Prudential Life Insurance 2024 Complete Guide
Written by Daniel Ray, Life Insurance Expert |
✅
Fact Checked by
Lisamarie Monaco |
Editorial Disclosure
If you are in search of Prudential Life Insurance, you came to the right place!
In the 1940s, Prudential Life Insurance Company began to use radio advertising. They were one of the first insurance companies to do so and their ads became a household name.
In 1950, they launched what is now known as “The Rock” in Newark, New Jersey. It was originally called WPGC-AM and it was among the top 40 stations nationally with an audience of 800,000 listeners per month at its peak.
The station was sold in 1972 but remains on the air today under different ownership. Do you have questions about your life insurance? Check out our blog for more information!
Table of contents
Prudential Life Insurance
Family Goals
Prudential is known for its Rock of Gibraltar logo, it’s one of the top 10 US life insurers worldwide. As a company, Prudential has several strong qualities that are appealing to those looking for life insurance.
The cost of life insurance always varies, depending on which company you ask, as well as how old you are, how much you weigh, whether or not you smoke, etc.
You can find companies that have no medical exam policies, but the policies can be significantly more expensive. Of course, we will dive into all of that soon.
Prudential has established itself as one of the biggest financial companies worldwide and serves clients from around the world. With over $1 trillion in assets, and nearly 50,000 people working for them, it’s safe to say that Prudential is here to stay.
A financial leader for over 140 years, a symbol of strength, stability, and expertise. Truly, their financial strength is next to none!
Is Prudential a Good Life Insurance Company?
Prudential Life Insurance History
Prudential life insurance was founded in 1875! It is financial company is located in Newark, NJ. The first Us Company to make life insurance affordable to hard-working people. Back then, the name was the Prudential Friendly Society. The niche’ was industrial insurance.
This insurance was founded by John Fairfield Dryden (Senator of NJ) known as the “father of industrial insurance.” This provided funeral and burial expenses for low- income families. In 1877 the company changed its name to The Prudential Insurance Company of America. And Prudential has been evolving ever since.
What is Prudential’s Main Business Today
Prudential operates in the United States, Asia, Europe, and Latin America. They provide a variety of products and services such as life insurance, annuities, retirement services, and mutual funds.
Prudential’s mission statement is quite simple, “To help our customers achieve financial prosperity and peace of mind.“
Prudential Life Insurance History
This is a company you can trust, they are strong financially and most certainly a company that has been around for a long time and will continue to be passionate about achieving high outstanding results for their customers and shareholders and their families.
Prudential Life Insurance Underwriting
Sweet Spots
The following Prudential life insurance underwriting classes are what the company is lenient with.
However, I tell my clients that everyone’s health and lifestyle are different. Underwriting is based on the individual. The carriers have their guidelines. But, there is no “one size fits all.”
*The following is a guideline that Prudential is known for.
A few perks that Prudential life insurance offers are:
- Age Last Birthday rates – Not nearest.
- No problem underwriting – No MD exams (paramedic exam may be required)
- Treadmill ECG test – NOT always required! Lucky for YOU!!! Even if you are in the best of shape like The Rock, who wants to do that test!
Prudential Life Insurance Product Review
Below are a few Term Life policy product choices to choose from:
Term Essential:
Prudential Term Essential life insurance is an ideal choice for clients looking to:
- Purchase affordable life insurance that provides guaranteed protection for a temporary period of time.
- Help replace the income of a breadwinner in the event of an untimely death.
- Pay off their mortgage in the event of an untimely death.
- Help ensure children’s education.
- Put an estate plan in place but are unsure of the best course given current estate tax uncertainty.
- Help protect a business.
Term Elite:
Ideal for someone who is looking to:
- Purchase permanent life insurance, but have not decided which permanent product to purchase yet.
- Convert to a permanent product within 5 years.
PruLife Return of Premium (ROP)
A fantastic choice for clients looking to:
- It provides guaranteed protection.
- Get premiums returned at the end of the level premium period (LPP).
- Purchase life insurance as the result of a Court Order.
- Help replace the income of a breadwinner in the event of death.
- Help pay off the mortgage in the event of death.
- Help ensure children’s education.
- Help protect a business.
*Term Essential will offer you a conversion option and living needs benefit. Meaning you may convert your policy to a permanent policy (we will cover permanent policies below).
This is Guaranteed. And the best part is, you will not be required to take another medical exam! How fantastic is that? True Story! Even if your health has changed. However, you will not be denied a permanent policy that can last for as long as you live.
Get this! There is another benefit to the term essential product. If you are diagnosed with a terminal illness Living Needs Benefits will pay out a portion of the death benefit while you are still living.
This is an accelerated death benefit. Meaning, Not health, nursing home or long-term care insurance benefit. This is not meant to forgo the traditional need for life insurance.
Universal Life Policies with Prudential
For Prudential’s permanent life insurance coverage, you’ll need to choose between universal life insurance and variable universal life insurance. They also offer a unique deal that can cover two people at once with just one policy.
Not only do universal life insurance policies give you lifelong protection, but it also gives you the opportunity to build up cash value, tax-free! In this way, you can think of your life insurance as an even better investment.
Continue reading below for Universal and Variable Life Products…
Universal Essential UL:
Ideal for:
- Simplicity
- To balance protection with steady cash value growth–not tied to the market.
- a death benefit with guarantees.
