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Prudential Life insurance review 2022

Updated Nov 15, 2022
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If you’re a first-time life insurance buyer, you might want to consider Prudential due to the company’s online resources that can help you choose the right options for your needs. The company has a lower-than-average customer satisfaction score from J.D. Power, though, which could indicate frustrations with its service level.

Pros

  • Online quotes for term life policies are available
  • No-medical exam policies are available
  • 13 riders are available for extra coverage

Cons

  • No guaranteed-issue life insurance
  • Below-average J.D. Power customer satisfaction rating
  • High complaint index with the National Association of Insurance Commissioners (NAIC)
Prudential may be a good life insurance company if you are looking for a highly-personalized term or universal life insurance policy. Policyholders should be aware that Prudential does have lower customer satisfaction ratings and a high number of complaints according to independent rating agencies.
 
Prudential Financial was established in 1875 to provide affordable funeral insurance to low-income families. Over the years, Prudential has expanded its life insurance offerings to include a variety of policies, as well as a long list of riders for personalized financial protection. Prudential has a number of online insurance resources, including a life insurance calculator to help you determine how much life insurance to buy. Bankrate conducted an extensive Prudential life insurance review to help you learn more about the company’s products and services and determine if it may be the right fit for your life insurance needs.
 
 
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Prudential life insurance coverage types

Prudential offers two basic types of life insurance: term and universal. However, each policy type has options, so tailoring a policy to fit your needs may be easy with Prudential. The company offers more than a dozen riders to help you personalize your coverage, although some options may be unavailable depending on the state in which you live and the policy type you choose. In most states, Prudential life insurance is underwritten by The Prudential Insurance Company of America, but in New York, policies are underwritten by Pruco Life Insurance Company.

  • Term: Although it wasn’t among Bankrate’s picks for best term life insurance companies, Prudential might be a good fit if you are looking specifically for personalized coverage. The company sells three term life insurance policies: SimplyTerm, Term Essential and PruTerm One. Term life insurance may be ideal for young, healthy individuals or families with children who want low-cost coverage. Term policies provide protection for a specific duration of time; Prudential offers 10-, 15-, 20- and 30-year term lengths. 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 does not sell a whole life option, but does offer four types of permanent life insurance: universal life insurance, indexed universal life, survivorship universal life and variable universal life. Universal life policies are designed to cover your entire life, as long as premiums are paid, and have more flexibility than other types of life insurance. Permanent policies may be a good option for people over 50 or individuals who want lifetime protection. As with term insurance, policyholders who opt for Prudential’s universal life coverage may have the option to add a variety of riders for extra financial protection.

Prudential life services

If you like to work with local agents, Prudential may provide this opportunity in your area. Prudential Financial agencies operate as local retailers throughout the country, although agents are available by phone as well. Additionally, Prudential’s website is robust, offering plenty of information about its products. The company also offers beneficiary resources, which could help if you are the recipient of a life insurance death benefit. Resources include guides for planning, coping with loss and moving forward after a loss.

Other Prudential perks worth considering

Prudential Financial lives up to its name, offering a variety of finance products and services. In addition to life insurance, Prudential also offers:

  • Retirement products
  • Annuities
  • Investments

Additionally, Prudential uses its subsidiary – Assurance IQ, LLC – to match customers to health insurance products, which are underwritten by third parties. Prudential also provides financial education tools on its website.

Prudential life insurance customer and claims satisfaction

Overall, Prudential life insurance reviews from third-party agencies are mixed. The company has an A+ (Superior) rating from AM Best, which indicates superior financial strength and may give customers peace of mind that the company has a solid history of meeting its financial obligations.

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 well-below the industry average and may indicate that some customers are not satisfied with the company’s customer service. Additionally, the company’s complaint index score with the NAIC is over eight times higher than the national baseline. Whereas the baseline score is 1.00, Prudential’s rating for individual life insurance is 8.65, indicating far more complaints than average for the industry.

Prudential corporate sustainability

Prudential boasts a strong corporate sustainability program with multiple facets, including investing, corporate engagement and charitable donations, among others. Prudential notes that it has given more than $19 million in corporate donations to nonprofits, more than $47 billion in grants to nonprofits and $65 million in impact investments in various financial organizations. The company has also recorded almost 45,000 hours of employee volunteer time.

Not sure if Prudential is right for you? Consider these alternatives

Although Prudential may be among one of the best life insurance companies, according to Bankrate’s research, it may not necessarily be the best fit for everyone. You may want to compare life insurance quotes from these other major life insurers if Prudential is not suited to your insurance needs:

  • Mass Mutual: If you are looking for whole life insurance, MassMutual could be a great option. The company won our 2022 Bankrate Award for best whole life insurance due to its high coverage capacity, large number of riders and high financial strength scores.
  • Nationwide: Prudential’s lineup of universal life insurance options is impressive, but Nationwide won the Bankrate Award for the best universal life insurance company. The company has several riders, high third-party scores and is highly accessible if you have questions.
  • AIG: If you need a guaranteed-issue policy, you may want to try AIG. The company offers a guaranteed-issue whole life insurance policy, which could be a good choice for those who have medical issues that may preclude them from buying other types of coverage.