Choosing the right life insurance company can be overwhelming. With so many insurers offering varying products, it can be challenging to decide which company to work with.
As a licensed life insurance agent with firsthand experience working with Prudential, this review offers unique insights from selling their policies and navigating their underwriting process. Here’s a breakdown of what makes Prudential one of the best life insurance companies to consider.
Is Prudential a Good Company?
Prudential Life Insurance, also known as PRUCO Life Insurance Company or “Pru,” is one of the largest insurers in the United States. With over $4 trillion in life insurance in force globally and more than 50 million customers, Prudential’s scale is impressive.
Prudential has several types of life insurance, including term life, universal life, retirement planning, investment management, and group life insurance.
Prudential’s Financial Strength and Ratings
Prudential’s financial stability is reflected in its high ratings:
- AM Best – “A+”
- Fitch – “AA-“
- Moody’s – “Aa3”
- S&P – “AA-“
These ratings, as of August 2024, indicate Prudential’s ability to meet its financial obligations and provide stability, ensuring you peace of mind.
The Underwriting Process
Prudential is known for its underwriting expertise for everything from accelerated underwriting to high-risk life insurance.
Prudential simplifies the life insurance application process by offering:
- Electronic Applications
- eInterview Process
- Accelerated Underwriting
- Digital Policy Delivery
- Online Client Access
Electronic Application Process
Getting a policy with Prudential starts with the application.
We’ll ask you for some basic information such as:
- Name and Contact Information
- Identifying information – SS#, Driver’s License Number
- Financial – Employer, Occupation, Annual Income, Investment Income, Net Worth
- Beneficiary & Owner Information
We submit the above information through Prudential’s secure portal. You will then receive an email with a link to their secure online eInterview. This is where you’ll be asked about your medical history, physician information, and other related underwriting information.
eInterview Process – Here’s Prudential’s guide with FAQ about the eInterview process.
The eInterview process has been a hit with clients as it allows you to complete the questions when convenient rather than going through a phone interview that may sometimes feel like an interrogation.
Other companies that have incorporated electronic interviews include Banner Life, Corebridge Financial, and Protective Life, to name a few.
Accelerated Underwriting
Prudential’s accelerated underwriting program streamlines the application process for eligible individuals. Applicants between ages 18-60 and seeking coverage amounts from $100,000 to $3,000,000 may qualify.
Process:
- Answer health and lifestyle questions.
- Complete the eInterview in 20-30 minutes.
- Receive approval in days if eligible, otherwise, proceed to traditional underwriting.
Customer Feedback – It takes some time to work through the eInterview (20-30 minutes), but if you’ve been through a phone interview asking those same questions, eInterview is better.
Both term life insurance and universal life policies are available through accelerated underwriting. Prudential no longer offers whole life insurance policies.
Policies with Prudential
Gone are the days of waiting for a policy to be mailed to you. Your life insurance policy will be delivered electronically to you. Changes can be made quickly if needed.
In addition, you will have an online account with Prudential where you can see your policy and make any changes in the future if needed.
Key Underwriting Niches
High-risk life insurance underwriting is a specialty for Prudential, especially for the following:
- Non-Tobacco Life Insurance Niches:
- Cigar smokers
- Tobacco chewers.
- Large Face Life Insurance Cases:
- Affluent Clients
- Estate Planning
- Foreign Nationals
- High-Risk Health Conditions
- HIV Life Insurance Coverage
- Heart Disease Life Insurance
- Diabetes Life Insurance
- Sleep Apnea Life Insurance
- GI Problems Life Insurance
- Elevated Liver Enzymes Life Insurance
- Life Insurance Build Charts
- Non-medical Underwriting:
- Private Pilots
- Scuba Divers
- Rock and Mountain Climbers
- Risky Occupations
- Foreign Nationals
Prudential, Cincinnati Life, John Hancock, and Lincoln will give non-tobacco rates to cigar smokers and chewers with positive urine samples.
If you have health issues, a risky occupation, or participate in adventure sports activities, Prudential is competitive.
Products Offered by Prudential
Prudential life insurance options include term and universal life insurance.
Prudential Term Life Insurance
Term Essential is Prudential’s term life insurance product that has been around for years. It’s a good product, with great options.