- Access to policy cash values in case of unexpected expenses.
- To fund a trust with life insurance as part of an estate strategy
PruLife Universal Protector:
Best for clients who would like to:
Variable Life Insurance with Prudential
Prudential offers two types of Variable policies. Variable life insurance helps meet the permanent protection your family needs with also providing an opportunity to build cash value.
VUL Protector:
This product allows you to build cash value by allocating your premiums under an investment option. In addition to:
PruLife Custom Premier II:
- Premium Flexibility: You have flexibility in how much and how often premium payments are made.
- Choice of Death Benefit: You can choose from a Level, Variable, or Return of Premium Death Benefit Option.
- Death Benefit Guarantee: Short-Term or Limited (based on premiums paid).
- Customizable: Additional protection benefits will provide coverage for young children, pay an additional benefit if you die as a result of an accident, and more! (Additional costs apply.)
Life Insurance Protection with Prudential
The purpose of life insurance is for your loved ones to carry on without you. That way what you have envisioned for their lives stays intact in your absence. As we know in the United States what it takes to raise a family today.
When we marry and start a family, we have to think about the long term. Such as the following:
- Pay off debt
- Your children’s college
- Pay off your mortgage
- Pay for final expense/burial
- Replace your income
Put a policy in policy today, so you can get back to living life tomorrow knowing your family is secured with term essentials for years to come!
With life insurance, you leave behind more than love
Life insurance does more than pay your family bills if something happens to you, It also helps you:
- Create an inheritance for your kids
- Pass on more wealth with fewer taxes
The Last Way to Say “I Love You” = Life Insurance
Prudential Life Insurance Riders
Customize your policy with Prudential additional rider
For an additional premium, you can customize your policies with one or more of the following:
- Accidental Death Benefit ~ if your death is a direct result of an accident.
- Waiver of Premium ~ Which means, if you become disabled, the carrier will forgive your premiums.
- Children’s Protection Rider ~ additional coverage to provide life insurance for your children while they are young.
Does Prudential Offer High-Risk Insurance Polices?
Prudential is a well-established and successful insurance company, which means they can be more lenient with their underwriting. That is to say because they have enough money to back themselves, they aren’t as concerned with taking on potentially high-risk clients like less established life insurance companies may be.
While you may be declined by companies like Banner Life and TransAmerica, there is a good chance that Prudential will make you an offer.
Prudential Life Insurance Premium Review
As we have stated, every insurance carrier will look at you differently, Prulife Prices will vary from person to person. Let’s take a peek at Prudential compared to their competitors based on a 40-year-old healthy male with no health issues.
As you can see below Prudential’s premium is the cheapest compared to Mutual of Omaha and Lincoln Financial Group.
$500,000 30yr Term
Prudential Life Insurance Premier Retirement
Many clients ask, can I withdraw my money from Prudential retirement?
Yes, however, if you withdraw your funds before age 59 1/2 years of age you will be charged a penalty. The penalty is 10%. This is taxed as income if you do so.
Prudential Life Insurance Contact Number
Although PinnacleQuote is here for all your life insurance needs, there may come a time you need their direct address for retirement and pension plan information:
- Prudential Annuities
- P.O. Box 7960
- Philadelphia, PA 19176
Prudential life insurance customer service phone number or Questions about your policy or filing a death claim:
- (800) 944-8786 (policy numbers beginning with the letter “V”)
- (800) 778-2255 (all other policies)
Monday to Friday 8am-8pm ET.
Assistance with online account access for individual life insurance, mutual funds, annuities & retirement:
(800) PRU-HELP (778-4357)
Customers with Disabilities:
(800) 778-8633
Prudential Life Insurance Policy Payment Online
Prudential pay online: Online payment via PRUAccess Plus. Go to their website to register. Forms of payment include credit card, debit card or through net banking.
Enter your policy number, make your payment. Any questions call the Prudential phone number and speak to a representative. Let them know you are looking to pay via Prudential online payment on their website.
Where can I find an agent after moving to another state?
That is easy! Danny Ray is an independent national agent licensed in 49 states! He is the founder, owner and independent agent of PinnacleQuote.
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FAQs
What new features does Prudential Life Insurance offer in its 2024 policies?
Answer: In 2024, Prudential Life Insurance has introduced several new features, including enhanced digital tools for policy management, more personalized coverage options tailored to individual health and lifestyle, and improved customer support services for a more seamless experience.
How does Prudential’s 2024 life insurance policies compare in terms of affordability?
Answer: Prudential’s 2024 life insurance policies are designed to offer competitive pricing. The company has focused on providing a range of options to suit different budgets, including cost-effective term life policies and value-added whole life insurance plans with various riders and benefits.
Are there any specific benefits for long-term customers in Prudential’s 2024 policies?
Answer: Yes, Prudential’s 2024 policies include loyalty benefits for long-term customers. These may include premium discounts, enhanced coverage options, and additional perks like accelerated underwriting processes and customized policy reviews to ensure coverage continues to meet evolving needs.
Conclusion
So, if you’re looking for a life insurance company that has been around since 1875 and is backed by solid financials, choose Prudential.
If you want to learn more about the other options available to you before making your decision, contact us today.
We have experts on staff ready to help answer any questions or concerns you may have so we can better serve you. What are some of the qualities that make Prudential Life Insurance an attractive choice?
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Prudential AM Best Rating in 2019 is A+
