Hello, Readers! Welcome to an informative and stimulating article on Prudential Life Insurance.
Selecting the best insurance plan for yourself can be confusing in today’s highly competitive insurance market, where you come across so many insurance companies offering attractive products.
Therefore, today we have bought a detailed overview of Prudential Life Insurance for you.
By the end of this article, you will know the pros and cons, products, how-to, and why you should buy Prudential Life Insurance.
Following are the major points we will cover in this article:
So, if you have been pondering upon whether to buy Prudential Life Insurance or not, this article is for you.
Prudential Life Insurance
Prudential Life Insurance is a well-known insurance company headquartered in Newark and New Jersey. They offer universal life and term life insurance policies with additional features to customize the coverage.
Alongside health insurance products, Prudential Life Insurance also offers financial planning services.
Benefits of Prudential Life Insurance
- Offers a variety of term and universal Life options
- Offers a variety of insurance policies, including retirement plans and annuities
- A high rated company with proficient financial backing
- The Prudential website has plenty of information and is also easy to navigate for first-time buyers
- The website offers an online price calculator as well
- Unlike other companies’ policies, Prudential provides customizable options for special situations, including the BenefitAccess, which gives you the ability to accelerate your death benefit if you’re diagnosed with a terminal or chronic illness
- Prudential was also among the top 10 Fortune’s Change the World Sustainability All-Stars list.
- Like none other, Prudential provides financial education, which includes having representatives available to answer your questions, and they also help you select the right policy.
- They serve more than 3.7 million people and can offer excellent rates for people with complicated medical histories.
Available Plans Of Prudential Life Insurance Policies
Prudential offers four main life insurance policy plans: term, universal, indexed, and variable universal.
Policies like term provide coverage for a particular period, whereas other policies are long-term-offering till they are in force.
Similarly, indexed or variable universal enable the policyholders to raise the value of their policies by investing in index funds or other investments through Prudential Life Insurance.
Term Life Insurance
Term life policies offer coverage for a fixed period but don’t build cash value.
Term coverage is considered Prudential’s least-expensive product.
There are four different term life policies, some of which can be transformed into permanent policies within their early five years.
- Term Essential: This is a reasonable policy and is available from ten, fifteen, twenty, and thirty-year tenure.
You can also convert a part of the whole policy into permanent life insurance; this policy also entails various riders to customize the coverage.
- Term Elite: Similar to Term Essential, this policy lasts up to ten, fifteen, twenty, and thirty years.
It can be customized with riders such as the Living Needs Benefit, which pays out a portion of your death benefit if you’re diagnosed with a terminal illness.
And if within the initial five years you convert this policy to permanent coverage, you get a one-year premium credit.
- SimplyTerm: As the name suggests, this is a simple term policy, which can easily be purchased online and offers coverage for up to $1 million.
- PruTerm One: This policy is useful for small business owners, as it offers coverage for a year and can be helpful for you to pay up your short-term loans.
Universal Life Insurance
Prudential Universal life insurance is an affordable insurance policy with permanent coverage that allows policyholders to pay more than their monthly premiums.
This policy’s benefit is that whatever you pay beyond your premiums is diverted into a cash account that earns interest and grows over time.
Prudential offers the following universal life insurance policies, as well:
- PruLife SUL Protector: This policy helps transfer wealth by paying out a benefit at the death of a second insured.
- PruLife Essential UL: This policy is multipurpose, as PruLife Essential UL not only protects your family after your death or something happens to you but also includes benefits that can help you while you are still alive.
Indexed Universal Life
Prudential offers three different types of index universal life policies. These policies are relatively similar to universal life policies except that the cash portion is tied to a stock index.
This policy offers growth much faster than an ordinary universal life policy.
The three different types of Indexed policies are:
- PruLife Founders Plus UL: According to this plan, policies can be kept in force as long as you want them through an adjustable guarantee against lapse.
- PruLife Survivorship Index UL: Similar to the SUL Protector policy, this policy also pays out a death benefit after the death of a second insured.
- PruLife Index Advantage UL: This policy enables the policyholders to choose from four different indexing strategies to strengthen the cash value that stays in their access while they’re still alive.
Variable Universal Life
Prudential’s variable universal policy is another significant part of Prudential’s financial portfolio and is said to be the industry leader.
Like none other, these policies offer the biggest degree of flexibility in terms of investments, which encourages you to grow your cash value, ability to access your cash, and premium flexibility.
The three different types of Variable Universal Life are:
- VUL Protector: These policies provide no-lapse guarantee choices and enable policyholders to rapidly build a cash value base.
- PruLife SUL Protector: PruLife SUL Protector gives no-lapse guarantees and pays out after the death of a second insured to benefit the rest of the family or any chosen charities.
- PruLife Custom Premier II: PruLife Custom Premier II policies are specially planned to build cash value faster over longer terms. They also give guarantees against lapsing in the earlier years of coverage.
Prudential also provides several other types of policies, which include survivorship policies.
Survivorship life insurance is a bit different from other plans.
