The 2024 Prudential Review From A licensed Life Insurance Agent

Choosing the right life insurance company can be daunting. With so many companies and policies, it is hard to know who to trust.

As a licensed life insurance agent who regularly works with Prudential, I bring firsthand experience and a deep understanding of their offerings.

Unlike many review articles written by people who are not agents and don’t work with consumers, my insights are based on real-world interactions with Prudential and my clients who have bought their insurance policies.

Here’s a breakdown of what makes Prudential a top life insurance company.

Prudential is one of the largest life insurers in the United States, with a staggering $4 trillion of life insurance in force worldwide and over 50 million customers.

By comparison, New York Life Insurance Company has $1 trillion of life insurance in force.

Prudential, also known as PRUCO Life Insurance Company or Pru offers competitive term life and universal life insurance.

They also provide retirement planning, investment management, and group life insurance.

Recognized for its financial strength, Prudential ratings are an important factor in choosing a life insurer.

The company has received top ratings from major rating agencies:

• AM Best – “A+”
• Fitch – “AA-“
• Moody’s – “Aa3”
• S&P – “AA-“

As of August 2024, the ratings reflect Prudential’s ability to meet its financial obligations and maintain stability.

Prudential makes applying for life insurance straightforward and convenient:

• Electronic Application and eInterview Process
• Accelerated underwriting is available, often without exams (for qualifying applicants)
• Policies are delivered electronically with eSignatures.
• Online access to view and manage your policy

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 for you rather than going through a phone interview that may sometimes feel like an interrogation.

Prudential’s accelerated underwriting program streamlines the application process by gathering basic information and submitting it electronically.

Here’s what to expect:

• Answer application questions about your details and health.
• Complete an eInterview at your convenience (20-30 minutes)
• Eligible applicants (ages 18-60, coverage amounts $100,000 – $3,000,000) can be approved within days.

Traditional underwriting may be required for applicants who do not meet the accelerated guidelines.

Customer Feedback – It takes some time to work through the eInterview (30 minutes), but if you’ve been through a phone interview asking those same questions, eInterview is better.

Who’s Eligible?

• Age 18-60
• Coverage amounts from $100,000 – $3,000,000
• Term life insurance and universal life are available
• Rate Classes – Smoker or better rate class
• No major health issues
• No DUI history and relatively clean driving record
• U.S. Residents

Gone are the days of waiting for a policy to be mailed to you.

Your life insurance policy will be delivered electronically to you.

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.

Underwriting is a specialty for Prudential, especially for the following:

• Non-Tobacco Life Insurance Niches: Competitive rates for cigar smokers & tobacco chewers.
• Large Face Life Insurance Cases: Coverage limits available to meet affluent clients’ needs.
• 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

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.

Prudential offers a range of life insurance options, including term and universal life insurance at competitive rates.

Term Essential is Prudential’s term life insurance product that has been around for years.

It’s a good product, with great options.

• 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.

Recently, Prudential announced two new term policies – EssentialTerm Value and EssentialTerm Plus for coverage amounts between $100,000 and $249,999.

EssentialTerm Plus – The product is similar to the existing TermEssential product but is now more expensive.

EssentialTerm Value – Pricing is similar to the existing TermEssential product, but this product offers less than the Term Essential policy offered.

Bottom Line – Prudential life insurance is more expensive when compared to the old product, but similarly priced if you want a lesser Value policy.

Details:

• Minimum face amount – $100,000
• Maximum face amount – $249,999
• 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.

Value Conversion – Policies are convertible for the first 7 years or until age 70, whichever comes first to any permanent product available. In year 8 through the end of the conversion period, Prudential picks the product you may convert to. A conversion premium credit is available in years 2-7.

Plus Conversion – Policies are convertible during the level term period or until age 70, whichever comes first, to any permanent product offered by Prudential. A conversion premium credit is available in years 2-7.

A conversion premium credit is a financial incentive given by the company to convert. It typically equals the annual premium for the term policy.

Pricing isn’t available yet on Prudential’s website, and we’ll update this article when we receive additional information.

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.

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

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.

Prudential says the Founders Plus UL focus is for people who are:

• 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.

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 chronic/terminal illnesses
• 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.

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.

Quick Note: We are not tax advisors and do not give tax advice…talk to your accountant for tax matters.

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.

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 is available. 

The maximum amount is limited to the lesser of $500,000 or the amount of life insurance you purchased.

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.

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 above is just a general overview.

There are specific details that we will provide you with if the children’s protection rider is something of interest.

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.

The living needs benefit rider accelerates all or a portion of your death benefit.

Available 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.

If you are buying a universal life policy to use policy loans or withdrawals in the future, you should get the Overloan Protection rider.

The reason why is 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.

Check out these consumer guides about popular planning topics.

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

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.

Prudential offers a range of life insurance products backed by strong financial stability and excellent customer service.

There is no pressure or obligation with our service. We’re here to help you find the best company to meet your needs and to help you with questions you may have about Prudential.

Please take a few minutes to submit your quote request today.