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Prudential life insurance review 2020

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Score customized coverage and competitive pricing thanks to this insurer's diverse product lineup.

finder.com’s rating: 3.0 / 5.0

★★★★★

Get a quote if…

  • You’re looking for a comprehensive term or universal life policy.

Pick something else if…

  • You want a whole life insurance policy.

18 to 75

Issue Age

$100,000 to $10,000,000

Coverage

Yes

Medical Exam Required

Details

Free quote Fill out an online form
Policy options Term, Universal, Variable Universal, Indexed Universal, Survivorship Universal
Term lengths 10, 15, 20, or 30 years
Monthly cost $15.97
Claim methods Phone, Online, with an agent.
Ratings AM Best: A+, BBB: B-
Available states Nationwide
Customer support Phone, Online
Riders Accelerated death benefit rider, Child rider, Cash value rider, Estate protection rider, Waiver of premium rider, Accidental death benefit rider

Expert review

Julia Cameron

Review by


Julia Cameron is a writer and editor who has experience in finance, mergers and acquisitions, content marketing and immigration law. She has a passion for interior design and an affinity for Old Florida, where she lives with her family.

Expert review

Prudential is a solid choice for term and universal life insurance with the financial standing to offer competitive rates and potentially lenient underwriting guidelines, depending on your health and lifestyle.

But if you’re in the market for a whole life product, you’ll have to look elsewhere. And while the quoting process takes around 10 minutes, getting final approval could take up to eight weeks.

Best of 2020
Finder experts pick Prudential as a 2020 best brand for life insurance.

What types of life insurance coverage does Prudential offer?

Prudential specializes in term and universal life insurance, and offers a range of policies to cater to individual needs.

Term life insurance

Available in 10-, 15-, 20- or 30-year lengths, with the option to convert to permanent life. Prudential has four main types of term life policies to choose from:

  • Term Essential. These standard term policies offer tax-free payouts, an accelerated death benefit and the option to convert to a permanent policy.
  • Term Elite. A step up from Term Essential, this policy offers added perks. For example, if you convert this policy to permanent coverage within the first five years, you can get a first-year premium credit towards your permanent policy.
  • Simply term. If you’re between 18 and 50 years old, this policy offers simple coverage up to $500,000.
  • PruTerm One. An annual renewable term policy that can be converted to a permanent policy within the first five years.

Universal life insurance

These permanent policies build cash value, and give policyholders the flexibility to change their premiums, payment schedules and death benefits as needed.

Standard universal

This group of universal policies offers flexible premiums and payment schedules but fixed investment options.

  • Universal Protector. Lifetime coverage and a guaranteed death benefit.
  • Essential UL. Lifetime coverage with access to optional living benefits.
  • SUL Protector. Covers two lives and pays a guaranteed death benefit when the second insured dies.
  • Universal Plus. Cash value growth with access to policy loans and withdrawals.
Indexed universal

Indexed policies offer flexible premiums and payment schedules, with cash value accumulation tied to the S&P 500 index.

  • Founders Plus UL. Provides a no-lapse guarantee and payout even if your cash value drops to $0.
  • Index Advantage UL. Offers the greatest potential to build cash value.
  • Survivorship Index UL. Covers two people and pays the death benefit after both policyholders die.
Variable universal

Variable policies provide flexible premiums, payment schedules and investment options for increased cash value potential.

  • VUL Protector. Ideal for moderate risk with a no-lapse guarantee.
  • Custom Premier II. No-lapse guarantee periods and higher risk for potentially higher returns.
  • SVUL Protector. No-lapse guarantee coverage for two people.

Read our review on Prudential’s disability insurance

What riders can I add to my life insurance policy?

Prudential’s life insurance policies offer solid coverage and flexible options, but your life’s circumstances may require beyond-standard coverage.

Like most insurers, Prudential extends a selection of add-ons to suit you and your family’s coverage needs, including:

  • Accelerated death benefit rider. Allows you to access a portion of your death benefit if you’re diagnosed with a serious or terminal illness.
  • Child rider. Get affordable life insurance for your children and the option to convert to a permanent policy in the future.
  • Cash value rider. Allows for higher cash surrender values if you need to surrender your policy in its early years.
  • Estate protection rider. Available on survivorship policies, this benefit increases the death benefit by up to 100% if both of the insured die within four years of purchasing the policy.
  • Waiver of premium rider. If you become disabled prior to your 60th birthday, your premiums will be waived for as long as you’re considered disabled.
  • Accidental death benefit rider. Provides an additional death benefit if you die because of an accident, like a car accident.

How much does Prudential cost?

To get an idea of how much you might pay for your policy, we pulled sample quotes for a $250,000, 20-year term policy for an individual in good health.

AgeMaleFemale
20$22.75$15.97
25$19.47$16.63
30$20.78$17.50
35$21.22$17.94
40$24.94$22.97
45$30.62$29.75
50$46.59$41.13
55$73.50$55.13
60$132.78$92.31
65$249.81$160.13

Rates for Prudential are provided by Policygenius and are valid as of June 2020 in all states except New York and Montana.

