I’m here to fill you in what’s fantastic about Prudential Life Insurance AND WHY THEY MAY NOT be the insurer for you.
Does this company have any financial weaknesses…is the “Rock” as solid as it seems?
Let’s take a cold hard look at Pruco to see how they stack up against their competitors.
I’m also going to share some insider secrets that will give you some insight into when they may NOT be a fit.
Prudential Life Insurance Review
Ok hear me out – Prudential Life Insurance is a fantastic company. You’ll be hard-pressed to find ANYONE out there that hasn’t heard of them. Are you scratching your head yet?
Of course, because I am saying they may not be a fit for YOU! So let’s get down to brass tacks. Pruco is a “rock” solid company financially speaking and has an awesome life insurance offering:
- 140 years of helping people meet their financial goals
- we’ve sold hundreds of their policies
- has very competitive pricing (or at least their quotes are low)
- Some fantastic niches
- Great selection of riders and policies
So what’s the deal? This all sounds GREAT to me! Where can I apply?
You need some more information before making such an important and LARGE investment in your future.”99 times out of 100, the company with the best deal for you is NOT the one with the lowest quote, but the company who approves you at the best health rating.”
The bottom line is if you pick out a life insurance company based on the lowest rates you find while searching on Google you will be doing yourself a disservice. Wanna know a secret? Saving thousands is as easy as contacting an independent life insurance agent, like me.
We have access to dozens of life insurance companies and will select the one that best fits YOUR personal needs. Looking for some quick & easy answers? We’ve gotcha covered! Take a look at these links to save some time:
- Prudential Life Insurance Ratings
- Sample Quotes & Comparisons
- Prudential’s Underwriting Strengths & Weaknesses
- Prudential vs. Banner vs. North American
- Looking for a Prudential Life Insurance Policy? Here’s a List of Products
Is Prudential Life Insurance Company Right for YOU?
PRUDENTIAL EXCELS AT:
- Non-cigarette tobacco users: cigars, chewing or e-cigarettes
- Recreational Marijuana Users
- Insurance for People Over 60
- Non-US Residential Citizens
- Well Controlled Diabetes
- Heart Valve Impairment
- Sleep Apnea
- Some Types of Malignant Tumours
PRUDENTIAL ISN’T USUALLY THE BEST FOR:
- Traditional cigarette users
- No exam life insurance
- Family history of Cancer
- Heart attack
- High blood pressure
- Policies that don’t require a medical exam
- Doesn’t offer whole life insurance (although it’s rare that we would recommend it.)
Prudential Financial Ratings
You should ALWAYS check out the financial strength of the company you are thinking about using before you sign on the dotted line.
A life insurance policy is a long term financial commitment.
Are you considering purchasing a Prudential Life Insurance policy?
Well, then you need to be confident that they will be able to pay out a claim should the need arise.
All large American insurers are evaluated by companies that specialize in analyzing their financial strengths and weaknesses.
If a rating agency gives your insurer a poor financial ranking, this is clearly a “red flag.”
A word to the wise:
Don’t rely only on what the insurance companies say about their ratings from these agencies. Companies are likely to highlight a higher rating from one agency and ignore a lower one from another agency, or to select the most favorable comments from a rating agency’s report. How to Assess the Financial Strength of a Life Insurance Company, Insurance Information Institute
So, let’s check out the “Rock” to see if it’s financially sound.
|Firm Name||A.M. Best||S&P||Moody’s||Fitch|
The Prudential Insurance Co. of America
|PRUCO Life Insurance Co.||A+||AA-||A1||A+|
|PRUCO Life Insurance Co. of NJ||A+||AA-||NR||A+|
|Prudential Annuities Life Assurance Corp.||A+||AA-||NR||A+|
|Prudential Retirement Insurance & Annuity Co.||A+||AA-||A1||A+|
|Prudential Life Insurance Co. Ltd. (Prudential of Japan)||NR||A+||NR||NR|
|Gibraltar Life Insurance Co. Ltd.||NR||A+||NR||NR|
|The Prudential Life Insurance Gibraltar Financial Life Insurance Co. Ltd.||NR||A+||NR||NR|
|Prudential Life Insurance Co. of Taiwan Inc.||NR||A+||NR||NR|
Our agents have NO sales quotas, so we’re able to spend all the time necessary with every client…. there’s no hurrying off to the next call with our agents.
