Prudential Life Insurance Review

Overview

Founded in 1875, Prudential Financial is one of the oldest and largest life insurance companies in the United States. In addition, it has a presence in 40 other countries throughout Asia, Europe, and Latin America. The company offers a broad range of term and universal life insurance policies, with extra features that can be added if you wish to customize your coverage. Consistently rated high for its financial strength, policyholders find comfort knowing their claims will be paid.

PolicyScout Review

Prudential has excellent financial strength, customer service, and flexible life insurance offerings that meet the needs of a diverse population. Prudential specializes in term and universal (permanent) life insurance and offers a large selection of flexible policy options depending on your needs.

If you’ve been turned away by other providers, Prudential is likely to have an option for you. Their flexibility and various options are particularly good for those who smoke, have health issues, and engage in risky activities (skydiving, anyone?).

Premium costs vary, depending on different factors, including your age, sex, income-to-debt ratio, and health status.

Generally, Prudential’s term life insurance quotes run higher than its competitors. But if you’re in the market for permanent life insurance options, Prudential’s rates tend to run lower than other insurance providers.

What sets Prudential apart from other insurance companies? It offers universal permanent policies. These are more flexible than whole life insurance, and your premiums and payouts can be adjusted over time, depending on your financial situation.  Generally speaking, whole life policies are rigid and unchangeable once they have been determined.

Special Features

Potential rate reductions: If you’ve recently quit smoking, for example, you may qualify for a lower rate without reapplying. Speak with a customer service representative for more information.

Few turn-aways: If you’re older or have health conditions, some life insurance providers won’t give you coverage at all. Prudential offers life insurance to applicants who have been turned away from other providers.

Speedy decision: Most life insurance underwriting involves using statistics and biometrics such as body mass index (BMI) and lifestyle choices to determine your rate and whether to sell a policy to you. Prudential uses PruFastTrack, which expedites the underwriting process and even avoids the need for a physical exam. You simply complete a survey and give Prudential permission to access your medical records. You’ll have your decision in days, rather than the customary weeks underwriting typically takes.

Other Important Things to Note

A couple of downsides to keep in mind when it comes to Prudential Life Insurance offerings:

No whole life insurance policies: Prudential offers a range of term and universal policies only.

Higher rates if you’re not perfectly healthy: As with most insurance providers, the lowest rates go to those who are in the best health — no smoking and no risky hobbies, for example. You may end up paying more through Prudential if you smoke, have health concerns, or are an older adult.