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Prudential Life Insurance Company Review

When constructing a good, solid financial plan, life insurance coverage should often be a part of it. This is because life insurance proceeds can provide the financial protection that loved ones and survivors may need for paying off debts, continuing income, and/or paying future expenses such as a child's or a grandchild's college education.
When shopping for the right life insurance policy, there are several key criteria to keep in mind. These include ensuring that you have the proper type of coverage, as well as the proper amount. In addition, it is important to review the insurance carrier that you're considering buying your coverage through to determine whether or not it is strong and stable financially, and that it has a positive reputation for quickly paying out its policy holder's claims. One company that meets these factors is Prudential.

The History of Prudential Life Insurance Company

prudentialPrudential has a long, rich history in the insurance and financial services industry. For more than 140 years, Prudential has been helping its customers with growing and protecting their wealth. The company has grown into one of the largest financial entities in the world and is widely recognized as a trusted brand, and as one of the most admired companies around the globe.
Back in 1875, the Prudential Friendly Society was founded by insurance agent John Fairfield Dryden in a basement office in downtown Newark, New Jersey. This was the very first company to make life insurance available to working-class citizens, with its key product at that time being industrial insurance coverage (which provides burial and funeral expenses for lower-income families).
Just a decade after its founding, the company had sold a million policies - with the millionth one being purchased by the founder himself. It was around this same time that the company's name was changed to The Prudential Insurance Company of America, and soon afterwards, it adopted the Rock of Gibraltar as its symbol. This was done for the purpose of reflecting the strength and security that it offered to its customers.
Today, Prudential has operations in the United States, as well as in Europe, Asia, and Latin America. The company offers a long list of products and services, including insurance and investments for individuals and groups.

Prudential Life Insurance Company Review

Prudential's financial figures are impressive, starting with the company's $1.334 trillion in assets under management (as of mid-2017). The company has roughly $3.7 trillion of gross life insurance in force worldwide.
Based on its sales and financial strength, Prudential has been ranked as #1 in the "Insurance: Life and Health" category of Fortune magazine's 2017 list of the World's Most Admired Companies." There are also several other accolades, too, including Prudential's ranking as the:

  • 2nd largest life insurer in the United States (life and health combined) based on its total admitted assets
  • 3rd largest individual life insurance business in the United States, regarding statutory net written premiums
  • 9th largest asset manager worldwide
  • 4th largest seller of individual life insurance in the United States (based upon recurring premiums)

Insurer Ratings and Better Business Bureau Grade

Due to its strong financial foundation, Prudential Insurance Company of America has earned high ratings from the insurer rating agencies. These include the following:

  • A+ from A.M. Best Company
  • AA- from Standard & Poor's
  • A1 from Moody's Investor Services
  • AA- from Fitch Ratings

Even with its stellar financials, the Prudential Insurance Company of America has been given a grade of D- by the Better Business Bureau (BBB). This is on an overall grade scale of A+ to F. They key factors what affected this rating for the Prudential include the company's failure to respond to nine complaints filed against the company, as well as seven complaints filed against the business that were not resolved.
Over the past three years, Prudential has closed out a total of 32 customer complaints via the Better Business Bureau (of which eight were closed out in the past 12 months). Of the total 32 customer complaints, 23 of them had to do with problems with the company's products and/or services, 5 were in regard to billing and/or collection issues, 2 were related to guarantee / warranty issues, one was in regard to the company's advertising and/or sales issues, and the other one had to do with delivery issues.

Term Life Insurance Products Offered by Prudential Life Insurance Company

Term life insurance coverage is considered to be the most basic form of life insurance available. This is because these plans provide pure death benefit protection only, and they do not offer any cash value or investment build up within the policy. Because of that, term life insurance is often very affordable - especially if an individual who is applying for this coverage is young and in good health.
As the name suggests, term life insurance is purchased for a set period of time or term. The term of coverage can be as short as just one year, and as long as 30 years (or more). During this time that the policy is in force if the insured passes away, the death benefit will be paid out (free of income tax) to the named beneficiary.
Prudential offers many different term life insurance policy options. These include the following:

  • MyTerm
  • Term Essential
  • Term Elite
  • PruTerm WorkLife 65
  • PruLife Return of Premium Term
  • PruTerm One

