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Prudential Life Insurance Company Review

Written by Jason Patterson

Every carrier offers different rates, versions of plans and benefits. The key is to find which company you’re going to buy your plan from. As overwhelming as it seems we will try and make it simple.

A popular company in the market is Prudential. Being one of the most popular companies doesn’t automatically one of the best. It’s important to gather the information to make an educated choice. Let’s check out the pros and cons of Prudential and in the end you can decide if they’re the one for you.

Who Is Prudential Life Insurance Company?

prudential logoPrudential is not new to the insurance market. In fact, they have over 140 years of experience. They were founded way back in 1875 in New Jersey. They were the first insurance company on the market that sold life insurance to the working class. Before Prudential, only the rich were able to afford life insurance. Initially, they sold “Industrial Insurance,” which was a burial insurance policy for low-income households.

In just four short years, Prudential had experience rapid growth. They had already expanded to New York City and Philadelphia. Not only were they in several new states, but their assets reached 1 million dollars. In 1885, they renamed the company to “the Prudential Insurance Company of America.”

Today, they have customers across the world. Insuring individuals and businesses in the United States, Europe, Latin America, and Asia. Through the years they have continued to expand the number of products they offer. Now they have everything from life insurance policies to retirement services.

Prudential’s Insurance Products

Unlike some other big-name insurance companies on the market, when it comes to insurance Prudential only sells life insurance. They offer investment services and retirement services, but if you are shopping for insurance, they specialize in life insurance.

Prudential offers several types of coverage. All of them are going to have different advantages you’ll need to consider to ensure you’re getting the perfect plan for your family.

Term Life Insurance

The most common type of life insurance is a term insurance plan. These plans come with an expiration date, and they are only active for the length of the term.

After this date, the plan is no longer effective, and you’ll have to buy a new policy if you want insurance protection. Because these plans are temporary, they are going to be the most affordable kind of life insurance that you can buy.

My Term

If you want to get coverage quickly, then the My Term policy is an excellent option. These plans don’t require a medical exam, and you can get insurance protection anywhere from $50,000 to $250,000 worth of coverage. They sell the plans in increments of $25,000.

Term Essential

This is the traditional term insurance policy. You can purchase one of them in lengths of anywhere from 15 to 30-year terms. The Term Essential policy is going to be your best choice for affordable coverage. An additional benefit of these policies is you have an option to convert them to a whole life policy when the term runs out or when you turn 65.

Term Elite

The Term Elite policy is almost identical to the Essential plan, but with one major difference. With the Term Elite policy, you can convert the plan at any time after you’ve had it for 5 years.

PruTerm WorkLife 65

As you might be able to decipher from the name, this plan is going to give you coverage until you are 65. At the point you turn 65, the plan can be converted, and the premiums are guaranteed until 65.

PruTerm Return of Premiums

This is probably the most unique type of policy Prudential offers. These plans are available in three different lengths; 15, 20, and 30 year-terms. If you outlive the policy, then this plan guarantees you get a return of your premiums.

Because this policy has the added benefit of the return of premium rider, the plan is going to cost you more every month. If you are worried about paying for a bunch of coverage you’ll never need, then these policies can be a great way to ease your worry.

PruTerm One

Another interesting option you won’t find with most companies is the PruTerm One. This is a plan which is only active for one year, and you can renew it for up to five years. It can be converted any year. If you’re looking for a couple years of coverage and you don’t want to commit to a longer plan, this can be a good way to find life insurance protection.

Universal Life Insurance

Universal life insurance is very different than the standard term insurance policies. One of the biggest differences is it’s whole life insurance, which means it’s never going to expire.

PruLife Universal Protector

This is the most standard type of universal life insurance. You can tailor this plan to last your whole life or a set amount of years based on your life insurance needs. While most whole life insurance policy have a cash value component attached to them, this plan does not.

PruLife Universal Plus

This plan is identical to the Universal Protector policy except it adds the cash value portion to the policy. This cash value can be used as payment for the plan or to get a loan based on the value of the plan. When you pay premiums for your coverage, a portion of it is going into the savings account.

PruLife Index Advantage

Unlike the other universal policies, the Indexed Advantage will invest the cash value part of your plan. That gives the policy the potential to earn a modest interest rate. As an additional benefit, the plan also comes with an accelerated death benefit.

