Prudential Life Insurance: Checks By Mail?

Prudential offers a few types of lump-sum payment options, including a single check or immediate access to the entire policy proceeds. They also offer a number of deferred payment options, which pay out the proceeds over a period of time selected by the customer, such as monthly payments for life or payment over a fixed number of years. Prudential also offers direct deposit to U.S. banking institutions.

Prudential's lump sum check option

Prudential offers a few types of lump sum payment options. Each option type provides full payment through either a single check or immediate access to the entire proceeds of the policy.

Lump Sum Check

Receive the full benefit in a single lump-sum check.

Proceeds Held At Interest

While proceeds are held at interest, you receive regular interest payments with the right to withdraw the unpaid balance. You may also elect to have interest accumulate.

Prudential also offers a number of deferred payment options, which pay out the proceeds over a period of time that you select.

Installment payment options

Prudential offers a number of deferred payment options, or installment payment options, which pay out the proceeds over a period of time that you select. This could be monthly payments for the rest of your life, or payment over a fixed number of years.

If you select a deferred payment option, Prudential will provide you with a written description of the terms of the installment payment option you selected.

• Life Income: Monthly payments to you for life.
• Life Income with a Certain Period: Monthly payments to you for life with a certain period of guaranteed payments to you or your named beneficiary.
• Fixed Period: Payment for an elected number of years, with the right to withdraw the present value of unmade payments.
• Fixed Amount: Payments of a selected amount until the proceeds and interest earned are fully paid to you, with the right to withdraw the unpaid balance.

Life Income with a Certain Period

With a Life Income with a Certain Period annuity, the insured person receives payments for a set number of years, typically ranging from 5 to 20 years. If the insured person passes away before the end of the specified period, the chosen beneficiary will receive the remaining payments from the annuity. This feature provides peace of mind and financial security for the insured, knowing that their loved ones will be taken care of even after their death.

One of the benefits of this type of annuity is the certainty it offers. The insured knows exactly how many payments they will receive and for how long. Additionally, in cases where the specified period is less than the life expectancy, the payments may be larger than those from a single life annuity. This makes it a strategic option for early retirement planning or delaying Social Security benefits.

However, it is important to consider the potential drawback of a Life Income with a Certain Period annuity. If the insured person lives beyond the specified period, they will no longer receive regular income payments, which could impact their financial security in the later years of their life.

When deciding whether a Life Income with a Certain Period annuity is suitable, it is essential to weigh the benefits of guaranteed income and the peace of mind for beneficiaries against the risk of outliving the income stream.

Updating your mailing address

To update your mailing address, log in to your account at www.prudential.com. You can then update your personal contact information in the "Profile" section. If you haven't registered for a Prudential annuity account online, you can do so by visiting the website and enrolling.

• Log in through the portal at the top of the page.
• Click "View Details" for the Prudential plan for your Group Annuity benefit. (There may be more than one account if you have multiple Prudential products.)
• From the menu on the left-hand side, choose "Personal Information".
• You will see the address information that Prudential currently has on file for you. To make changes or corrections, simply click "Change Home Address."
• Provide the updated information and click "Apply Changes."
• Once you're done, click "Log out" and exit the site.

It is a good practice to periodically confirm that the personal information Prudential has on file for you is accurate and up to date. This is especially important if you experience a significant life event, such as moving to a new address.

How to file a death claim

To file a death claim, you will need to have the following information on hand: the policyholder’s full name and date of birth, the policyholder’s SSN, or the policy number. In addition, you will need to know your loved one’s date of passing.

Prudential offers a comprehensive digital claims checklist that you can download from their website to help ensure nothing is missed during the claims process.

There are two ways to file a death claim on a Prudential policy or account. You can either submit your individual life insurance claim online at www.prudential.com/claims or contact your Financial Professional.

Frequently asked questions