This ensures two people are in the same policy at the same time. In addition, this policy pays out when the second insured dies.
How To Buy Prudential Life Insurance?
To buy Prudential’s life insurance coverage, you can apply online for the policy you need or connect with a Prudential financial professional.
If you already know your Prudential agent, you can simply find that person through an online directory. But, contrary to it, Prudential can also help locate a professional financial agent nearby to contact you.
On a case-to-case basis, Prudential’s financial advisors assist and collaborate with customers to address their coverage needs and reduce future risks.
To get insurance coverage, they consider elements such as income, age, specified requirements, and plans.
To make access simple; Prudential documents are also available electronically.
Riders Offered By Prudential Life Insurance
Riders, or you can say insurance endorsements, are the optional features in your insurance policy, which can be added upon request.
Riders are useful as they can adjust, enhance, customize your policy, and help you plan according to your needs.
Riders are accessible at an additional cost when you renew or buy the policy.
Prudential Life Insurance Offered Riders
BenefitAccess
If you get a disease or become terminally or chronically ill, BenefitAccess provides death benefits. However, this rider comes with an additional cost and underwriting requirement.
Children Level Term
This rider is present for permanent insurance contracts and allows you to get your children’s life insurance. In addition, the Children Level Term rider coverage can be converted to permanent insurance when the kids become older.
Enhanced Cash Value
This rider is available for only business purposes. However, in case, due to any unforeseen circumstances, you wish to terminate or cancel the policy in the starting year, this rider offers the greatest surrender values.
Accidental Death/ Death Benefit
This rider provides a death benefit to your family in the event of an accident that results in death; however, you have to pay an extra premium for this.
Enhanced Disability Benefit
This rider will ensure that your policy of life insurance is active if you cannot work or become handicapped. Only continuous life insurance contracts are eligible for the Enhanced Disability Benefit.
Living Needs
Living Needs helps you access your death benefit early if you ever face a situation like-chronic illness, organ transplant, or get confined to a nursing home, etc.
Survivorship BenefitAccess
With Survivorship BenefitAccess, if you or the other insured person gets a terminal illness, you get the death benefit early.
Guaranteed Policy Split
If state rules change or if you get divorced, this rider allows you to divide survivorship coverage into two distinct policies.
Waiver of Monthly Deductions
If you become disabled, with Waiver of Monthly Deductions, Prudential pays the cost every month to the contract fund for six months.
Waiver of Premium
If you are unable to work, get disabled, or cannot pay your insurance payments, a Waiver of Premium keeps your insurance coverage intact. This rider is only available on term life policies.
Overload Protection
If you have an outstanding policy debt on a universal life insurance plan, your policy may be at risk of collapsing. That is not the case with this rider. A one-time fee is required for Overload Protection.
Prudential Life Insurance Pricing
Prudential Insurance pricing differs from person to person and case to case, as they are based on certain factors such as age, gender, or medical condition.
The customer representative can help you select the best Prudential financial pricing options.
For example, A term life insurance for a 20-year old adult in good health can pay up to $250,000 in coverage. You can easily calculate the payment of about $52 monthly based on this estimation. Along with other factors, Prudential financial firm conducts a medical exam to determine the coverage to offer.
Following are the quotes to draw an idea of how much a general life insurance policy costs and differ in terms of tenure:
| TERM | HEALTHY 35-YEAR-OLD MALE PURCHASING $500,000 IN COVERAGE | HEALTHY 35-YEAR-OLD MALE PURCHASING $1 MILLION IN COVERAGE |
| 10 year | $28.16 per month | $54.81 per month |
| 15 year | $32.74 per month | $63.98 per month |
| 20 year | $36.07 per month | $70.64 per month |
| 30 year | $47.32 per month | $93.13 per month |
A Quick Glance At Prudential Life Insurance / Prudential Life Insurance Overview
- Average costs: $36.07/month for a healthy 35-year-old male
- Term Life policy limits: $100,000 to $1 million for SimplyTerm life insurance
- Whole life policy limits: N/A
- Riders/Add-ons: Terminal illness or accidental death benefit for SimplyTerm
- Eligibility: SimplyTerm coverage available for consumers ages 18 to 75
- Discounts available: N/A
- Other insurance offered: Health insurance
Prudential Financial is a strong firm, but it doesn’t offer any discounts to life insurance policyholders. Not even to those policyholders, having more than one policy product.
Prudential also offers additional products, including- investments management, annuities, security brokerage, and workplace benefits for the customers who want more from their insurer.
Prudential Life Insurance’s cancellation policy includes a 30-day free trial period.
Conclusion
We hope that any confusion we might have had about which insurance company to choose will be cleared off by now. Prudential Life Insurance is one of the best insurance companies in the US that provide standard insurance plans and conditional customized coverages.
It might need some improvements, such as with their customer service, but still, it stands out when it comes to providing reliable life insurance policies to the customers.
Hopefully, this article answered all the necessary questions about Prudential Life Insurance and Financial products.
