Prudential Life Insurance: Rating The Raters

Prudential is one of the largest life insurance companies in the US, with a strong financial strength rating and a variety of policy options. Prudential's life insurance rates start at $12 per month, with the cost depending on factors such as age, gender, health, and lifestyle. The company offers both term and universal life insurance policies, with term policies providing temporary coverage and universal policies offering more flexible, permanent coverage. Prudential's term life insurance policies have level premiums for 10, 15, 20, or 30 years, with the option to convert to a permanent policy. The universal life insurance policies include indexed and variable options, allowing policyholders to build cash value over time. Prudential also offers a final expense policy, which is a form of whole life insurance that covers funeral costs and other final expenses. When considering Prudential life insurance, it is important to compare rates, policy features, and customer satisfaction ratings to ensure it aligns with your needs and preferences.

Prudential's term life insurance rates

Prudential offers term life insurance with generous conversion options and living benefits. The company provides a range of term life insurance policies, each with different features to suit the needs of the individual.

SimplyTerm®

SimplyTerm® is a fast, fully digital application process that allows you to protect your loved ones financially if the unexpected happens. It is designed to fit your budget, with $500,000 of life insurance for less than $1 a day. You can personalise your policy by choosing a term length of 10, 15, 20, or 30 years and a coverage amount between $100,000 and $1 million. The policy can be completed entirely online and can be converted to a permanent policy without a medical exam after it has been issued.

Term Essential®

Prudential describes Term Essential® as its most affordable term life insurance option. Applicants aged 18 to 75 can buy 10-, 15-, 20-, or 30-year term policies with coverage amounts ranging from $100,000 to $65 million. Premiums remain level for the life of the term. Compared to SimplyTerm®, Term Essential® comes with a wider range of rider options to customise your plan.

PruTerm One

PruTerm One is an annually renewable policy, which can be a good choice if you only need coverage for a few years. The minimum coverage amounts are $50,000 for ages 18 to 75 and $250,000 for ages 76 to 85, with a maximum face amount of $10 million. Premiums remain level for one year and increase each year that you renew the policy. Coverage ends at age 95.

While Prudential's term policies are more costly, the company offers generous conversion options and living benefits, as well as a wide range of riders to enhance and customise your coverage.

Prudential's universal life insurance policies

Prudential offers two competitively priced universal life insurance policies, PruLife Essential UL and PruLife SUL Protector. These policies offer valuable death benefit protection and a no-lapse guarantee that can maintain coverage if certain requirements are met. Universal life insurance provides long-term or permanent coverage, rather than coverage for a set period, and offers the potential to build cash value. This is achieved through a portion of your monthly premiums earning fixed interest.

Universal life insurance policies offer flexible premium payments, allowing you to adjust the amount based on your financial needs. You can also choose your payment schedule, selecting what works best for you from monthly, quarterly, biannual, or annual payments. Prudential's universal life insurance policies also offer various riders, or optional features, to customize your policy to your specific needs.

Some of the riders offered by Prudential include:

• Living Needs Benefit and BenefitAccess Rider: Provides benefits if you become terminally or chronically ill.
• Enhanced Disability Benefits: Protects your policy from lapsing if you become disabled.
• Accidental Death Benefit Rider: Provides an additional death benefit to your family if your death is caused by an accident.
• Children Level Term Rider: Adds coverage for your minor children.
• Overloan Protection Rider: Prevents a lapse in coverage if you take out substantial loans from your policy.
• Enhanced Cash Value Rider: Offers higher cash surrender values if you need to give up your policy in the early years, primarily intended for business owners.
• Guaranteed Policy Split Rider: Allows you to divide one policy into two if estate laws change or in the event of a divorce.
• Estate Protection Rider: Increases the death benefit by up to 100% if both people on the policy die before the fourth policy anniversary.

It is important to note that riders, except for the Living Needs Benefit and Guaranteed Policy Split Rider, are available for an additional cost. Additionally, Prudential provides a retirement readiness tool to help you craft a financial plan for your future.

Prudential's customer complaints and satisfaction

Prudential has a dedicated complaint form on its website, where customers can submit their grievances or dissatisfaction with a Prudential product, service, or associate. The company claims to be committed to providing the best possible service and has a complaints-handling team that reviews and responds to complaints.

However, a quick search reveals numerous negative reviews and a 1.3-star rating out of 5 on reviews.io, with only 283 reviews recommending Prudential out of 283 total reviews. Common complaints include difficulty reaching customer service, long wait times, poor communication, website issues, premium increases, and denial of claims. Some customers have also accused Prudential of being a scam and engaging in criminal behaviour.

For instance, one reviewer claimed that Prudential defrauded their father out of his long-term care insurance, citing that the company denied assistance due to a "pre-existing condition" of depression, despite full disclosure during the application process. Another reviewer mentioned that Prudential is "one of the worst companies in the world," alleging that they deny claims and prioritize profits over empathy.

On the other hand, there are a few positive reviews commending Prudential for their helpful and kind customer service representatives, as well as their easy application process for short-term disability.

Overall, while Prudential claims to be committed to addressing customer complaints, the high volume of negative reviews indicates significant dissatisfaction among its customers.

Prudential's whole life insurance rates

Prudential offers a range of life insurance options, including whole life insurance. Whole life insurance is a type of permanent life insurance that provides coverage for the entirety of the policyholder's life, as opposed to term life insurance, which provides temporary coverage for a set period.

Whole life insurance policies provide a death benefit to help beneficiaries pay for funeral, burial, and other final expenses. Prudential's whole life insurance rates are not publicly available on their website. To obtain a quote for whole life insurance from Prudential, individuals must contact the company directly or find a financial professional.

When determining the cost of life insurance, several factors are considered. These include the policyholder's age, health, medical history, and nicotine and tobacco use. Generally, the younger the policyholder, the more cost-effective the policy is likely to be. Additionally, the desired coverage amount, the length of coverage needed, and the policyholder's budget are essential considerations when selecting a life insurance policy.

Prudential offers various other types of life insurance policies, including term life insurance, universal life insurance, indexed universal life insurance, indexed variable universal life insurance, and variable universal life insurance. Each type of policy has unique features, benefits, and potential for cash value growth.

It is important to note that life insurance policies contain exclusions, limitations, and reductions in benefits, and it is recommended to consult a financial professional to understand the complete details and costs of a policy.

Prudential's permanent life insurance policies

Prudential offers permanent life insurance policies that provide long-term protection for your loved ones. Permanent life insurance is ideal for those with coverage needs without a specific endpoint, such as protecting your family or your business. With a permanent policy in place, your beneficiaries will receive a typically tax-free death benefit when you pass away.

Permanent life insurance from Prudential won't expire as long as you keep paying the premiums. Some policies can grow in "cash value" due to an investment-like component, ultimately enabling tax-free loans or withdrawals or even paying premiums for you. This type of policy can help you care for children with special needs, elderly parents, or leave a legacy to your heirs.

Prudential's permanent life insurance generally comes in two varieties: whole life (most common) and universal life. Both policies have a savings element, but the key difference is that while whole life savings grow at a guaranteed rate, universal life savings generally reflect market performance.

Universal life insurance offers flexible premium payments and coverage amounts. It has the potential to build cash value while earning a minimum interest rate.

Variable universal life insurance provides a death benefit with no-lapse guarantees and the greatest potential to build cash value compared to other permanent policies. However, cash value can decline if underlying investments perform poorly.

Frequently asked questions