Prudential Life Insurance: How Much Is It Gonna Cost!
I am positive this is one of the primary reasons you are Googling prudential life insurance reviews.
Unfortunately, most life insurance companies are looking for your information as opposed to giving you GOOD SOLID ADVICE.
We aren’t going to take this path. Here are some real-time quotes for you to peruse in your quest for more information about this venerable company.
How much you pay has more to do with your personal circumstances than anything else!
Prudential Sample Quotes
Let’s take a look at how Prudential Life Insurance compares to North American Life Insurance and Banner Life in terms of premiums.
I ran some quick quotes for a 44-year old (both male & female) that qualifies for a variety of health categorizations for $100,000, $250,000, $500,000 and $1 Million in coverage.
Term Life Insurance Quotes Prudential Life Insurance
|44 Year Old Male Smoker, Standard||$103.34||$230.57||$453.69||$899.94|
|44 Year Old Female Smoker, Standard||$83.13||$165.16||$322.88||$623.44|
|44 Year Old Female, Preferred||$23.45||$42.66||$77.88||$95.81|
|44 Year Old Male, Preferred||$30.89||$56.00||$104.57||$198.19|
|44 Year Old Female, Preferred Plus||$20.74||$36.97||$66.50||$122.94|
|44 Year Old Male, Preferred Plus||$26.34||$45.07||$82.69||$156.19|
Term Life Insurance Quotes North American Life Insurance
|44 Year Old Male Smoker, Standard||$98.74||$222.20||$402.16||$797.72|
|44 Year Old Female Smoker, Standard||$71.98||$153.78||$290.84||$568.92|
|44 Year Old Female, Preferred||$23.50||$42.24||$76.56||$138.60|
|44 Year Old Male, Preferred||$29.57||$52.58||$98.56||$184.36|
|44 Year Old Female, Preferred Plus||$19.54||$35.64||$62.48||$115.72|
|44 Year Old Male, Preferred Plus||$23.67||$42.68||$79.64||$150.92|
Term Life Insurance Quotes Banner Life Insurance
|44 Year Old Male Smoker, Standard||$91.87||$216.12||$399.87||$793.10|
|44 Year Old Female Smoker, Standard||$71.57||$146.26||$286.04||$564.72|
|44 Year Old Female, Preferred||$21.35||$39.37||$71.75||$133.19|
|44 Year Old Male, Preferred||$29.01||$50.97||$94.50||$179.34|
|44 Year Old Female, Preferred Plus||$18.64||$33.62||$60.67||$111.94|
|44 Year Old Male, Preferred Plus||$23.26||$41.56||$75.69||$143.06|
Our agents have NO sales quotas, so we’re able to spend all the time necessary with every client…. there’s no hurrying off to the next call with our agents.
Show Me the Money
The amount of money you will pay for your premiums hinges on your rating, which means the agent you use had better know the underwriting strengths and weaknesses of the companies he or she is dealing with.
Let’s see how Prudential Life Insurance stacks up to Banner and North American right now!
Take a look at the chart below to see how much of a difference your rating can make in terms of your premiums!
Male Smoker in Average Health – $500K Coverage (Per Month)
Prudential – 453.69
Banner – 402.16
North American – 399.87
Male Non-Smoker Preferred – $500K Coverage (Per Month)
Prudential – 104.57
Banner – 98.56
North American – 94.50
Male Non-Smoker Preferred Plus – $500K in Coverage (Per Month)
Prudential – 82.69
Banner – 79.64
North American – 75.69
Hmm as you can see Prudential’s prices appear to be a bit higher than Banner & North American.
Maybe I should forget Prudential altogether. There are better options…
Nope. It all depends on your personal circumstances, my friends!
“Preferred” Term Life Insurance Guideline Comparison
We are going to review the guidelines for a “Preferred” Term life insurance policy using the following 5 health-related categories, which underwriters typically use to assess an application:
- Blood Pressure
- Cholesterol Levels
- Family History
North American Life Insurance
Height/Weight Ratio: For a 5’ 11” male North American has the following maximum weight limits: 203 (preferred plus), 218 (preferred), 258 (standard).
