established: 1875
- Insurance products offered: Life insurance (term and permanent), health insurance
- AM Best financial strength rating: A+
- J.D. Power rating for overall satisfaction: 753/1,000
- Availability: 50 states and Washington D.C.
|Online quotes for term life available||Low J.D. Power customer satisfaction rating|
|No-medical exam policies available||No guaranteed issue life insurance|
|13 riders available for extra coverage|
Prudential life insurance coverage types
Prudential offers a wide variety of life insurance types, including more than a dozen riders. However, one of the best features of Prudential is that most policies do not require a medical exam. Prudential has simplified the application process by replacing the standard medical exam with an online questionnaire about your health instead, which is known as PruFast Track.
When you apply for a policy, you will answer questions about yourself and your health history online and receive a decision about your policy in days instead of weeks. However, you still need to speak with an insurance agent who will interview you to better understand your personal and medical history.
Here are the types of life insurance available through Prudential:
- Term: Prudential sells three term life insurance policies—SimplyTerm, Term Essential and PruTerm One. Term life insurance may be a good option for young, healthy individuals and families with children who want low-cost coverage. This policy provides protection for a specific duration of time, in 10-, 15-, 20- or 30-year increments. There is a guaranteed death benefit and level premiums over the lifetime of the policy, as long as premiums are paid. With a term life policy from Prudential, you have the option to add a living needs benefit rider, accidental death benefit rider, waiver of premium rider or children’s protection rider for an added fee.
- Permanent: Prudential offers three types of permanent life insurance—universal life insurance, indexed universal life and variable universal life. These life insurance policies build cash value through stock market growth, and have a guaranteed death benefit. Permanent policies are a good option for people over 50 or individuals who want lifetime protection. Policyholders also have the option to add a variety of riders for extra financial protection. The universal life policy riders offered include:
- Living needs benefit rider
- BenefitAccess rider
- Survivorship BenefitAccess rider
- Accidental death benefit rider
- Children level term rider
- Enhanced disability benefit rider
- Enhanced cash value rider
- Overloan protection rider
- Lapse protection rider
- VUL protector rider
- Estate protection rider
- Guaranteed policy split rider
Prudential life insurance customer and claims satisfaction
Overall, Prudential life insurance reviews are mixed. The company has an A+ rating from AM Best, which indicates excellent financial strength and can give customers peace of mind that the company has a solid history of meeting its financial obligations. In addition, Prudential has fewer-than-average complaints per the NAIC Company Complaint Index. Prudential’s complaint score for individual life insurance is .98, just below the industry average of 1.0.
However, in J.D. Power’s 2021 U.S. Individual Life Insurance Study, Prudential received a score of 753 out of 1,000, which is below average and may indicate that some customers are not satisfied with the company’s customer service.
Other insurance products
In addition to the life insurance policies mentioned above, Prudential also sells individual health insurance. Outside of insurance, Prudential offers a variety of retirement products, including annuities and 401k plans for employers.
Frequently Asked Questions
What is the best life insurance company?
Many factors determine the best life insurance companies. 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, make sure they offer enough coverage and speak to customer service to help you decide which company may be best for you. Keep in mind that life insurance rates do not vary much like auto and home insurance rates do, so you will likely see similar pricing for similar products in your search.
Can I buy life insurance if I smoke or have a medical condition?
You can typically buy a life insurance policy 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, you might consider choosing 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 probably be much higher than a term life premium.