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Prudential Life Insurance Review
Prudential offers a host of life insurance options to meet a wide audience. With some policies allowing you to skip a medical exam at sign-up, Prudential uses technology and innovation to its advantage. Its online platform, in particular, allows for greater convenience and higher transparency with your policy management. However, while Prudential does what you hire it to do, don’t expect high levels of customer service. It scores about average for customer service in J.D. Power studies; instead of face-to-face interaction, its mobile tools allow for greater autonomy and initiative than you might be used to, allowing you to take control of your policy yourself.
Sign-up is slow to start, but once approved, you have plenty of options for term life insurance to easily customize your policy to your circumstances and future plans. Be aware that it does not offer whole life insurance; therefore, it’s not the best option if you’re looking for lasting coverage.
Good for complicated medical histories
|Slow application processing|
Average customer satisfaction
The Life Insurance Factors We Analyzed
Prudential has a shaky reputation with customer service. The National Association of Insurance Commissioners (NAIC) reports that the company received more than the average number of complaints for a company of its size in 2018, and J.D. Power gave it a mediocre score of just three out of five for overall customer satisfaction.
Customers face lengthy turnaround times for application processing, but online tools like claims processing, beneficiary filings, and quick access to account information all help with policy management. Prudential will also allow your beneficiary easy access with online processing.
Coverage and rider information
Prudential specializes in diverse term and universal life policies, and one unique benefit is that Prudential’s survivorship policy allows for two people on a single policy that grows in value over time. Riders allow for more coverage, like a disability waiver, child protection rider, and accelerated death benefit rider. Some Prudential policies will even return premiums paid at the end of the term should the policyholder still be alive at that time.
The main drawback of Prudential is that while it offers a few vehicles to grow a cash account through its universal life policies, it lacks any options for traditional whole life insurance. Whole life insurance is best for people who want coverage for their whole life, with a cash value account that may be accessed during life; if this sounds like you, you may be better off with a company like Northwestern Mutual or State Farm.
Life insurance coverage features
|Insurance types offered||Term, universal, indexed universal, variable universal, survivorship universal, variable universal|
|Term lengths offered||10, 20, or 30 years|
|Standout coverage features||Widespread, flexible coverage|
No medical exams for some policies
Coverage for policyholder’s minor children
End-of-term credit for premiums paid
Short-term coverage options
Prudential Life Insurance Overview: Financial Strength, Availability, and History
Today, Prudential is one of the country’s oldest and largest life insurance companies. It has over 140 years of experience and millions of customers nationwide. With that said, it holds only a C- rating from the Better Business Bureau (BBB) and was given a score of just over three out of five by Consumer Affairs. With high ratings from credit agencies, there is no real issue with payouts, though its customer service as a whole may fall slightly short.
- In business since: 1875
- S&P Global financial strength rating: AA-
- Moody’s financial strength rating: A3
- AM Best financial strength rating: A+
- States served: 50 plus Washington, D.C.
|Rank||Reviews.com Score||Customer Experience|
|Financial Strength Score|
All information accurate as of February 5, 2020.
The Bottom Line
Prudential offers term life insurance in addition to universal, indexed, and variable life insurance to provide unique coverage. Prudential was the first major insurance company to offer coverage for those living with HIV, meaning it may be worth looking into if you have a complicated health history. Prudential may not be the best fit for you if you are not technologically savvy or prefer a representative for customer support, as customer service ratings are about average, but it could still be worth getting a quote to see what the company can offer you.
Prudential Life Insurance FAQ
As one of the oldest insurance companies in the country, Prudential is financially sound and stable for its millions of customers. It consistently holds top scores from financial and credit institutions, but customer service ratings are just average. Prudential proudly says, “We are known for delivering on our promises to our customers, and are recognized as a trusted brand and one of the world’s most admired companies.”
While Prudential does offer various forms of universal life insurance, it’s known for term life insurance policies. Its policies are classified according to five categories: term life insurance, universal life insurance, indexed universal life insurance, survivorship universal life insurance, and variable universal life insurance.
Life insurance is specifically tailored to the policyholder, so there is no set cost, and the price can vary greatly. Factors that determine the cost of your policy include your age, medical history, lifestyle, and driving record. Those with high-risk jobs, such as pilots or loggers, could also see higher premiums than those with desk jobs.
Dividends are distributed on an annual basis by the Prudential Board of Directors and calculated based upon Prudential’s Closed Block that evaluates investment returns and mortality. Dividends are not guaranteed, with Prudential writing: “While we are not able to guarantee future dividends, Prudential has an excellent track record of making regular dividend payments to our eligible policy owners.”
One of the fantastic benefits of a Prudential life insurance policy is that you may not need a medical exam to receive a new or updated policy. Through PruFast Track, there is an accelerated underwriting process that requires no medical exams or bloodwork. You simply submit an E-application through your financial advisor, and Prudential will schedule an interview to approve or deny your eligibility.
If you would like to surrender your Prudential life insurance policy, you will need to contact the Prudential Customer Service Center. Agents can be reached Monday through Friday, from 8 a.m. to 8 p.m., at 1-800-778-2255. The policy owner must make the phone call and have the account information available.