Prudential Financial and its subsidiaries such as The Prudential Insurance Company of America, Pruco Life Insurance Company, and others are well-known and highly respected names in the insurance and financial services industry.
But, does being well-known actually mean that Prudential life insurance is among the best?
Prudential Financial, Inc.
And, what types of life insurance coverage do Prudential insurance companies offer? In our experience, Prudential Financial, and their group of companies, are highly rated and have a rich history of quality service to policyholders and consumers. This article, Prudential Insurance Company Review (Recommended), provides an overview of the company’s financial information, company ratings, insurance products, premium rates, and other considerations when comparing the best life insurance companies.
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Prudential Insurance Company Overview
Prudential Financial is an insurance and financial services company based in New Jersey.
The company, and its subsidiaries, offer a wide range of insurance and financial services products designed to assist individuals and institutional customers in protecting and growing wealth.
Initially, founded in 1875, Prudential is one of the most recognized and trusted names in the financial services industry.
The Prudential Financial group of companies include The Prudential Insurance Company of America, Pruco Life Insurance Company, Pruco Life Insurance Company of New Jersey, Prudential Annuities Life Assurance Corporation, and others. Though all are members of the Prudential Financial family, each of these companies is independently responsible for its own financial condition and/or obligations.
As of 2018, Prudential reports reflected $1.4 trillion of assets under management and over 50 million customers globally.
Prudential Financial by the Numbers
Source: Prudential (2018)
Prudential Insurance Company Ratings
In the financial services world, a company’s ratings provide consumers with a snapshot of an insurer’s overall financial stability and trustworthiness.
It is important that consumers consider financial strength and other ratings when selecting an insurance company and purchasing life insurance and other related products.
The research conducted, and ratings awarded, by rating companies allow consumers to feel secure in their financial decisions.
Prudential Financial companies currently hold a “A+” (Superior) rating with A.M. Best, as well as high industry ratings with Moody’s, Fitch, and Standard & Poor’s. Financial strength ratings for selected Prudential Financial companies have been provided below for review.
Source: Prudential (2018)
Prudential Insurance Company Awards
In line with the belief that an organization’s true reputation lies in what others have to say about their service and commitment to consumers, Prudential has accumulated an impressive list of industry awards and accolades.
According to Prudential's Annual Report, “Prudential’s commitment to doing business the right way, strengthening communities and providing an inclusive work environment is reﬂected in the awards and recognition we have proudly received from national and global organizations.”
Prudential Insurance Company Products
Prudential Financial, and their subsidiary companies such as The Prudential Insurance Company of America, Pruco Life Insurance Company, Pruco Life Insurance Company of New Jersey, Prudential Annuities Life Assurance Corporation, and others, offer an extensive portfolio of life insurance products to meet the diverse financial needs of modern consumers.
Prudential life insurance offerings include both term and permanent coverage options. Prudential’s life insurance policy portfolio includes the following.
Term Life Insurance
Term life insurance coverage is designed for a specified period, or term, and is often the most economical initially. Term life offers a tax-free death benefit, low-cost coverage, level premiums, living benefit options, convertibility, and other features.
This type of policy is often a great fit for consumers who have a temporary need for life insurance, such as income replacement, mortgage payoff protection, and other time-based scenarios.
Term Life Highlights
Return of Premium Term Insurance
Return of premium term life insurance provides coverage for a specified period, like traditional term life, but offers a return of premiums paid at a certain point in the life of the policy. ROP term offers a tax-free death benefit, level premiums, potential return of premiums, living benefit options, convertibility, and other features.
Like ordinary term insurance, return of premium term is designed for those with a temporary need for protection but who are also willing to pay a little now to have their premiums returned later.
Universal Life Insurance
Universal life insurance is a type of permanent life insurance offering significant flexibility with premiums and the death benefit. Universal life offers a tax-free death benefit, lifetime coverage, flexible premiums, cash value accumulation, living benefit options, and other features.
Indexed Universal Life Insurance
Indexed universal life insurance, like traditional universal life, can provide lifetime coverage and significant flexibility, but with cash value accumulation based on an equity index as opposed to a fixed interest rate. This interest crediting strategy offers interest rates linked to a market index but also can provide downside protection. Indexed universal life offers a tax-free death benefit, permanent coverage, flexible premiums, cash value accumulation based on an equity index, living benefit options, and other features.
This type of policy is a great fit for consumers who need long-term life insurance protection and have a desire to optimize cash value accumulation but also want protection from potential market losses.
Variable Universal Life Insurance
Variable universal life insurance, like traditional universal life, provides long-term protection and flexible premiums. However, with VUL the cash values can be invested in equity subaccounts. This strategy involves investment directly in equities, offering potentially higher gains but also exposing cash values to market risk. Variable universal life offers a tax-free death benefit, long-term coverage, flexible premiums, cash value accumulation, equity investment options, and other features.
This type of policy is ideal for consumers with a long-term need for life insurance coverage and a desire to invest directly in equity markets.
The following chart provides the basic features and benefits of the different types of life insurance products available through Prudential.
Prudential Financial "LINK" Tool
In order to provide value-based resources for consumers, insurance and financial services companies often develop individual needs assessments and other interactive tools to help facilitate sound decision-making.
To assist clients in managing finances in achieving their goals and dreams, Prudential has developed LINK by Prudential.
LINK is an interactive application available through Prudential Financial which helps consumers identify important future goals, then connects them with appropriate resources and solutions. This platform is designed to serve as a flexible roadmap as clients progress on their individual financial journey. According to Prudential, “LINK rebalances, just as life does.”
Prudential Life Insurance Rates
Prudential Financial life insurance companies to include The Prudential Insurance Company of America, Pruco Life Insurance Company, Pruco Life Insurance Company of New Jersey, Prudential Annuities Life Assurance Corporation, and others, offer a variety of high quality and affordable life insurance policy options. The sample rates below have been provided as an example of Prudential term life insurance premiums.
Sample Prudential Life Rates
Note: Sample rates provided are based on rate information at the time of publication and are subject to change without notice. Company underwriting makes the final decision concerning rate class and/or policy approval.
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James Shiver, DBA is the founder of ChoiceLifeQuote.com and a multi-state licensed independent life insurance agent serving the individual family and small-business markets. Dr. Shiver also serves as a university business professor, as well as being an Accredited Financial Counselor®.