Prudential Life Insurance Review

Prudential Ratings at a Glance

Founded in 1875, Prudential is one of the oldest providers in the industry. It specializes in term and universal life insurance. Prudential has several features in its policies such as:

• Cash-value component: Cash value is an investment option on your life insurance that allows you to accumulate cash over time and access it while the policy is active. If this concept appeals to you, check out the best cash-value life insurance. 
• Flexible premium payments: Whether you want to make monthly, quarterly or annual premium payments, you can choose your own schedule.
• Tax-free death benefits: Your beneficiaries receive the full amount of your death benefit, and they won't have to pay taxes because insurance payouts are not taxable income.

Prudential has policies with coverage ranging from $100,000 to $1 million. You can choose between term lengths of 10, 15, 20 or 30 years, and anyone between 18 to 75 years old is eligible. You can add an accidental death benefit to your policy if you are working in a dangerous environment. A children's protection rider feature allows parents to insure their children free of charge. 

Prudential's rates are higher than average, so it may not be suited for someone looking for affordable options. While your situation will determine your exact cost, you can get an online estimate by using the calculator on the website. 

It is easy to get in contact with Prudential, and you can reach one of its agents by phone, email or live chat. Most users recommend using the call option because it gives you the opportunity to discuss your policy details with a representative from the team.

Prudential offers riders that can be added to its life insurance policies as well. Some riders may only be available for certain types of policies.

Serious Illness Riders

• Living Needs Benefit: This is the only rider that does not have an additional charge. It can give you access to some of your death benefits while you are living if you are diagnosed with a terminal illness or have other major medical needs.
• BenefitAccess Rider: This rider can accelerate your death benefit while you’re still alive if you become chronically or terminally ill.
• Survivorship BenefitAccess Rider: If you have a survivorship policy, this can provide the same benefit if one or both people covered become chronically or terminally ill.

Disability Riders

• Waiver of premium: This can be added to term policies to keep your life insurance coverage in force even if you’re unable to pay your policy premium due to disability.
• Enhanced disability benefit rider: Those with permanent policies can add this rider to keep coverage intact if you’re unable to pay policy premiums due to disability.
• Waive of monthly deductions: With this rider, Prudential will pay the monthly charges into the contract fund if you become totally disabled for at least 6 continuous months. 

Additional Death Benefit Riders

• Children’s protection rider: Term policyholders can add this option to provide life insurance for young children that can be converted into a new permanent life insurance policy later in their life.
• Children-level term rider: Permanent policyholders can use this rider to provide life insurance for young children that can be converted into a new permanent policy later in life.
• Accidental death benefit: This rider will pay an additional death benefit if your death was directly caused by an accident.

Cash Value Riders

• Overloan protection rider:  This rider is available for a one-time charge to help prevent your policy from lapsing if you have an outstanding policy loan.
• Enhanced cash value rider: This rider offers a higher cash surrender value if you need to surrender your policy.

Estate Planning Riders

• Guaranteed policy split rider: Survivorship policyholders can add this rider to allow the option to split the policy into two if you and your spouse get divorced or if estate laws change.
• Estate protection rider: Survivorship policyholders can also add this rider to increase the death benefit by up to 100% if both people die before the fourth policy anniversary. 

While Prudential Life does have strong financial ratings, its customer service isn’t rated as highly as some competitors. This is evidenced by the National Association of Insurance Commissioners (NAIC) rating of Prudential Life. The insurance company as a whole has an NAIC Index score of 0.98, compared to the industry average of 1.00. It might not be the worst rating, but there are a significant number of customer complaints to take into consideration.

Prudential Life offers financial planning and investment advisory services through Pruco Securities, LLC. While some customers can get a quote for and purchase a term life insurance policy through the website, many customers will have to speak with a financial professional. For other customer service matters, call Prudential Life from Monday through Friday between 8 a.m. and 8 p.m. ET. 

