Finding the right life Insurance company can be a pain, and the most painful part is all the research you have to do to make sure you are applying with the right company. Here at InsureChance, we provide unbiased reviews filled with information so that our clients can come to their own conclusion versus shoving our opinions down your throats. Prudential Life insurance is a reputable company with a wide product line to fit anyone’s needs and everyday lifestyle. However, we always encourage clients to have an open mind and shop around for the best rates possible. If you have been searching for more information about Prudential Life Insurance, you have come to right spot! The following are some key points about the company;

1. It all started in 1875 when The Prudential Friendly Society was founded by an insurance agent, John Fairfield Dryden, in downtown Newark, NJ.
2. Prudential Friendly Society reached their $1 million in assets mark in 1885, and also renamed to the famous name we all have heard, The Prudential Insurance Company of America.
3. Prudential Life also is known as PRUCO, has over 140 years of experience and has $1.269 TRILLION in assets.
4. According to A.M Best, they rank A+ or “superior.”
5. It is important for the company to have a fantastic rating such as an AA+, A+, or even an A- because these ratings show how stable the company is as far as financials.
6. Prudential is known for their niche underwriting.
7. They offer term life insurance and several universal life insurance products.
8. Prudential offers guaranteed universal life, variable universal life, and indexed universal life. They even have a long list of riders that can be added to most policies for added protection.  
9. Term life insurance pays a benefit in the case of the death of the insured, during a specified term period.
10. Universal life insurance is a type of permanent insurance that offers flexibility in premiums and policyholders have the choice of either paying a minimum premium to cover the cost of insurance or paying extra funds toward cash value accumulation.
11. Indexed universal life insurance provides death benefit protection and also gives the opportunity to build cash value.
12. Indexed universal life insurance provides death benefit protection and also gives the opportunity to build cash value.
13. Variable universal life insurance is a type of permanent life insurance where the cash value is invested in a number of sub-accounts that are similar to mutual funds.
14. Prudential Life has approximately $3.5 trillion of gross life insurance in force worldwide.

Prudential History

It all started in 1875 when The Prudential Friendly Society was founded by an insurance agent, John Fairfield Dryden, in downtown Newark, NJ. Prudential Friendly Society was the first company in the country to make life insurance available to the working class. They provided Industrial insurance for low-income families.Prudential Friendly Society reached their $1 million in assets mark in 1885, and also renamed to the famous name we all have heard, The Prudential Insurance Company of America. Their symbol after they renamed their company reflects the strength and security they offer to customers. Prudential wrote their first group pension plan and quickly moved their way into retirement and financial services in 1923. The company purchased the Empire State Building in 1961 and owned it for 30 years until they sold it in 1991. After the financial crisis that struck most of the companies in America in 2007, Prudential stood out as one of the companies that didn’t need any sort of bailout which gave them a bigger and more solid reputation for being “A Rock.”

Prudential Life Rating 

Prudential Life also is known as PRUCO, has over 140 years of experience and has $1.269 TRILLION in assets. That’s right, I said trillion! According to A.M Best, they rank A+ or “superior.” Ratings are important to look at when searching for the best life insurance company for you and your family and we get into why that is below. Prudential has some very competitive rates and certain niches when it comes to their underwriting. The way they rate their clients is by far the most lenient of the other insurance companies. Prudential Life according to Jrc Insurance Group, they are one of the top-10 insurance companies in the United States due to their leniency that many other companies do not offer.

Why is an insurance company rating important?

When shopping for the best life insurance company you should consider the ratings of the insurance company that you are contemplating about. Why? Well, it is important for the company to have a fantastic rating such as an AA+, A+, or even an A- because these ratings show how stable the company is as far as financials. These ratings are there to reassure the consumers that their money isn’t going to go with the wind and disappear.

For example, Company QRS have been around for the maximum of 5 years, they received a bad rating from  A.M Better, but they offered some pretty cheap premiums for their clients. That’s why Sally and Sam decided to go with Company QRS. They have had a policy with them for 3-4 years and they thought their money was safe and sound until disaster struck and the economy shook up some companies. Company QRS decided that it was best to pull out and leave all their clients in mid-air. During the economy shake up there were other companies that were stable as a rock and the shake didn’t affect their financials, but on the other hand company QRS was already having a hard time with their financials. Let’s just say that it was the last straw on a camel’s back, but what happened to Sally and Sam’s policy that they have been paying into for the past 3-4 years? It vanished, their policy vanished before their eyes, now disappointed and with trust issues, they go looking for another insurance company.

