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This life insurer is a good fit for: Policyholders with certain chronic conditions or looking for a variety of life insurance riders so they can customize coverage.
Prudential offers multiple options for those in need of customer support. Consumers can meet with an advisor in person, or get support via phone. It's also possible to get instant term life insurance quotes online and to manage various aspects of a life insurance account online.
Prudential offers many choices for customizing life insurance coverage. Consumers can add:
Not all riders are available with all policies, but the wide variety of options ensures consumers can get exactly the coverage they need.
Prudential is one of few insurers that allows coverage for people diagnosed with certain conditions, including HIV. Many competitors exclude coverage for those who have chronic ailments before getting insured.
In J.D. Power's Life Insurance Customer Satisfaction survey for 2020, Prudential ranked below average for overall customer satisfaction. By comparison, more than 10 competitors beat the industry average including State Farm and Nationwide.
Prudential offers term life insurance; and several types of universal life insurance including indexed and variable universal life coverage. It also offers health insurance. But it doesn't offer other types of policies such as whole life coverage, home insurance, or auto insurance.
This means customers who want to address all their insurance needs with the same carrier -- or who hope to bundle coverage to qualify for discounts -- will need to look elsewhere. Competitors such as Geico and State Farm offer far more coverage types.
Prudential offers competitive rates on life insurance, with several plans specifically designed to offer affordable premiums including its SimplyTerm life insurance policy.
|Term||Healthy 35-year-old male purchasing $500,000 in coverage||Healthy 35-year-old male purchasing $1 million in coverage|
|10 year||$28.16 per month||$54.81 per month|
|15 year||$32.74 per month||$63.98 per month|
|20 year||$36.07 per month||$70.64 per month|
|30 year||$47.32 per month||$93.13 per month|
If you want a life insurer who offers multiple types of insurance: Both Geico and State Farm could be a better fit. They offer life insurance coverage, as well as other policies including home and auto so consumers can get multiple types of coverage from the same insurer. But both are more restrictive in their coverage options for those with chronic conditions.
Prudential offers several types of life insurance polices.
This coverage provides protection for a set period of time such as 10 to 30 years. Prudential provides several different kinds of term life insurance including SimplyTerm which can be purchased online and offers up to $1 million in coverage for up to a 30-year term. Other options include:
This offers permanent life insurance and acquires a cash value. Prudential offers several types of universal life coverage including:
This also offers permanent coverage and a cash value, but the value it acquires depends on the performance of a financial index coverage is linked to.
Prudential offers several types of indexed universal life insurance, including PruLife Founders Plus UL and PruLife Index Advantage UL. The differences between them relate to the financial index the policy is linked to. It also offers a Survivorship Index that covers two people's lives instead of just one.
This permanent life insurance acquires a cash value as well, but consumers have a wider selection of investment options and the performance of their investments determines how much value the policy accrues.
There are two options including PruLife Custom Premier which is for those focused on long-term growth and willing to accept higher risk, as well as PruLife SVUL Protector which insures two lives and pays out when the second person passes.
Prudential offers several riders and add-ons to its life insurance policies.
This make a death benefit payable while the policyholder is still alive, if they develop a serious illness
These waive premiums if the policyholder becomes unable to work due to disability
These offer the option to add coverage for young children
Cash value riders allow consumers to prevent the lapse of their policy if they take out too many loans against it.
These include a guaranteed policy split rider that ensures that if a survivorship policy insures two people, it can be severed in case of divorce or a change in the law
Prudential makes it quick and easy to get a term life insurance quote instantly online.
Consumers need to provide some very basic information including their gender; age; whether they are a smoker; what pre-existing conditions they have; and their zip code. A quote is provided instantly.
Some consumers may be approved based on the information they submit online. Others may receive a request for additional information about health status. A medical exam may also be required in many cases.
After underwriting is complete, consumers can determine if they are comfortable paying the quoted premiums for the coverage they've chosen.
Prudential offers a wide variety of insurance policies. The company's SimplyTerm coverage, -- which is available for purchase online and which provides up to $1 million in term life insurance coverage for 10, 15, 20, or 30 years -- is available to consumers ages 18 to 75 who meet underwriting criteria.
Unlike many insurers, Prudential is more accepting of certain chronic conditions such as HIV and will offer coverage as long as policyholders meet specific guidelines.
Prudential is ranked below average on J.D. Power's 2020 Life Insurance Customer Satisfaction Survey. However, it does have fewer than the expected number of complaints for an insurer of its size in the database maintained by the National Association of Insurance Commissioners. This suggests mixed results for customer service, with room for improvement.
But consumers may want to consider Nationwide if they'd prefer a life insurer with a better reputation for customer service, or Geico or State Farm for those who would prefer to get multiple policy types from the same insurer.
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