Tobacco Use: Preferred Non-Tobacco: Must not have used any tobacco or nicotine-based products (including patches, electronic cigarettes, and nicotine gum) within the last three years. Occasional cigar (up to 24 per year) is allowed if admitted on the application and the urine contains no nicotine.
Blood Pressure: Preferred 150/90 treatment allowed.
Cholesterol HDL Ratio: Preferred – Cholesterol 300 or less and cholesterol/HDL ratio up to 6.5. The minimum cholesterol must be 125 or higher. (disregard the minimum if on cholesterol medication).
Family History: Not Applicable
Banner Life Insurance
Height/Weight Ratio: A 5’ 11″ male cannot have a weight greater than 201 pounds.
Tobacco Use: No use of nicotine or nicotine based products based in the last 36 months. One cigar allowed per month with HO specimen negative for cotinine.
Blood Pressure: Must be well controlled with or without treatment with average readings in the past 2 years not greater than 136/86.
Cholesterol: 120-300 with or without treatment. May not exceed 4.5 with or without treatment.
Family History: No cardiovascular disease in either parent or siblings before the age of 60. CAD is disregarded for applicants over age 70 that do not use tobacco. Cancer is no longer a factor preventing consideration for preferred classes.
Height Weight Chart: Ages 18 – 64, the maximum weight for a 5’ 11″ man or woman is 207 pounds. Ages 65 and over, the maximum weight for a 5’ 11″ man or woman is 222 pounds.
Tobacco Use: Preferred – No tobacco or nicotine use within the last 3 years. Preferred Plus – No tobacco or nicotine use within the last 5 years.
Blood Pressure: Preferred – up to 135/85 for ages up to 49, up to 140/90 for age 50 and over, with or without medication.
Cholesterol: Preferred – cholesterol/HDL ratio 6 or less, with or without medication.
Family History: Preferred – No more than one death of a parent prior to age 60 due to coronary artery disease (CAD), cerebrovascular disease (CVD), cancer
- Non-Cigarette Tobacco Users: After checking out these guidelines you can see that prudential life insurance is fairly tough on cigarette smokers. THAT BEING SAID, they are known in the industry for being more amenable to insuring non-cigarette smokers. A good independent agent would know this. So, despite the fact that they prevent cigarette smokers from getting the best rates until they have been smoke-free for 5 YEARS, you can find some good deals if you smoke the occasional cigar, chew tobacco, are a recreational marijuana smoker or use e-cigarettes.
- Blood Pressure: Prudential is fairly competitive in this area.
- Weight Over the Age of 60: If you are older they permit you to carry some extra weight.
- Weight for People Under 60: They are less lenient with younger people in terms of weight.
- Cigarette Smoker: 5 years smoke-free if you want their best rates.
- History of Cancer in the Family: You can get a better deal elsewhere.
- Elevated Cholesterol: You should shop around.
Pruco By The Decade for Women
- 30 Years Old: $37.19 –Coverage 30 Years
- 40 Years Old: $56.44 –$500K Coverage 30 Years
- 50 Years Old: $25.57 –$500K Coverage 30 Years
North American By the Decade for Women
- 30 Years Old: $36.08 –$500K Coverage 30 Years
- 40 Years Old: $56.76 –$500K Coverage 30 Years
- 50 Years Old: $27.60 –$500K Coverage 30 Years
Let’s take a look at how North American Life Insurance Company and compares to Prudential for a woman age 30, 40 & 50 with a preferred rating looking for $500K in coverage for 30 years.
As you can see on the face of it, your choice of insurer changes depending on what decade this woman applies for insurance.
A 30-year-old would potentially select North American, it’s a toss-up for the 40-year-old and at 50 Prudential offers the best deal.
Prudential Life Insurance Product
Prudential has a vast array of life insurance products that include:
- Term Life
- Universal Life
- Indexed Universal Life
- Survivorship Universal Life
- Variable Universal Life
- A Great Selection of Life Insurance Riders
Prudential Term Life Insurance Offerings
Prudential offers 10, 15, 20 and 30-year terms. These are level term policies which mean the premiums are guaranteed for the life of the term. Pruco’s term policies all contain a conversion option, which allows you to switch the policy to permanent insurance without having to take a medical exam.
