Prudential Financial, Inc. was founded in 1875 to help low-income families get cheap funeral insurance. Over the last 145 years, Prudential has added a lot of different types of life insurance policies, as well as a lot of different kinds of extra protection. Prudential has a lot of online resources for people who are buying life insurance for the first time. These resources can help you choose the right type of coverage for your family and figure out how much you need to cover your loved ones.
Advantages
1. Available universal life policies
Universal life insurance is a type of long-term life insurance with flexible premiums and a cash value that can grow. There are eight different universal life policies that you can choose from based on your needs and goals.
2. Online tools and resources
There are a lot of online tools and resources from Prudential, like a life insurance calculator that can help you figure out how much coverage you need, quizzes you can take to narrow down your options, and articles that explain how life insurance works.
3. Choosing an insurance plan requires financial advice
Insurance agents work for other companies, but Prudential connects customers with financial experts so they can talk about their money, not just get insurance. These people are usually certified financial advisors or chartered financial consultants. They can help you choose the best plan for your budget, financial needs, and how much time you want to spend managing your policy.
Cons
1. Requires medical history
To get Prudential's plans, you have to tell them about your medical history. There's no way to hide the extra costs. It isn't just your history that many insurance plans ask for. They also need to see their doctor. No-exam plans also cost more money.
2. Some insurance has no online quotations
You can get term life insurance quotes and buy them online, but you have to talk to an agent if you want to purchase other types of insurance.
3. No final expense policies
Final expense policies are cheap, simple policies that don't usually require a medical exam. They are only meant to pay for your funeral costs. They don't: Prudential doesn't have them. The smallest plan it has is a $100,000 term life plan.
Types of Prudential life insurance protection
Prudential has a lot of different types of life insurance, as well as many other add-ons. There are many good things about Prudential, but one of the best things is that most policies don't need a medical exam. Prudential has a lot of different types of life insurance, like these:
1. Term
Simple Term, Term Essential, and PruTerm One are three-term life insurance policies sold by Prudential. Term life insurance may be a good choice for young, healthy people and families with kids who want cheap insurance. This policy protects you for a certain amount of time, in 10-, 15-, 20-, or 30-year increments.
2. Permanent
Prudential has three types of life insurance that last for a long time: universal life insurance, indexed universal life, and variable universal life. These life insurance policies build cash value through the growth of the stock market, and they have a death benefit that is set in stone.
3. Universal life insurance
Universal life insurance is an option to think about if you wants coverage that can last a long time. Some types of universal life insurance allow you to change your premiums and have a cash value account. To get cash value, you need a policy that builds cash value. You can use the cash value for any reason, giving you some financial flexibility for things that life throws at you.
Review of Customer and Financial Strength
Prudential has an excellent financial strength rating, but people have different opinions about its products and customer service. Prudential life insurance does not have a BBB rating, and the insurance company is not a member of the BBB. On the BBB website, there are only about 100 complaints about Prudential life insurance. This is a lot less than more than 20 million users. Most people complained about the insurance company's slow response times, change requests and issues, poor customer service, and not responding to their emails or phone calls when they did.
Bottom Line
Prudential stands out because it has a lot of different types of life insurance and is willing to write policies for people who have HIV. Prudential has a lot of term life and universal life insurance plans. You might be able to get a lower rate if you change your way of life. They are also suitable for people older than 60 or who aren't in good health because Prudential has a lot of lax underwriting rules.
