If you’ve ever shopped for an insurance policy, you know it isn’t easy. There are thousands of choices. Do you want to go with a brand name company or with a smaller carrier?
Your life insurance plan is long-term. You need to find a carrier who you’ll be happy with for the next 20 or more years.
What should you look for when identifying potential companies? They need to have a history of paying claims, of great customer service, affordable rates, and more.
In this article, we are going to look at Prudential and see how many of those qualifications they meet.
The History of Prudential Insurance Company
For more than 140 years, Prudential has been helping its clients to grow and protect wealth. The Prudential Friendly Society was established in 1875, by John Fairfield Dryden. He was an insurance broker in Newark, New Jersey.
Over the years, Prudential has led the way for people to protect every part of their lives – and it began its journey by being the first company in the United States to make life insurance available to the working class. In doing so, it sold industrial insurance. This was burial insurance for families who didn’t earn a lot. For some of his clients, they were only paying three cents every week.
Prudential multiplied, and within just its first ten years of operation, assets reached $1 million – and the company’s one-millionth policy was sold to John Fairfield Dryden himself.
Choosing the Rock of Gibraltar (or just simply, the Rock), Prudential is known for being a robust and stable company that now offers an extensive list of products and services to help its customers succeed.
Prudential Life Insurance Review
Today, Prudential offers its goods and services around the globe – in 47 countries and territories, including in the United States, Europe, Asia, and Latin America, through approximately 49,000 employees. Its primary product lines include life insurance and annuities, as well as mutual funds, investment management, and other retirement-related services.
Prudential has some subsidiary entities, which include:
- The Prudential Insurance Company of America
- PRUCO Life Insurance Company
- PRUCO Life Insurance Company of New Jersey
- Prudential Annuities Life Assurance Corporation
- Prudential Retirement Insurance and Annuity Company
- The Prudential Life Insurance Co., Ltd. (Prudential of Japan)
- Gibraltar Life Insurance Company, Ltd.
- The Prudential Gibraltar Financial Life Insurance Co. Ltd.
- Prudential Life Insurance Co. of Taiwan, Inc.
As of year-end 2016, Prudential held just under $1.3 trillion in assets under management and approximately $3.7 trillion of gross life insurance in force worldwide. The company has also ranked highly in some critical insurance and financial-related categories, such as:
- First in the “Insurance: Life and Health” category of Fortune magazine’s 2017 list of the World’s Most Admired Companies
- Second largest life insurer in the U.S. (life and health combined), based upon total admitted assets
- Third largest individual life insurance business in the U.S. regarding statutory net written premiums
- Ninth largest asset manager in the world
- The fourth largest seller of individual life insurance in the United States, based on recurring premiums.
The headquarters for Prudential is still located in New Jersey (USA).
Insurer Ratings and Better Business Bureau Review
One telling indicator of a company’s stability and financial strength is to look at their rates and grades from other organizations. Let’s look at Prudential’s (for the Prudential Insurance Company of America) as of August 2, 2017:
- A+ from A.M. Best Company
- AA- from Standard & Poor’s
- A1 from Moody’s
- AA- from Fitch Ratings
They were given a D- from the BBB (scale of A+ to F). Some of the factors that affect this rating include:
- Failure to respond to nine complaints that were filed against the business
- Seven complaints lodged against the company that were not resolved
Life Insurance Offered By Prudential
Prudential has tons of options for life insurance. Because of this real security concept, term life insurance can offer a very affordable way to obtain coverage without a significant premium outlay.
There are several term life insurance plans offered through Prudential, including:
- Term Elite
- Term Essential
- PruTerm WorkLife 65
- PruLife Return of Premium Term
- PruTerm One
These policies may also be made more “customized” to fit the insured’s needs by including individual riders. A rider can provide even more benefit to the insured and their survivors. The riders that are available via Prudential’s term life insurance policies include:
- The Living Needs Benefit
- Terminal Illness Rider
- Waiver of Premium
- Accidental Death Benefit
- Children’s Protection Rider
Also, term life insurance policies that are purchased through Prudential are typically convertible to permanent life insurance coverage, without the insured having to provide evidence of insurability. This can be quite advantageous – particularly if an insured has contracted an adverse health condition and may not otherwise be able to secure a permanent policy anywhere else.
Now let’s look at the permanent plans sold by Prudential. These include Universal Life, Indexed Universal Life, Variable Universal Life, and Survivorship Life.
Universal life insurance plans include the following:
- PruLife Universal Protector
- PruLife Universal Plus
Indexed Universal Life plans include:
- PruLife Founders Plus
- PruLife Index Advantage UL
There are also two options for variable universal life insurance coverage, including the:
- PruLife Custom Premier ll
- VUL Protector
Likewise, there are two survivorship policies available through Prudential, including the:
- PruLife SUL Protector
- PruLife Survivorship Index UL
No Medical Exam Life Insurance and Other Offerings that are Beneficial for Seniors
More and more of our clients are choosing to skip the health exam portion of the life insurance application.
With a no medical exam life insurance policy, there is no blood draw or urine sample to tend to – and because of that, those with certain health issues may still be able to qualify. Also, because there are fewer requirements to review, no medical exam life insurance policies can often be issued much more quickly than a fully underwritten plan.
Prudential offers several life insurance policies that do not require a medical exam to qualify for coverage. For example, the TermElite provides coverage of between $50,000 and $250,000. Likewise, the Prudential MyTerm life insurance policy also offers a death benefit of between $50,000 and $250,000.
If you’re concerned about funeral planning, Prudential provides information about making these plans – including how to select a funeral home, as well as the costs and options of various other services. Pre-planning one’s funeral can help to relieve financial stress that loved ones feel at an already difficult time in their lives.
Additional Products and Services Available Through Prudential
In addition to an extensive list of life insurance coverage products, Prudential also offers other products and services to its customers. These include:
- Investments – Prudential offers many different investment options, which can help to grow wealth and to keep money safe. Clients of Prudential can also have a customized retirement savings plan created that can assist them to be more financially secure in retirement.
- Retirement Annuities – Annuities can be particularly appealing to seniors and those who are approaching retirement, as well as to those who are already retired. This is because the money that is inside of an annuity’s account is allowed to grow on a tax-deferred basis – allowing it the opportunity to compound exponentially over time. An annuity can also provide a lifetime guaranteed stream of income. With this income option, the annuity will continue to pay out an income stream to the individual for the remainder of his or her lifetime – regardless of how long that may be. Often, an annuity will also offer additional features, such as a death benefit, which can assure beneficiaries receipt of their funds without having to go through the costly and time-consuming process of probate.
Getting Affordable Life Insurance with Prudential
Each insurance carrier is going to focus on different factors. Some carriers are more focused on age, while others care more about family history. You need an insurance company is going to offer you plan you can afford.
There are a lot of standard ways for getting cheaper life insurance: quit smoking, get in better shape, drive safer, but one of the easiest ways is to compare shopping. This is one of the view tried and true ways to get cheap life insurance.
Imagine having to call over 60 insurance companies. It’s going to take a long time and you’re going to get frustrated answering all of the questions. Lucky for you, we can do the calling.
The only thing you have to do is make one call to us.