The way I would describe it is when someone purchases term, in essence they are leasing insurance with an option to buy,” Bowen says. “The convertibility clause is your chance to convert without new evidence of insurability. But if you aren’t paying attention and forget to convert within your allotted time, you are out of luck.
• My Term – MyTerm is a fast and simple way to get a life insurance policy—making it ideal if you’re new to life insurance or want to supplement existing coverage. Coverage amounts range from $50,000 up to $250,000 in increments of $25,000. MyTerm cannot be converted to a permanent policy.
• Term Essential & Term Elite – An added benefit of this Term offering is that you may convert your policy to permanent insurance 5 years from signing on until the age of 65.
• PruTerm® WorkLife 65SM – A level term policy which is in force until age 65. One notable feature of this policy is that premiums can be waived should you become disabled or unemployed subject to policy restrictions.
• PruLife® Return of Premium Term – This term policy will repay you your premiums providing you survive to the end of the term. Term periods are limited to 15, 20 and 30 year periods. You can also include an option to accelerate your death benefits if you become terminally ill.
• PruTerm One – This unique policy offers short term coverage – 1-5 years at most. It’s suitable for both business and personal needs as insurance for loans.
Life Insurance Riders You Can Use to Enhance a Term Policy
• Accidental Death Benefits • Child Protection Rider • Living Needs Benefit • Waiver of Premium
Universal Life Insurance
Pruco offers a number of different Universal policies. Check them out!
• PruLife® Universal Protector – A good fit for those who need insurance for business purposes such as covering key people, buy-sell agreements and business loan repayment. It’s also great for trust and estate planning.
• PruLife® Universal Plus – Offers a steady cash value accumulation feature which is not tied to the stock market. Can be used for split-dollar agreements and non-qualified benefits. Also useful for estate equalization and wealth transfer. Includes a variety of riders.
Indexed Universal Life
• PruLife® Founders Plus UL – This policy lets you keep the insurance protection you need safe for as long as you need it. You can do this with an adjustable guarantee against lapse.
Your policy can build cash value. This is money you can use for anything you choose. A common use is extra money during retirement. This policy also offers a rider that can accelerate the death benefit if you become seriously ill.
• PruLife® Index Advantage UL – The cash value accumulation portion is based on the performance of the S&P 500 Index. Provides downside risk protection and benefits access for chronic or terminal illness.
• PruLife® SUL Protector – Good for family business transfer, key man business insurance along with estate liquidity and dynasty trusts. Can protect 2 people with a single policy.
• PruLife® Survivorship Index UL – Has 2 distinct cash accumulation account options with balance protection feature. Good for ILIT trusts.
Variable Universal Life Insurance
• VUL Protector® – Provides an assortment of 60 investment options which are adjustable and a “No-Lapse Guarantee”. Death benefits can be either fixed or variable.
• PruLife Custom Premier II® – Provide 3 options for no-lapse guarantee along with fixed or variable death benefits. Offers Type C Return of Premium. It also offers a wide variety of underlying investment options. These cover a spectrum of asset classes and styles and include a fixed-rate option.
Final Thoughts on Prudential Life Insurance
To sum up my Prudential Life Insurance review, I would say that this company excels in terms of its wide variety of products and financially stability. They are also more lenient for non-cigarette tobacco users, those that travel or live outside of the US and older applicants.
BUT as you can see, Prudential is not the company for everyone. We can help you navigate the underwriting strengths and weaknesses of dozens of companies to find the right fit for you.
While Prudential is always in our list for the top 10 life insurance companies, there may be an insurer that will provide you with better rates.
With access to over 40 life insurers, we will find you the best policy for your particular circumstances. Just remember, we don’t work for the insurance companies, we work for you!
Call us now at 888-603-2876!*While we make every effort to keep our site updated, please be aware that "timely" information on this page, such as quote estimates, or pertinent details about companies, may only be accurate as of its last edit day. Huntley Wealth & Insurance Services and its representatives do not give legal or tax advice. Please consult your own legal or tax adviser.