Prudential Life Insurance Review: Pros & Cons, Ratings & More
Overview of Prudential Life Insurance
Everyone knows that when you "own a piece of the Rock," you have a relationship with Prudential, even though that slogan dates back to the 1970s. The stony relationship goes back even further, to the 1890s, when the company used the imagery of the Rock of Gibraltar to imply that "Prudential has the strength of Gibraltar." A hundred years later, advertising campaigns evoked that strength with lines such as "Be your own rock," and "Where can investors find solid ground?" But despite its renowned image of being firmly grounded, the company has recently undergone changes to its structure, switching from being a mutual insurer to a public company. Prudential Financial handles investment and financial services in addition to insurance, but manages to be one of the nation's largest life insurers, ranked No. 4 by the National Association of Insurance Commissioners, with a market share of nearly five and a half percent in 2015.
How Does Prudential Life Insurance Rate?
Financial Strength Rating
- A.M. BestA+
A.M. Best's Financial Strength Rating opinion addresses the relative ability of an insurer to meet its ongoing insurance obligations. It is not a warranty of a company's financial strength and ability to meet its obligations to policyholders. View our Important Notice: Best's Credit Ratings for a disclaimer notice and complete details at http://www.ambest.com/ratings/notice.
Financial Strength is rated on a scale of D (poor) to A+ (superior). A rating notch of either a second "+" or a "-" indicates the gradation of financial strength within the category. We can't guarantee that the subsidiary of Prudential Insurance rated here is the subsidiary that will underwrite your insurance policy. Check with your insurance agent and review A.M. Best's Financial Strength Rating Guide for more information.
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Pros and Cons of Prudential Life Insurance
The Prudential website is easy to navigate and offers the benefit of an online rate calculator as well as plenty of information for first-time buyers.
You can receive a quote on and even buy the term life products, with coverage up to $250,000, as well as one universal policy online.
Prudential offers customizable options for special situations that are not often found on other companies' policies, including the BenefitAccess, which enables you to accelerate your death benefit if you're diagnosed with a chronic or terminal illness, and considerations for beneficiaries with special needs.
Prudential offers term, universal and variable universal policies, but no whole life insurance options.
Though the website is full of great resources and is easy to navigate, there aren't many useful offerings for customers. There's no mobile app for Prudential life insurance and you can't file a claim online.
Prudential rated only about average in overall customer satisfaction in the 2016 J.D. Power life insurance study.
Prudential Life Insurance Policy Details
Prudential has a good selection of term and universal policies, and lets you quote the term policies online, as well as one of the UL products. They also have a tool that lets you compare the policy features of the different products side by side.
Term Life Insurance
Prudential's MyTerm policy can be quoted and bought online. It offers coverage of $50,000 to $250,000 with a level premium and in terms of 10, 15, 20 or 30 years. It is not convertible, but does include the terminal illness rider at no extra charge.
The rest of the term policies can also be quoted online. The Term Essential can cover from $100,000 and up, with terms of 10, 15, 20 or 30 years. It can be converted to a permanent product, and available riders are the accidental death benefit, children protection rider, living needs benefit and waiver of premium. Term Elite is almost identical, but it offers more conversion flexibility and can include a conversion credit.
PruTerm WorkLife 65 is a unique term product in that the term depends on your age, and the level-premium policy lasts until you turn 65. After that, the premiums increase, and you can keep the policy until you reach age 85. The policy will stay in force and your premiums will be waived in the case of disability or unemployment. Riders include accidental death benefit, children protection rider and living needs benefit.
Another term option is the PruLife Return of Premium policy. It has a level premium period of 15, 20 or 30 years, and if you live through to the end, your premiums will be returned to you. You can customize it with the living needs benefit.
Finally, Prudential has an annually-renewable term product. The PruTerm One is renewable annually up to age 95, and the option to convert is available through the first five years. This policy can also add the living needs benefit.
Universal Life Insurance
Prudential offers a full suite of universal life products. The PruLife Universal Protector can be quoted online and is available for ages 0 to 85, and you can add enhanced disability, accidental death benefit, living needs benefit, BenefitAccess (accelerated death benefit) and children level term riders. This policy has a guaranteed death benefit.
The PruLife Universal Plus offers the same protections, but it also offers growth potential, allowing you to build cash value. It has some additional riders available, including enhanced cash value, the MyNeeds waiver of surrender charge to confinement to a nursing home and overloan protection.
PruLife Index Advantage is nearly the same as the Universal Plus, but while the Plus is not tied to the stock market, the Index Advantage is based on the S&P 500 Index. This policy also includes the BenefitAccess accelerated death benefit feature. PruLife Index Advantage offers death benefits in both fixed and variable options.
PruLife SUL Protector and PruLife Survivorship Index UL are both universal survivorship policies, but the Index UL offers cash value accumulation potential. Riders for both include estate protection and guaranteed policy split riders, while the Index also has the option for an enhanced cash value rider.
Finally, the PruLife Founders Plus offers cash value accumulation potential and the BenefitAccess feature. It also offers three death benefit options — fixed, variable and return of premium — as well as a wider range of rider options, including accidental death, children level term, enhanced cash value, enhanced disability benefit, living needs benefit and overloan protection.
Prudential's variable life products are the VUL Protector and the PruLife Custom Premier II. The Protector offers fixed or variable death benefits, while the Custom Premier II offers all three death benefit options. They both offer these options for riders:
- Accidental death benefit (not available in Massachusetts)
- Children level term
- Enhanced disability benefit
- Living needs benefit
- Overloan protection
In addition, the Protector policy has the option of the enhanced cash value rider.
How to Make a Life Insurance Claim with Prudential Insurance
For the fastest response, Prudential suggests that you contact your insurance agent to file a death claim. However, if you don't know who your agent is or you would prefer to call the claims center, you can do so from 8 a.m. to 8 p.m. Eastern Time, Monday through Friday. A claims package will be mailed, along with a return envelope, and the package will provide details about which paperwork you'll need to gather at home to process the claim, although it is possible that the claim might be eligible for accelerated processing over the phone. Payment may be made by check, or you can establish an interest-bearing account. Prudential might also be able to send payment directly to the funeral home. Prudential also offers a range of resources online to help you through the bereavement process.
How to Contact Prudential Life Insurance
CUSTOMER SERVICE PHONE NUMBER
CLAIM PHONE NUMBER
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