Alyssa Lane
Prudential Financial is one of the largest life insurance providers in the world, offering a wide range of
Prudential's life insurance products are offered nationwide and tailored to meet the unique needs of individuals and families. The company offers several types of policies, including term life insurance, universal life insurance, and whole life insurance. Prudential also provides a variety of riders that allow customers to customise their policies and add extra coverage.
However, Prudential has received mixed reviews from customers, with some complaining about poor customer service, long wait times, and difficulty in resolving issues. The company has also been criticised for its handling of claims and lack of transparency.
Overall, while Prudential offers a broad range of life insurance products and customisation options, potential customers should be aware of the mixed reviews and complaints regarding the company's customer service and claims handling. It is important to research and compare different insurance providers before making a decision to ensure you find the best option for your needs.
| Characteristics | Values |
|---|---|
| Number of Policies | 13 |
| Types of Policies | Term, Universal, Whole |
| Riders | Accidental Death Benefit, Terminal Illness, Waiver of Premium, Children's Protection, Children's Level Term, Living Needs Benefit, Enhanced Disability Benefit, Estate Protection Rider, Overloan Protection Rider, Survivorship BenefitAccess, and more |
| Customer Service | Below Average |
| Financial Strength | A+ |
What You'll Learn
Prudential's customer service
On the positive side, Prudential offers a wide range of term and universal life insurance policies, and its financial stability has been recognised with an A+ (Superior) rating from AM Best. The company also provides online resources and calculators to help customers make informed decisions about their insurance choices.
"I've been a Prudential guaranteed universal life policyholder for over 50 years. Now that I've reached my late 70s I've seen major premium increases twice in the last five years. The most recent increase was an indecent 30 percent. The intent of these premium increases is clearly to force policyholders to drop their coverage before Prudential has to pay a claim. This is morally offensive."
"I’ve been dealing with them again over a death benefit. It is a clown show. Avoid this company at all costs."
"I spent 1.5 hours on the phone and was told that the cancellation was an error and that our policy would be reinstated immediately. However, 16 days later, we received a note indicating that the check was cancelled, but our policy was not reinstated. Now, 30 days have passed, and the issue remains unresolved. I've spent over four hours on the phone trying to get answers but to no avail."
"I have spent hours upon hours getting things resolved. If you can call it that. First they lost a $1521 premium. Then they applied my wife’s payment to my policy and hers lapsed. Each one of these things took months to get fixed. They do not have email. They do not call you back. They do not follow through. Total joke."
"Zero customer service. Can not pay online for life insurance premiums. Can not pay over the phone. ONLY accept a USPS mailed check. If you call them, they just hang up."
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Prudential's financial stability
Prudential Financial has a long history in the life insurance industry, having been founded in 1875. The company has robust financial stability, with an A+ (Superior) rating from AM Best, indicating its historical financial robustness and capability to honour claims. Prudential's commitment to sustainability is also notable, with the company donating almost $18 million to nonprofit organisations and contributing over $45 million to nonprofits.
Prudential offers a range of term and permanent life insurance policies, with permanent policies lasting an entire lifetime as long as premiums are paid. The company's universal life insurance portfolio is comprehensive, offering nine different policies that cater to a wide range of financial needs and preferences. These policies offer a mix of premium flexibility, death benefits, and opportunities to grow cash value, making them suitable for individuals seeking both protection and investment opportunities.
Prudential also offers a Final Expense Whole Life policy, which is designed to cover funeral, burial, and other final expenses. This policy is available for individuals aged 50 to 85 and offers coverage amounts from $5,000 to $30,000. It provides a hassle-free application process with no medical exams and locked-in premiums, guaranteeing death benefit protection for life.
The company has 13 riders available, allowing customers to further customise their policies. These include the Children's Protection and Children's Level Term riders, which allow customers to insure a child on their life insurance policy. The Overloan Protection rider protects against potential policy lapse due to unpaid loans, while the Survivorship BenefitAccess rider allows for the early payout of some of the death benefit if both insured individuals become chronically or terminally ill.
Prudential's customer satisfaction scores are a potential area of concern, with a below-average rating from J.D. Power and a high complaint index with the National Association of Insurance Commissioners (NAIC). This suggests that the company's service level may not be meeting customers' expectations.
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Prudential's range of life insurance policies
Prudential offers a wide range of life insurance policies, including term life insurance, whole life insurance, and universal life insurance. The company's offerings are particularly robust when it comes to term and universal life insurance.
Term Life Insurance
Prudential offers three types of term life insurance: SimplyTerm, Term Essential, and PruTerm One. SimplyTerm is a basic policy that provides coverage for 10, 15, 20, or 30 years, with the option to convert to a permanent policy. It offers coverage ranging from $100,000 to $1 million. Term Essential offers similar coverage lengths and also includes a Living Needs Benefit, which allows for the early payout of the death benefit if the insured is diagnosed with a terminal illness. PruTerm One is a one-year renewable policy that offers coverage from $50,000 to $10 million and is ideal for those with short-term needs.
Whole Life Insurance
Prudential offers one whole life insurance policy: the Final Expense Life Insurance policy. This policy is designed to help cover funeral, burial, and other final expenses, offering coverage from $5,000 to $30,000 for individuals aged 50 to 85. It includes riders for accidental death and terminal illness benefits and does not require a medical exam.
