Life insurance is an important part of securing the future for those you care about. With many options available, it can be overwhelming to find the right provider. Prudential Life Insurance is a trusted name, offers various policies for your peace of mind. Here are seven reasons they stand out among the competition.
For more than 135 years, this reputable life insurance company has consistently provided exceptional underwriting services.
This company is highly popular among independent life insurance agents in the U.S. and other countries worldwide.
In this article, we will provide you with a comprehensive overview of Prudential’s life insurance policies, their benefits, and any potential drawbacks. We aim to help you understand the key aspects of Prudential’s life insurance options without overwhelming you with unnecessary details.
Prudential Life Insurance Review
Prudential, or The Prudential Insurance Company of America, is a well-established Fortune Global 500 and Fortune 500 company. It originated in Newark, New Jersey in 1875 and currently operates in all 50 states. In New Jersey and New York, they go by the business name Pruco Life Insurance Company of New Jersey.
Prudential, the largest life insurance provider in the United States, holds over $815 billion in assets. With a customer base of over 18 million, the company employs nearly 42,000 people.
How does Prudential’s pricing compare to others?
Prudential offers great underwriting options that can save you money. They are known for being lenient towards various health issues, making them one of the best choices for policy approval.
Different companies prioritize different factors when it comes to assessing your health. Prudential stands out with their motto of “Bring Your Challenges,” showing their genuine commitment to considering all aspects of your health, including your family history, medications, and lifestyle.
Prudential offers insurance coverage for health and lifestyle matters that most other companies do not provide.
Prudential is a top 10 insurance company in the United States because of their strong underwriting abilities, A+ Rating, and outstanding customer service. They are known for offering leniency where other companies do not.
How does Prudential differ from underwriting?
This review highlights Prudential as an exceptional life insurance company. They are known for their leniency towards individuals over 60 and slightly overweight.
Prudential offers generous weight allowances compared to other companies in the industry. Even if you’re 6 feet tall and weigh 228 pounds, you can still qualify for Prudential’s top rate class, “Preferred Plus.” Other companies would typically assign a lower rate class for someone with this height and weight.
Prudential is known for being accommodating to tobacco users who don’t smoke cigarettes. Unlike most companies, Prudential offers non-smoking rates to such individuals.
- Enjoys smoking cigars.
- Take one daily.
- Uses an electronic cigarette.
- Uses nicotine gum or patches or similar products for nicotine replacement.
- Sometimes indulges in marijuana use.
If you use tobacco but don’t smoke cigarettes, Prudential offers the best rates.
If you smoke only 12-24 cigarettes per year, Prudential will categorize you as a smoker. In that case, consider getting a quote from our other insurance providers.
Lifestyle Underwriting
Prudential and lifestyle underwriting determine the insurance coverage you qualify for based on assessing your health and lifestyle choices. It involves evaluating your risk factors and making decisions regarding the level of coverage and premiums you’ll be offered.
Prudential is a top choice for US Non-Resident Citizens and travelers.
Prudential is among the rare companies that provide life insurance to US citizens, even if they don’t live in the US full-time or travel for over 3 months a year.
Prudential provides life insurance to non-US citizens or permanent residents.
- A Visa/Work Permit is required for obtaining authorization to work legally in a foreign country.
- Currently living in the USA legally.
- If you work in the US as a foreigner, you may qualify for insurance coverage.
If you’ve had a DUI in the last 1-2 years, Prudential might be your best choice. While many other companies will reject applicants with a recent DUI, Prudential is willing to offer you insurance despite this history.
Financial stability.
Ratings, in the context of finance, are assessments made by credit rating agencies or other financial institutions to evaluate the creditworthiness and risk associated with lending money to individuals, businesses, or governments. These ratings provide an overall indication of the probability of the borrower defaulting on their financial obligations.
In simple terms, financial stability means being financially secure and capable of handling financial difficulties. Ratings are assessments that gauge the likelihood of someone or something being able to pay back money borrowed.
In the United States, life insurance is a highly regulated industry. Each state has its own commissioner responsible for overseeing the life insurance companies authorized to do business in that state.
The life insurance industry depends on third-party evaluations to assess the financial stability of each insurance company. These assessments typically involve assigning a letter grade to each company.
AM Best is a highly trusted evaluator of the financial strength of Life Insurance Companies. They have given Prudential an excellent A+ rating, indicating their strong financial stability.
By 2022, Prudential, listed as PRU on the New York Stock Exchange, has accumulated assets worth $1.42 trillion and holds a gross life insurance value exceeding $4 trillion. Its international operations contribute nearly 50% to its overall earnings and diversify its business.
Prudential’s impressive A+ Rating highlights its strong market position and financial flexibility. With over 145 years of history and this top rating, Prudential easily ranks among the top 1% of insurance companies in the US.
Prudential has a strong history of success and has always paid out valid life insurance claims. They also provide various financial and retirement services.
What products does Prudential sell?
Prudential provides a broad range of financial products and services, along with other offerings.
- Term life insurance: A type of insurance that provides coverage for a specific period of time. It pays out a death benefit to the beneficiaries if the insured person passes away during the policy term.
- Universal life insurance, guaranteed and assured.
- In addition to variable insurance, Prudential also provides this service.
- Mutual funds: Investment vehicles where a group of individuals pool their money together to invest in a diversified portfolio of stocks, bonds, or other securities.
- Retirement plans, annuities, and more.
- Real estate services: Real estate services help ensure a smooth and efficient experience for clients involved in real estate transactions.
Prudential provides a wide range of life insurance choices, including 10, 15, 20, or 30 year level term policies, and Guaranteed Universal Life Options that offer coverage up to age 121.
Prudential provides one-year term policies and policies that cover your working years until the age of 65. These term policies require a medical exam for approval, but can be converted to a permanent policy without another exam.
Prudential provides additional options called riders that can be added to your policy for enhanced benefits.
If you survive the policy, Return of Premium will refund your payments.
The Living Benefit rider ensures that your family receives financial assistance if you become seriously ill during your lifetime.
Prudential offers the opportunity to lower your rate even after your policy is approved. If you have a monitored health issue and it improves, you can reapply at no cost to potentially save money.
Even if they can’t save you money or improve your health, you can keep your current policy regardless of your health status. They also provide this option for those who have quit smoking after 12 months of their active policy.
Knowing when to seek another quote.
Although PRU offers a variety of policies, they are not usually the most competitive for permanent insurance, annual renewable term, or policies with living benefits.
Prudential is generally not the ideal choice for certain situations.
- If there is a history of cancer or heart disease in your family, it means that some of your relatives have had these conditions in the past. This information is important to know and may increase your risk of developing these diseases as well.
- Occasionally smoking 12-24 cigarettes per year. Keep it simple, no need to explain.
- They are in exceptional health.
Life insurance is a long-term commitment, so make sure you’re getting the best deal by comparing rates here.
In conclusion, Prudential Life Insurance stands tall among its competitors for several compelling reasons. Its extensive experience, financial robustness, comprehensive range of coverage options, customization flexibility, competitive premiums, superior customer service, and wellness programs make it an ideal choice for those seeking reliable and comprehensive life insurance coverage. When it comes to protecting your loved ones, choosing Prudential ensures that you can face the future with confidence, knowing that you have chosen the best life insurance provider for your needs.