Term Essential Highlights:
- Minimum face amount – $250,000
- Maximum face amount – $65 million
- Level term periods and issue ages
- 10-year – 18-75
- 15-year – 18-70
- 20-year – 18-65 (60 for smokers)
- 30-year – 18-55 (45 for smokers)
- Convertible to the lesser of the level-premium period or the first policy anniversary on or after the insured’s 65th birthday, but at least five years.
- Partial conversions available
- Most permanent life policies available for conversion
- Riders available (subject to rules)
- Accidental Death Benefit
- Children’s Protection Rider
- Living Needs Benefit
- Waiver of Premium
- Renewable to age 95
- After the level term, premiums increase annually.
EssentialTerm Plus and EssentialTerm Value
Recently, Prudential announced two new term policies – EssentialTerm Value and EssentialTerm Plus for coverage amounts between $100,000 and $249,999.
EssentialTerm Plus and EssentialTerm Value
These products offer coverage amounts between $100,000 and $249,999.
- Highlights include:
- Level term periods and issue ages:
- 10-year – 18-75 for Value, 18-62 for Plus
- 15-year – 18-70 for Value, 18-62 for Plus
- 20-year – 18-65 (60 for smokers) for Value, 18-62 for Plus (60 for smokers)
- 30-year – 18-55 (45 for smokers) for Value and Plus
- Riders available (subject to rules)
- Terminal Illness
- Accidental Death
- Children’s Protection
- Other Goods and Services
- Waiver of Premium
- Renewable to age 95
- After the level term, the death benefit decreases and premiums may increase annually.
The Plus product offers a better conversion privilege than the Value product. Other companies with digital-only term products include Lincoln Financial.
Prudential Universal Life Insurance
Several universal life insurance products are available from Prudential.
- Essential UL
- Founders Plus UL
- Index Advantage UL
- Momentum IUL
Each product addresses slightly different needs depending on what you are looking to accomplish. With any universal life policy, always request the complete company illustration for review.
Essential UL Highlights
This policy offers no-lapse guaranteed death benefits and the ability to accumulate cash values over time. Prudential says the Essential UL focus is for people who are:
- Between the age of 50-90
- Transferring wealth
- Protecting income
- Repositioning assets
- Addressing potential future chronic/terminal illnesses
Essential UL Product Highlights:
- Issue ages – 0-90 (75 for Return of Premium option)
- Minimum face amount – $25,000
- Riders available: (subject to rules)
- Accidental Death Benefit
- BenefitAccess Rider
- Children Level Term
- Enhanced Cash Value
- Living Needs Benefit
- Overloan Protection
- Waiver of Monthly Deduction
Founders Plus UL
This is an index universal life insurance policy that offers no-lapse guaranteed death benefits and the potential for cash value accumulation based on the interest-crediting option(s) you choose.
The Founders Plus UL focus is for people:
- Between the age of 45-75
- Transferring wealth
- Protecting income
- Addressing potential future chronic/terminal illnesses
Founders Plus Product Highlights:
- Issue ages – 0-85 (75 for Return of Premium option)
- Minimum face amount – $100,000 ($250,000 for age 81-85)
- Riders available: (subject to rules)
- Accidental Death Benefit
- BenefitAccess Rider
- Children Level Term
- Enhanced Cash Value
- Living Needs Benefit
- Overloan Protection
- Waiver of Monthly Deduction
The real appeal of index universal life policies is the potential to receive a higher crediting rate of interest than the traditional Essential UL.
Index Advantage UL
This index universal life insurance policy offers you the potential to build cash value over time through both fixed and indexed interest options.
Prudential says the Index Advantage UL focus is for people who are:
- Between the age of 60-70
- Looking to accumulate cash value
- Supplementing retirement income
- Addressing potential future long term care needs
- Completing estate planning
- Overfunding or short-duration funding
Index Advantage UL Highlights:
- Issue ages – 0-85 (75 for Return of Premium option)
- Minimum face amount – $100,000 ($250,000 for age 81-85)
- Fixed and participating loans available
- Riders available: (subject to rules)
- Accidental Death Benefit
- BenefitAccess Rider
- Children Level Term
- Enhanced Cash Value
- Enhanced Disability Benefit
- Living Needs Benefit
- Overloan Protection
With this type of policy, the owner overfunds the policy, and builds up cash value using the different interest crediting options available.
Momentum IUL
Prudential’s Momentum indexed universal life policy is an accumulation type of policy, focused on cash value growth.