Universal Life Insurance
Prudential offers nine universal life insurance options that provide permanent coverage and a range of flexible premium payment options. These policies also offer tax-deferred cash value growth through interest or investments. Prudential's universal life insurance options include basic universal life, indexed universal life, survivorship universal life, indexed variable universal life, and variable universal life.
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Prudential's riders
Prudential offers a range of life insurance riders to provide extra coverage and customisation to your policy. Here are some of the riders available:
BenefitAccess Rider
The BenefitAccess Rider is an optional, accelerated death benefit rider that advances up to 100% of the policy's death benefit in the event of a chronic or terminal illness. It is available for an additional premium on most of Prudential's single-life permanent policies. This rider is intended for US residents aged 20 to 80 with a minimum basic insurance amount of $100,000 and a maximum of $5,000,000. It requires supplemental underwriting and is available at an additional charge that varies depending on the insured's age, gender, underwriting class, and maximum monthly benefit option chosen.
Living Needs Benefit Rider
The Living Needs Benefit Rider is an accelerated death benefit rider that advances a portion of the policy's death benefit in the event of a terminal illness, confinement to a nursing home, or an organ transplant. It is available at no additional premium on most of Prudential's single-life permanent and level-term life insurance policies. This rider is not available in Washington state and has special considerations for several other states.
Accidental Death Benefit Rider
The Accidental Death Benefit Rider increases the death benefit if the death is caused by an accident. It is available as an optional rider on some policies and as a complimentary feature on others.
Waiver of Premium Rider
The Waiver of Premium Rider forgives premiums if the policyholder becomes totally disabled.
Children's Protection Rider
The Children's Protection Rider covers your children under your policy when they are young.
Enhanced Cash Value Rider
The Enhanced Cash Value Rider provides a higher cash surrender value if you need to give up your policy early in the term.
Enhanced Disability Benefit Rider
The Enhanced Disability Benefit Rider is available for some universal life policies.
Estate Protection Rider
The Estate Protection Rider is available for some survivorship policies.
Overloan Protection Rider
The Overloan Protection Rider is available for some universal life policies.
These are just a few examples of the riders that Prudential offers. The availability of specific riders may vary depending on the type of policy and state laws. Be sure to review the details of your policy and consult with a Prudential agent to determine which riders are best suited for your needs.
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Prudential's customer complaints
Prudential has a mixed bag of customer reviews. While some customers have praised the company's agents, others have expressed disappointment with Prudential's customer service. Here are some examples of customer complaints:
- Inconvenient working hours: Prudential's customer service operates only during weekdays, making it challenging for working customers to connect with them. One customer spent 1.5 hours on the phone, only to be told that the cancellation of their policy was an error, but the issue remained unresolved even after 30 days.
- Inefficient resolution of issues: Some customers have complained about spending hours trying to resolve issues. They report lost payments, lapsed policies, and a lack of follow-through from Prudential.
- Difficulty in processing claims: A few customers have expressed frustration with Prudential's claims process, alleging that the company intentionally avoids paying on claims to collect interest from the deceased person's money. They also mention having to send multiple claim forms and experience delays in receiving the benefits.
- Lack of responsiveness and poor communication: Some customers have complained about Prudential's failure to respond to their queries and establish power of attorney. They also mention issues with communicating with customer representatives due to language barriers.
- Inability to pay premiums online or over the phone: A few customers have highlighted the inconvenience of being unable to pay life insurance premiums online or over the phone, with one customer reporting that their calls were hung up on.
- Difficulty in reaching the right department: A customer shared their experience of being transferred multiple times between different departments and having to wait over 30 minutes to get their query resolved.
- Poor customer service: Some customers have described Prudential as a "joke" and "one of the worst companies in the world." They have criticized the company for its inefficient processes, lack of empathy, and denial of claims.
- Cumbersome and outdated processes: A few customers have complained about Prudential's outdated processes, such as the need to fill out multiple forms by hand instead of having online forms.
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Frequently asked questions
Prudential offers a range of term and universal life insurance policies, with customisation options available through 13 riders. It has a strong financial stability rating of A+ from AM Best, but its customer satisfaction ratings are below average.
Prudential offers both term and universal life insurance, with a focus on the latter. The only whole life policy available is the Final Expense policy, issued by subsidiary Pruco Life Insurance Company.
Prudential's life insurance offers the following benefits:
- A wide range of policy types makes it more likely to meet your needs.
- Agents are available seven days a week.
- It has an A+ credit rating with AM Best.
However, there are also some drawbacks:
- No dividends are available for new policies.
- Customer service is below average, with lacklustre communication and mishandling of funds reported.
Prudential offers 13 riders, including:
- BenefitAccess Rider: Receive death benefits early if you become chronically or terminally ill.
- Waiver of Premium Rider: Premiums are forgiven if you become disabled and unable to work.
- Children's Protection Rider: Cover your minor children under your policy.
- Enhanced Cash Value Rider: Receive a higher cash surrender value if you need to give up your policy early in the term.
Reviews for Prudential life insurance are mixed. Some customers report positive experiences with the company, praising helpful and kind agents. However, there are also numerous negative reviews, with complaints about indifferent customer service, mishandled funds, and delays in processing claims and refunds.
