Life insurance can be an essential component of any good, solid financial plan. This can be the case regardless of your age and employment status. One reason is the proceeds that are received from a life insurance policy are received free of income tax by the beneficiary (or beneficiaries), and the money may be used for any need that he or she sees fit. This can include the payoff of massive debts – including a mortgage balance – and the payment of ongoing living expenses.
Before committing to purchase a life insurance policy, though, it is important to ensure that you are moving towards the right amount and type of coverage. Also, the insurance company through which you purchase the coverage should be secure and stable financially, and it should ideally have a positive reputation for quickly paying its policyholders’ claims. One insurer that meets these criteria is Prudential.
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 founded in the year 1875, by insurance agent John Fairfield Dryden in a basement office in downtown Newark, New Jersey.
Over the years, Prudential has led the way for people to protect what is important to them – 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 – which provided for funeral and burial expenses for low-income families, with some weekly premiums that were as low as just three cents.
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
Prudential has long stood as a strong financial entity – and because of its firm financial footing, the company has received high ratings from the insurer rating agencies. These include the following (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
Also, the company has also been given a grade by the Better Business Bureau. This grade is currently a D- (on an overall grade 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
Over the past three years, Prudential has closed out a total of 32 customer complaints, of which two were closed out within the previous 12 months. Of the total 32 customer complaints, 23 were related to problems with the company’s products/services, five with billing/collection issues, two were regarding guarantee/warranty issues, one pertained to advertising/sales issues, and other one had to do with delivery issues.
Life Insurance Offered By Prudential
Prudential offers many different life insurance coverage options to choose from. These include both term and permanent policies. Term life insurance provides death benefit protection only, without any cash value build up. 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
The company also offers permanent life insurance policy options. With permanent life insurance coverage, there is both death benefit protection, as well as cash value/savings, build up. These funds can grow over time on a tax-deferred basis. This means that there is no tax due on the growth unless or until the money is withdrawn.
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.
There are several different forms of permanent life insurance plans to choose from through 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
While some applicants who purchase life insurance are in excellent health, there are others who may have certain adverse health conditions that could preclude them from getting a policy, or from paying favorable premium rates. One reason for this is because life insurance underwriters will typically review information from the application paperwork, as well as details from a medical examination.
But with a no medical exam life insurance policy, there is no exam required, meaning that 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, and there is no exam necessary for approval. Likewise, the Prudential MyTerm life insurance policy also offers a death benefit of between $50,000 and $250,000 with no medical examination required.
For those who are 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 – Today, because people are living longer than at any other time in history, there is growing concern about running out of income in retirement. One perfect solution for this matter is an annuity. 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 (provided that the lifetime income option is chosen). 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.
How to Find the Best Premium Rates on Prudential Life Insurance Coverage
If you are looking for the best premium rates on Prudential life insurance coverage – or coverage from any life insurance carrier such as Fidelity Life Insurance – then it is typically recommended that you work with an independent life insurance agency or broker. That way, you will be able to review, in an unbiased manner, some different policies, benefits, carriers, and premium quotes. From there, you can choose the one that works the best for you.
When you are ready to move forward, we can help. We are an independent life insurance brokerage, and we work with many of the top life insurers in the marketplace today. We can provide you with all the important details that you’ll need for making a well-informed life insurance purchasing decision. We can do this for you quickly and easily, all from your computer, and without the need for you to meet in person with an insurance agent. If you are ready to proceed, then all you need to do is just simply fill out our quote form.
Should you find that you still have any additional questions or concerns, then please feel free to reach out to us directly and discuss these issues via phone. Our life insurance experts can be reached, toll-free, by calling 800-277-3098.
We realize that purchasing life insurance can be somewhat overwhelming. There are many different variables that you need to consider – and you want to make sure that you are moving forward with the right type and amount of protection. But there is good news. This process can be done so much easier when you are working with an ally on your side. So, contact us today – we’re here to help.