Prudential Life Insurance: A Historical Overview Of Its Longevity

Prudential Life Insurance has been around for over a century, founded in 1875 in Newark, New Jersey. Originally called The Widows and Orphans Friendly Society, the company sold only one product: burial insurance. Today, Prudential Financial, Inc. is a Fortune Global 500 company, offering insurance, retirement planning, investment management, and other services to customers in the United States and over 40 other countries.

Prudential's history

Prudential Life Insurance was founded in 1875 in Newark, New Jersey, and was originally called The Widows and Orphans Friendly Society, before changing its name to the Prudential Friendly Society. It was founded by John F. Dryden, who went on to become a U.S. Senator, and sold only one product: burial insurance. Dryden remained president of Prudential until 1912, when he was succeeded by his son Forrest F. Dryden, who served as president until 1922.

In the early 20th century, Prudential and other large insurers derived most of their profits from industrial life insurance, which was sold by solicitors going door-to-door in poor urban areas. Industrial workers paid double the rates of ordinary life insurance, and due to high lapse rates, as few as 1 in 12 policies reached maturity. In 1907, prominent lawyer and future U.S. Supreme Court Justice Louis Brandeis helped pass a Massachusetts law to protect workers by allowing savings banks to sell life insurance at lower rates.

Prudential has since evolved from a mutual insurance company (owned by its policyholders) to a joint-stock company (as it was prior to 1915). It is now traded on the New York Stock Exchange under the symbol PRU, with Prudential Stock having been issued and starting trading on December 13, 2001.

Prudential's range of life insurance policies

Prudential Financial, Inc. is an American Fortune Global 500 company that provides insurance, retirement planning, investment management, and other financial services. Prudential was founded in 1875 in Newark, New Jersey, and was originally called The Widows and Orphans Friendly Society, selling only burial insurance. Today, Prudential offers a range of life insurance policies to meet the diverse needs of its customers.

Prudential offers both term and permanent life insurance policies. Term life insurance provides affordable protection for a set period, with the option to convert to a permanent policy later on. This type of policy is ideal for those who want temporary coverage at a lower cost.

On the other hand, permanent life insurance provides protection for the rest of your life. Within this category, Prudential offers several options:

• Universal life insurance: This policy offers flexible premium payments and the potential to build cash value while earning a minimum interest rate.
• Indexed universal life insurance: It provides a death benefit with no-lapse guarantees and various options for growing the cash value, such as crediting strategies.
• Indexed variable universal life insurance: This policy combines a death benefit with the potential for cash value growth through underlying investment options and index crediting strategies.
• Variable universal life insurance: It offers a death benefit with no-lapse guarantees and the highest potential for cash value accumulation among permanent policies. However, the cash value can decline if underlying investments perform poorly.
• Whole life insurance: A comprehensive policy that provides a death benefit to help beneficiaries with funeral, burial, and other final expenses.

Prudential's life insurance policies can be customized to meet specific goals and concerns. Optional benefits, known as riders, can be added to address chronic illness, for example. Prudential also provides resources and tools to help individuals determine the right type and amount of coverage for their unique circumstances.

Prudential's financial plans

Prudential Financial, Inc. is an American Fortune Global 500 company that provides insurance, retirement planning, and investment management services to customers in the United States and over 40 other countries. Prudential was founded in 1875 in Newark, New Jersey, and is now the largest insurance provider in the United States, with $815.1 billion in total assets as of 2019.

Prudential offers a range of financial plans to help individuals and families protect their loved ones, plan for the unexpected, and achieve their financial goals. Here are some of the key features of Prudential's financial plans:

Retirement Planning

Prudential offers retirement readiness tools to help individuals craft a financial plan for their ideal retirement. This includes retirement calculator tools to help individuals understand if their current savings strategies are on track with their goals. Prudential also provides guidance on balancing finances and adjusting spending to maintain a comfortable standard of living during retirement.

Life Insurance

Prudential offers various life insurance policies, including term life insurance, universal life insurance, and whole life insurance. Life insurance provides financial protection for loved ones in the event of an individual's death, but it can also offer additional benefits. For example, it can help build financial confidence, supplement retirement income, and provide peace of mind. Prudential's permanent life insurance policies offer protection for the rest of an individual's life and can be customized with optional benefits to address specific goals or concerns.

Personal Investment Plans

Prudential emphasizes the importance of personalized investment strategies that align with an individual's unique goals. They offer tools such as investment, age, and debt payoff calculators to help individuals make informed decisions about their financial future. Prudential's financial professionals work with clients to identify clear investment goals, create customized plans, and select the best investment options for their needs.