Sally and Sam should have looked twice at company QRS bad rating and thought about why they even have a bad rating. Maybe this way they wouldn’t have invested time and money in a company that screwed them in the end.

Prudential’s Underwriting

Prudential is known for their niche underwriting, why is that you ask? Well, there aren’t a lot of companies out there that offer non-smoking rates for occasional tobacco chewers, cigars and even e-cigarettes. E-cigarettes are very in right now, we all see people all over the place from stores to restaurants that allow people to smoke their e-cigs. However, not many life insurance companies view e-cigs that way, in fact, many of them still charge their clients with smoking rates that are often so expensive. If you are not an occasional tobacco user and you smoke a pack or two a month, DO NOT use Prudential because you will be classified a smoker. Prudential Life even offers some of the best rates in the nation for sleep apnea, travel, and medical marijuana, they are also lenient to many other health conditions. If you are taking pain medication such as Norco, Vicodin, Lortab, Tramadol and Oxycontin, they offer good rates for people that take these medications.

Products

Aside from Prudential’s niche underwriting, they provide a variety of products in their product line that can fit really anybody’s everyday lifestyle and health. They offer term life insurance and several Universal life insurance products. Prudential offers guaranteed universal life, variable universal life, and indexed universal life. They even have a long list of riders that can be added to most policies for added protection.  

Term Life Insurance

What is term life insurance? Term life insurance pays a benefit in the case of the death of the insured, during a specified term period. Term is basic life insurance and is sold for a specific length of time, usually between 10 and 30 years. Term life insurance is the most affordable life insurance that you can buy. It is also very easy to understand with no hidden fees or risks. You can even cancel the policy before it expires. However, when the policy does expire, so will your coverage and the downfall is that if you still want to be insured you will have to shop around for a new policy. Prudential Life offers six different term policies such as;

My Term

• Affordable coverage to fit your budget.
• Quick application.
• This policy comes in 15-30 year terms.
• Coverage amounts are available from $50,000 to a maximum of $250,000.
• All MyTerm policies include the Terminal Illness Rider free of cost. This rider will give you an option of accessing your policy’s death benefit if you are diagnosed with a terminal illness and are expected to live six months or less.

Term Essential

• Affordable option
• This policy comes in 15-30 year terms.
• Convertible to permanent when the term is over or at age 65.
• No taxes on death benefits that your beneficiary will receive.
• Available policy riders are; The Accidental Death Benefit, The Waiver of Premium Rider, and The Children’s Protection Rider.

Term Elite

• Good value for your dollar and provides affordable coverage.
• This policy comes in 15-30 year terms.
• Premium payments stay the same for the whole period of your coverage.
• No taxes on death benefits that your beneficiary will receive.
• Can convert part or all your coverage to permanent life insurance.
• Available policy riders are; The Accidental Death Benefit, The Waiver of Premium Rider, and The Children’s Protection Rider.

PruTerm WorkLife 65

• Offers coverage until retirement age. (until you are 65)
• No taxes on death benefits that your beneficiary will receive.
• Premiums can be waived if you become unemployed after the first contract anniversary or before you are 65, premiums are waived for one year but you must receive unemployment benefits and have worked for the full year preceding the date unemployment began.
• Premiums can be waived if you become disabled, you won’t have to pay premiums until your disability ends or you turn 65.
• PruTerm WorkLife 65, offers the Living Needs Benefit rider at no additional cost which will allow you to have access to your death benefits if you become terminally ill, become confined to a nursing home or require an organ transplant.
• Convertible to a permanent policy without having to take a new medical exam.

PruLife Return of Premium Term

• No taxes on death benefits that your beneficiary will receive.
• Policy available for three terms; 15, 20, or 30 years.
• If you outlive your premium period all the premiums paid up to the date will be returned tax-free.
• PruLife Return of Premium Term offers the Living Needs Benefit rider at no additional cost which will allow you to have access to your death benefits if you become terminally ill, become confined to a nursing home or require an organ transplant.

PruTerm One

• Death benefit protection
• Guaranteed premiums for one year, after the first year premiums, increase annually and are not guaranteed.
• Coverage ends at age 95.
• Convertible to a permanent policy after 5 years.
• Living Needs Benefit Rider is available at no cost, which means that if you become terminally ill, this rider will accelerate your death benefit to help pay for expenses such as long-term care facilities or nursing home.