The MyTerm insurance option provides a quick and convenient way to get life insurance coverage in force. One reason for this is because a medical examination is not required to be approved. In many cases, an individual may apply for a MyTerm policy online, and receive an answer back within just a few minutes.
MyTerm offers coverage of between $50,000 and $250,000, in increments of $25,000. While this policy is not able to be converted over into a permanent life insurance policy, applicants can add a Terminal Illness rider to the plan. With this rider, should the insured be diagnosed with a qualifying terminal illness, then he or she can assess funds from the death benefit while they are alive, to pay medical bills or any other item that they see fit.
With Prudential's Term Essential policy, there are many ways to structure the coverage, based on individual needs. For example, there are numerous riders that may be added, including a Living Needs Benefit rider, a Waiver of Premium rider, a Children's Protection rider, and/or an Accidental Death Benefit rider.
The Term Elite policy provides similar coverage to the Term Essential plan, however, there are also some extras that can be included with the Elite option. For instance, if the policyholder chooses to convert the plan over into a permanent life insurance policy within the first five years, they will receive credit on their first-year premium. This can help to make the transition over from term to permanent protection somewhat easier.
There is also the PruTerm WorkLife 65 term life insurance option. This policy is designed to provide cost-effective coverage during your working years - up to the age of 65. With this plan, there are some additional riders that are added automatically, and that do not cost any additional premium. For example:

  • If the insured becomes disabled, then he or she will not have to continue paying premiums on this policy until either the disability ends, or they turn age 65 - whichever occurs first
  • If the insured becomes unemployed after the first year of coverage with this plan, Prudential will waive one continuous year of the policy's premiums.

These riders can help to ensure that an individual will not lose their life insurance coverage during times when it may be more difficult to make the premium payments.
In addition to the riders that are automatically included on the PruTerm WorkLife 65 plan, there are also some other optional riders available, too. These include the Children's Protection Rider, the Living Needs Benefit rider, and the Accidental Death Benefit rider.
The PruLife Return of Premium Term is set up as most other basic term life policies. However, if the insured lives through to the end of the policy's term, then he or she will receive back the premiums that thay paid in.
Prudential also offers a term option called the PruTerm One. This is a shorter term option that provides coverage for one year. This policy could be a good alternative for someone who is paying off a short-term loan.

Other Products and Services Offered

In addition to term life insurance coverage, Prudential offers a wide array of other products and services to its customers. For example, its Individual Life Segment manufactures and distributes individual universal and variable life (as well as term life) coverage, primarily to the U.S. mass middle, mass affluent, and affluent markets.
The company's Group Insurance segment manufactures and distributes a full range of group life, long-term and short-term disability, and group corporate-, bank-, and trust-owned life insurance in the United States, primarily to the institutional clients for use in connection with employee and membership benefits plans. The Group Insurance area also focuses on selling accidental death and dismemberment, other ancillary coverages, and it provides plan administrative services in connection with its insurance coverages.
Prudential's other product divisions include the following:

  • Individual Annuities segment - The Individual Annuities segment manufactures and distributes individual fixed and variable annuity products, primarily to the United States mass affluent market.
  • Retirement segment - Prudential's Retirement segment manufactures and distributes products and provides administrative services for qualified and non-qualified retirement plans, and it also offers innovative pension risk transfer solutions, investment-only stable value products, guaranteed investment contracts, funding agreements, institutional and retail notes, structured settlement annuities, and other types of group annuities.
  • Asset Management segment - Through its Asset Management segment, Prudential offers a wide range of investment and advisory services via institutional portfolio management, mutual funds, asset securitization activity and other structured products and strategic investments. These products and services are offered to the public and the private marketplace, as well as to other segments of the company.
  • International Insurance segment - Prudential's International Insurance segment manufactures and distributes individual life insurance, retirement, and related products to the mass affluent and affluent markets in Korea, Japan, and other foreign countries. It does so through its Life Planner operations. Also, similar products are offered to the broad middle-income market across Japan via Life Consultants, the proprietary distribution channel of the company's Gibraltar Life operation, and other channels, including banks and independent agencies.

How to Get the Best Premium Rates on Term Life Insurance From Prudential

Finding the right life insurance coverage, along with the best premium price, can be somewhat overwhelming. But it can be made much easier if you work with an independent life insurance broker or agency. In doing so, you will be able to compare, side-by-side, numerous life insurance policies and companies, as well as premium quotes. From there, you can determine which one will work the best for you.
If you are ready to proceed with finding your ideal life insurance coverage, we can help. We work with many of the best life insurance carriers in the industry today, and we can assist you in getting all of the key details that you need for making a well-informed buying decision. To get started with the process, all you have to do is just simply fill in the needed information on the quote form on this page.
Should you still have any additional questions or concerns about life insurance, please feel free to reach out to us and call us directly. Our insurance experts can be reached via phone, toll-free, by dialing 877-235-9299.
Having life insurance in place can be one of the very best gifts you can give to your loved ones. And finding the proper plan can be accomplished by working with an expert in the field. So, contact us today - we're here to help.

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This site provides life insurance information and quotes. Each rate shown is a quote based on information provided by the carrier. No portion of TermLife360.com may be copied, published or distributed in any manner for any purpose without prior written authorization of the owner.
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