Annuities

Prudential highlights the role of annuities in providing protected retirement income. Annuities offer growth opportunities and can be part of a comprehensive retirement strategy. Financial advisors at Prudential can provide guidance on annuity options that fit an individual's lifestyle and retirement goals.

Workplace Retirement Plans

Prudential also addresses workplace retirement plans, such as 401(k)s and pension plans, which offer tax advantages and employer contributions. They emphasize the convenience of automatic payroll deductions that contribute to an individual's retirement account.

Individual Retirement Accounts (IRAs)

Prudential provides information on IRAs, which are tax-advantaged saving plans for retirement. They also discuss the potential benefits of mutual funds, exchange-traded funds (ETFs), and fixed-income investments in creating a diverse and predictable income stream for retirement.

In summary, Prudential's financial plans offer a comprehensive suite of services, including life insurance, retirement planning, and investment strategies, to help individuals and families protect their loved ones, plan for the future, and achieve their financial aspirations. With their expertise and range of products, Prudential aims to help build a secure foundation for the next generation.

Prudential's customer service

Prudential Financial, Inc. is an American company that was founded in Newark, New Jersey, in 1875. Prudential was originally called The Widows and Orphans Friendly Society, then the Prudential Friendly Society. It was founded by John F. Dryden, who later became a U.S. Senator.

Prudential offers a wide range of life insurance policies, including term life, indexed universal, variable universal, and burial insurance. The company also provides an uncommon indexed variable universal life insurance option, allowing policyholders to choose from various investments or link their cash value growth to an index like the S&P 500.

However, Prudential has also received poor customer reviews, with many negative reviews mentioning that agents are hard to reach and that customers encounter long hold times when calling the company. This is a significant issue, as many of Prudential's policy offerings require active management, meaning frequent contact with the company.

In terms of customer satisfaction surveys, Prudential placed 16th out of 22 life insurance companies in JD Power's 2023 survey, scoring slightly below the survey average. The company also received an F rating from the Better Business Bureau and an average of 1.2 stars out of five on Trustpilot.

Despite the negative reviews, Prudential's National Association of Insurance Commissioners' complaint index score indicates that the company has fewer complaints than expected for its market share.

• 1-877-838-0616 for general inquiries
• 1-833-626-1865 for life insurance (policy numbers beginning with "FE")
• 1-800-778-2255 for life insurance (policy numbers not beginning with "FE")

Prudential's customer reviews

Prudential Financial, Inc. is an American company that provides insurance, retirement planning, investment management, and other financial services. It was founded in 1875 in Newark, New Jersey, and is one of the largest insurance providers in the United States. Prudential offers a range of insurance products, including term and universal life insurance, and has a strong financial stability rating from AM Best.

While Prudential has received positive reviews for its financial stability and variety of insurance products, customer reviews highlight several issues with the company's service. Here are some customer testimonials regarding Prudential's life insurance services:

• One customer shared their experience of having life insurance through Prudential for over 15 years. They received a check due to the cancellation of their policy, but the issue was not resolved promptly, and they faced difficulties reaching customer service outside of working hours.
• Another reviewer expressed frustration with the amount of time spent resolving issues. They mentioned issues with lost premium payments and lapsed policies, and they were dissatisfied with the lack of email communication and follow-through from the company.
• A customer accused Prudential of being a "corrupt company," alleging that they intentionally avoid paying claims to benefit from the interest accrued on the money. They also mentioned long hold times when calling customer service.
• A reviewer who was trying to establish power of attorney for their mother's account reported that Prudential failed to process the necessary documents, even after multiple attempts and assurances that the issue would be resolved.
• One customer described their experience of trying to resolve an issue as a "difficult time," stating that each customer representative provided different information, and they were given multiple addresses to return paperwork.
• A reviewer complained about the lack of payment options for life insurance premiums, stating that online and phone payments are not accepted, and calls to the company were hung up on.
• Another customer shared their frustrating experience of trying to get assistance through Prudential's phone system, being transferred multiple times and placed on long holds without resolving their issue.
• One reviewer described Prudential as "one of the worst companies in the world," accusing them of denying claims and bombarding customers with demands for unnecessary forms.
• A customer expressed frustration with the company's reliance on paper forms instead of providing online forms for many processes.
• A reviewer shared their experience of trying to claim a life insurance benefit, encountering multiple excuses and delays from Prudential, and being asked for the same documentation repeatedly.

These reviews highlight concerns about Prudential's customer service, communication, and claims handling processes. It's important to note that individual experiences may vary, and some customers may have had positive experiences that are not as frequently documented in reviews.

Frequently asked questions