Universal Life Insurance

What is universal life insurance? Universal life insurance is a type of permanent insurance that offers flexibility in premiums and policyholders have the choice of either paying a minimum premium to cover the cost of insurance or paying extra funds toward cash value accumulation. The extra funds can be used later for premiums. Prudential offers five different Universal Life products such as;

PruLife Universal Protector

• This is the most basic Universal life insurance plan
• Offers a guaranteed death benefit.
• No cash accumulation amount.
• Flexible premium payments.

PruLife Universal Plus

• Offers you the opportunity to grow cash value.
• Accessible cash value through policy loans and withdrawals.
• Unpaid loans and withdrawals can reduce your cash value and death benefit.
• Policy will never earn less than 2% interest.

PruLife SUL Protector

• Guaranteed death benefit.
• A Limited No-Lapse Guarantee provides a guarantee against lapse for the first five years.
• Does not offer an opportunity for cash value.
• Available policy riders are; The Estate Protection Rider and The Guaranteed Policy Split Rider.
• If you cancel your policy within the first 19 years, you will have a surrender charge, which will reduce the policy’s cash value.

Indexed Universal Life

What is indexed universal life insurance? Indexed universal life insurance provides death benefit protection and also gives the opportunity to build cash value. A proof indexed universal life is that it may offer better returns than other universal plans in a strong stock market and a con is that it may pay lower returns than other universal life plans in a poor stock market environment.

PruLife Founders Plus UL

• Your policy can build cash value.
• Offers a conditional guarantee against lapsing and can be extended.
• Tax-free death benefits.
• Optional BenefitAccess Rider advances the death benefit if terminally ill or has a chronic illness.
• You can choose one of three account options; Fixed, Plus 50, and Plus 100. Which all offer tax-deferred cash value growth potential.
• Flexible premiums.
• Accessible cash value if you need it.

PruLife Index Advantage UL

• Potential to build cash value.
• Up to 20 years of guarantee against lapse.
• There are four interest crediting options that help build cash value/
• One is based on a fixed interest rate.
• The other three are based on the performance of the S&P 500 Index.

PruLife Survivorship Index UL

• This policy can cover two people.
• Pays death benefit only if the two have died.
• Potential to build cash value.
• Guaranteed minimum interest rate.
• Guarantee against lapse which helps the policy stay in effect.

Variable Universal Life Insurance

What is variable universal life insurance? Variable universal life insurance is a type of permanent life insurance where the cash value is invested in a number of sub-accounts that are similar to mutual funds. A pro about variable universal life insurance is that its growth is tax-deferred and a con is that it is more expensive than term life insurance. Prudential offers two variable universal life insurance policies such as;

VUL Protector

• Offers a No Lapse Guarantee.
• Can extend the No-Lapse Guarantee period with the Lapse Protection Enhancement feature and it will make your premium payments to be lowered.
• Over 60 investment options that include asset allocation, equity, and bond funds with a fixed rate option.
• The potential to accumulate cash value.
• Access to accumulated cash value in case of an emergency.

PruLife Custom Premier II

• Offers two No Lapse Guarantee Periods; Short term and Limited. Which are designed to give you protection from a lapse in the early years of the policy.
• Short-term is for ages 0-59, it’s 8 years, and for ages 60+, it’s 6 years.
• Potential to accumulate tax-free cash value.
• More than 60 investment options.
• Ability to tailor the policy to help meet specific needs.

More About Prudential

Prudential Life has approximately $3.5 trillion of gross life insurance in force worldwide. They employ over 49,000 employees across the world. They rank #1 in the “Insurance: Life and Health” category of Fortune magazine’s 2016 list of “World’s Most Admired Companies.” Prudential also ranks 2nd largest life insurer in the United States based on total admitted assets.

Final Thoughts

In conclusion, Prudential Life Insurance is often a great option however it is not a place where “one size fits all” so with that in mind it may not fit a lot of other people but not necessarily your needs. Every insurance company has its pros and cons but that’s is what we are here to help with. Here at InsureChance, we work with over 60 top rated insurance companies who offer a wide variety of policies that are there to fit anybody’s health and lifestyle. Search no further, InsureChance is here to make your life insurance experience as simple as possible! If you have any questions or concerns please contact us 888-492-1967. Welcome to InsureChance!

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