Claims can be filed 24/7 through the Prudential website. The online claim form takes 5 to 7 minutes to complete. After submitting the form, a claims representative will review the claim and reach out if the company needs additional information. Prudential does not give a time frame for the complete claims process. 

If you want to get in contact with Prudential, you can call its customer support at 800-778-2255. It is available from Monday to Friday (8 a.m. - 8 p.m. ET), but arm yourself with patience because of long wait times. 

For filing claims, Prudential allows policyholders to submit a form on its website 24 hours a day. Once the claim is registered, a representative will reach out to complete the claim. 

Your monthly premiums are determined by your provider based on several factors. Your age, gender and health situation have a significant influence on the rates of your life insurance. Young people benefit from lower prices while seniors will spend more money on this policy, but everyone can qualify for discounts.

Prudential has rates that are higher than the national average, and you can find cheaper policies from other providers. While it is not the most affordable life insurance for seniors, its features and customizable options make the cost worth it for many policyholders. Take a look at the following chart that illustrates the estimated premiums you might pay for Prudential's life insurance.

Prudential offers an online quote and application process for term life insurance policies. The quote process is relatively quick. It asks a few basic demographic questions like age, height and weight, as well as medical questions and why you want life insurance. 

After you complete the questionnaire, you’re given an estimated quote and a recommended coverage amount. If you like what you see, you can proceed with the application.

For Prudential’s other life insurance policies, you have to connect with a financial professional to discuss policies, get a quote and apply. As part of the life insurance application, you’ll have to submit to a medical exam. The medical exam typically includes a physical, an EKG and blood and urine tests. 

The information obtained during the medical exam will be used to determine factors of your life insurance policy. While medical exams can be a hassle, it can also help you qualify for a lower-cost policy if the insurer determines that your health does not pose a major risk to insuring you. 

Prudential Life vs. Competitors

Prudential’s wide variety of life insurance policies make it a good option for individuals, couples and even small business owners. The number of riders available also help this company stand out among its competition.

Another great thing about Prudential is that it offers a “free look” period. This allows you to cancel your contract and request a refund within a set period. The free look period usually lasts 10 days after receiving your policy.

Prudential has a lot to offer. Its index universal life insurance and variable universal life insurance, in addition to its term life policies, provide several options for customers to choose from. 

The additional rider options also make it easy to customize your policy to ensure that it will work as well as possible for your family. No matter what your situation is, it’s likely that you can find a Prudential life policy that meets your needs.

How Much Does Life Insurance Usually Cost?

The cost of life insurance varies based on the coverage amount and the policy type. However, you can find providers that offer affordable options as well as expensive policies that come with lots of features. On average, a 40-year-old female will pay $80 per month for a 20-year term life insurance with $1 million in coverage. 

Whole life insurance is usually more expensive but the rates stay fixed. As an example, a 50-year-old male will pay $1,980 per month for $1 million in coverage. Because the rates are highly dependent on your situation, getting in contact with a provider is a great way to find out your exact price.

Why You Should Trust Benzinga

Because your financial situation is a priority, it is important to get advice from trusted sources only. Benzinga makes sure that you understand the concept of life insurance while providing you with reviews of various providers in this industry. 

Flexible Options with Prudential Life Insurance

Prudential Life Insurance is best suited for you if you're looking for flexible and customizable policies. You can choose from plenty of options, and most don’t require a medical exam. Coverage options range from $100,000 to $1 million, and anyone above 18 and under 75 years old can get a policy.

If you want stability for the future, you should buy insurance from a trusted company. Prudential receives exceptional financial ratings, and experts believe that its long-term operation is highly likely. 

Frequently Asked Questions

Sources

1. NAIC. "Prudential Ins Co Of Amer National Complaint Index Report." Accessed January 6, 2022.
2. J.D. Power. “Life Insurance Customer Satisfaction Flatlines Despite Pandemic Fears, J.D. Power Finds.” Accessed January 6, 2022.