PruLife SUL Protector

This plan is designed to protect two people, and it will pay out once the second person passes away. Because this plan covers two people, it’s going to be more cost-effective, but the beneficiary won’t receive anything at the death of the first person.

PruLife Founders Plus

This plan has universal policy advantages, but you can also get some cash payments after retirement. It also has the accelerated benefit rider attached to the policy as well.

Variable Universal Life Insurance

VUL is another type of permanent coverage which builds cash value. The premiums and the coverage amount for these plans can be changed based on your life insurance needs. The savings in these plans are invested similarly to mutual funds.

VUL Protector

This is the basic kind of variable policy. It has flexible death benefit you can change as your needs change, and the investment account has room to give higher returns.

PruLife Customer Premier II

This plan is going to be identical to the Protector, except it also has a return of premium rider.

PruLife SVUL Protector

The difference with this plan is it has a no-lapse guarantee and also gives the option to invest in riskier options for higher returns.

Additional Riders

  • Accidental Death Benefit
  • Children Level Term
  • Enhanced Cash Value
  • Accelerated Benefit Rider
  • Living Needs
  • Estate Protection
  • And much more

Prudential Life Insurance Prices

One of the nice advantages of Prudential insurance is you can get a life insurance quote, and even purchase your plan online. They make it very easy to get a quote for your life insurance coverage. If you’re trying to purchase one of their term plans, you can quickly get a quote just by filling out some simple information.

One of the most important questions clients ask when they are looking for life insurance is “how much is it going to cost me?” Every applicant is different, and the company is going to give different rates depending on the applicant’s health, pre-existing conditions, age, and other factors.

To give you an idea of what you would pay for coverage, we’re going to give you some sample quotes for what you might pay for your life insurance plan. If you’re a 50-year-old man, in good health, and you don’t smoke, then you’re going to pay around $100 every month for a 10-year term $1,000,000 worth of coverage. If you’re a female in the same health looking for the same sized plan, you’re going to pay $90 for a million dollars of coverage.

Let’s say you’re looking for a smaller $250,000 policy for 30-years. If you’re the same 50-year-old male, you’re going to be looking at a $75 premium every month. A woman is going to pay $60 for the same plan.

For younger applicants, you’re going to get excellent rates. A 30-year-old male in good health is going to pay a low rate of $24 for a 30-year term plan with $250,000 worth of coverage. A woman is going to pay even less than that. Every insurance company is different and offers various rates to applicants, but Prudential tends to have some of the lowest rates.

Buying Life Insurance Online

If you want to get life insurance as quickly as possible, then you can purchase their MyTerm plan (which offers $250,000 worth of coverage) completely online. Depending on your health and if you qualify, you can get approved for coverage in a matter of minutes.

There are some problems with buying life insurance online, like with a MyTerm plan.

One of the most notable disadvantages is that you’re limited to $250,000 worth of coverage. For most families, that isn’t nearly enough life insurance. Not having enough life insurance protection puts your dependents in a tough situation.

Before you purchase one of these plans, it’s important that you decide how much life insurance coverage that your loved ones need if something tragic were to happen to you.

Advantages of Prudential Life Insurance

Several things set Prudential apart from the rest of the companies on the market. One of those is they will use your actual age. Most companies use age brackets or will round up your age to the next birthday. Prudential uses your actual age you are when you apply. Age is one of the biggest factors the insurance company is going to review when deciding how much they are going to charge you for protection.

One of the most notable ways Prudential has set itself apart is their rates for applicants with HIV. Unlike other companies, Prudential offers affordable and quality life insurance to applicants with HIV. They offer 10 and 15 years plans which can be converted to a whole life insurance plan.

Working with an Independent Insurance Agent

Prudential is only one of hundreds of companies around. Think of the time you would spend trying to get quotes from each one. Trust us, they’ll each be different because of guidelines and underwriting.

Instead of wasting your time, let an independent insurance agent show you the ropes. Our staff is knowledgeable, and has contracts with many different carriers to provide you the options you need.

Prudential is an excellent company to buy life insurance, but they may not be the best choice for you. Let one of our agents connect you with the best insurance company for you. We can answer any questions  you may have about life insurance.

About Jason Patterson
About Jason Patterson

Jason Patterson has been in the insurance industry for over fifteen years. Starting in 2005, he became one of the first agents to sell medicare supplements online. From that small start, he grew an agency that helped thousands of people with their insurance needs in all fifty states.

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