- Issue ages – 0-85 (75 for Death Benefit Type C)
- Minimum face amount – $100,000
- Fixed and participating loans available
- Riders available: (subject to rules and availability)
- Accidental Death Benefit
- BenefitAccess Rider
- Children Level Term
- Enhanced Cash Value
- Enhanced Disability Benefit
- Living Needs Benefit
- Other Goods and Services Rider
- Overloan Protection
- Premium Deposit Account
Policy loans are then used to withdraw cash on a tax-deferred basis, supplement your retirement, etc.
When comparing index policies, we’ll provide comparisons to other companies like Transamerica, North American, and Mutual of Omaha.
Quick Note: We are not tax advisors and do not give tax advice…talk to your accountant for tax matters.
Survivorship Policies by Prudential
If you have a need for estate planning, Prudential offers its PruLife SUL Protector and Survivorship Index UL.
These policies insure two lives and pay out the death benefit upon the death of the second insured.
The minimum face amount is $200,000. If one insured is age 81 or older, the minimum face amount is $250,000.
Survivorship policies with Prudential are competitive and do well against other companies like:
We’ll provide you with the best survivorship life insurance options available.
Prudential Life Insurance Riders
Prudential offers many life insurance riders for their policies.
Please note that rider availability depends on the product type you choose, the state of policy ownership, and other factors.
Accidental Death Benefit Rider
Provides an additional benefit if the insured dies as a result of an accident as defined by the rider.
The availability of the rider depends on your:
- Such as state of residence
- Issue age
- Product selected
- Underwriting rate class received, etc.
Coverage amounts of $25,000 – $500,000 are available.
The maximum is limited to the lesser of $500,000 or the amount of life insurance you purchased.
Benefit Access Rider
The Benefit Access Rider is an accelerated death benefit rider for chronic illnesses.
The rider is available with Prudential’s universal life insurance policies.
Please note that the rider is not available in all states and there may be variations from state to state.
Ask us, and we’ll provide you with the most up-to-date information for your state.
Children Protection Rider
Provides inexpensive life insurance for your children. The premium for the child rider is the same no matter how many children you have. The child rider is available for issue to all children aged 14 days to 18 years of age.
Coverage amounts from $10,000 – $100,000 is available.
The rider may not be available if the primary insured receives a substandard underwriting offer of Table “B” or greater.
Underwriting may consist of obtaining medical records. Child coverage may not be available if the child would receive a medical rating of “Table “A” or greater.
Children who are born or adopted are automatically added to the policy without underwriting. Stepchildren are automatically added as well.
The Children Protection Rider ends on the earlier of the following events:
- The first anniversary on or after the child’s 25th birthday
- The primary insured’s 75th birthday
- 90 days after the primary insured dies
The child rider may be converted to an individual policy for your child following the child’s 18th, 22nd, or 25th birthday. The above rider is available with the Term Essential product.
For universal life policies, the rider is called the Children Level Term rider, with essentially the same highlights as the above.
Living Needs Benefit
The living needs benefit rider accelerates all or a portion of your death benefit if you are defined as terminally ill or confined to a nursing home permanently. The availability of this rider varies by state, and the product selected.
Overloan Protection
If you buy a universal life policy and plan to use policy loans or withdrawals in the future, you should get the Overloan Protection Rider.
The reason why? This rider protects the policy from lapsing when there is an outstanding loan on the policy. If your policy lapsed with an outstanding loan, you could end up with a sizable tax bill.
Does Prudential Provide Good Service?
Prudential is highly regarded for its customer service. You can reach their customer service at 800-778-2255, or manage your policy online – here
Prudential’s home office is located at:
213 Washington Street – Newark, New Jersey 07102
Prudential Life Insurance Claims
During difficult times when you need to file a claim, Prudential has been a great company to work with.
You can start the claims process HERE. This will take you to Prudential Life Insurance Claim Forms and any other information needed to complete the claim and get paid.
It takes about 15 minutes to start the claims process. It’s a straightforward process with Prudential, and they have plenty of service reps available to help you. If we are the writing agent for the original policy, we’ll be able to help you as well.
Final Words
Prudential’s life insurance offerings stand out for their financial strength, customer-focused processes, and competitive product lineup. Whether you’re looking for term or universal life insurance, Prudential provides comprehensive options with flexible underwriting for diverse needs.
For a no-pressure consultation or more information, contact us today to explore your options with Prudential Life Insurance.