Pros and cons of Prudential

Prudential is a top life insurance provider with the financial strength to back excellent products and solid customer support.

Pros

  • Range of policy options. With four term life and 10 universal life policies on offer, the insurer caters to a wide variety of coverage needs.
  • Possible rate reductions. While Prudential doesn’t advertise specifics, customers say they’ve moved up in rate classes after quitting smoking for a year or more — without reapplying. It’s worth asking your rep for details.
  • Lenient underwriting guidelines. Prudential might be a choice if you’re older than 60 or aren’t in perfect health. It’s also among the few providers to offer life insurance to applicants with DUIs on their record.
  • Financial strength. Prudential has an A+ (Superior) rating with AM Best, which means it has the cash reserves to pay out claims.

Cons

  • No whole life insurance. Unlike other providers, Prudential sticks to a range of term and universal policies only.
  • Lengthy approval process. Policy approvals can take up to eight weeks if you don’t opt for the expedited option.

Compare life insurance companies like Prudential

Name Product Issue Ages Minimum Coverage Maximum Coverage Medical Exam Required
Bestow
21 - 54 years old
$50,000
$1,000,000
No
Affordable 10- and 20-year term life insurance policies with instant quotes and no medical exams.
LadderLife™ Life Insurance
20 - 60 years old
$100,000
$8,000,000
No
Term life insurance with no policy fees and the freedom to cancel anytime. Simple application process that can get you approved for coverage instantly.
Policygenius
18 - 85 years old
$10,000
$10,000,000+
Depends on provider and policy
Compare affordable quotes from 12+ A-rated life insurance companies side-by-side.
Fabric
25 - 60 years old
$100,000
$5,000,000
No
Get affordable term life insurance with accelerated underwriting or no-exam coverage up to $1,000,000. Available in all states except CA, NY and MT.
Haven Life
18 - 64 years old
$100,000
$3,000,000
No
Customized term life insurance policies up to $3 million, no medical exam for certain applicants.
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Prudential reviews and complaints

Prudential Insurance Company of America isn’t accredited by the Better Business Bureau. The BBB records 107 complaints over the past three years, many of which had to do with billing and the slow claims process. A little over half of the complaints filed were addressed by the company. Customers give the company one out of five stars.

In J.D. Power’s latest life insurance study, Prudential ranked 11th of 24 insurers surveyed — which means it has a good record for customer satisfaction.

How do I sign up?

  1. From Prudential’s life insurance page, click Buy Life Insurance Online and then Get an Instant Quote.
  2. Enter your email address, then answer a few questions about yourself — including your address, state, gender, birthdate, height and weight, nicotine use, and coverage term and amount.
  3. You’ll then be presented with a quote. You can make changes or proceed with the application process if you’re happy with the quote. To apply, click More Info. You’ll be given instructions on how to apply with an agent. It takes about 10 minutes to complete the quote process.

I’ve signed up. What happens next?

Depending on your medical history, you might qualify without a check-up. You’ll be notified of your acceptance status, and coverage will take effect once the payment for your first premium is received.

Case study: Kelly’s experience

profile pic

Kelly Larson
Editor

I established my life insurance policy with Prudential through a broker, so I didn’t have any direct contact. They provided the lowest quote for me by far, which was the main reason I went in that direction. The in-house medical exam took less than an hour, and I received a Term Essential policy in the mail a week or two later. This may be thanks to the broker I used, but I didn’t have to contend with the lengthy approval process that other customers complain about.

I didn’t look into this too much during the process of establishing the policy, but Prudential also offers a decent number of add-ons that I’ll likely look into in the future. So far, my policy has done no more and no less than exactly what I need it to do — quietly exist in the background.

How do I file a life insurance claim with Prudential?

Filing a claim with Prudential is straightforward by phone, in person or online:

  • Phone. If your policy number starts with V, call 800-944-8786, otherwise, call 800-778-2255 weekdays from 8 a.m. to 8 p.m. ET.
  • In-office. Speak with your Prudential representative for help throughout the claim filing process.
  • Online. Click File a Life Insurance Claim on Prudential’s site and follow the instructions. However, you will not be able to file a claim online if you live in Kentucky, Minnesota, New Hampshire, New Jersey, Oklahoma or Rhode Island.

Frequently asked questions about Prudential life insurance

Life insurance ratings

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★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

Our experts analyze life insurance companies to help you to find the strongest possible policy and premium for your family’s needs. We assess their financial strength, customer satisfaction, policy features and riders. We then give each insurer a score between one and five stars that reflects their offering and reputation in the industry.

Learn more about our methodology here.

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6 Comments

  1. Default Gravatar
    Alice
    December 18, 2018

    Hi
    I just heard that prudential life got bankruptcy. I made already a full payment with my insurance last 2009. I want to know if I can claim a refund of payment? Please reply
    Thanks

    • Avatarfinder Customer Care
      Val
      December 20, 2018

      Hi Alice,

      Thank you for reaching out to finder! It seems that the filing for a claim with Prudential life insurance has already lapsed last September 12,2018. You may need to contact them directly for inquiries. Please call (02) 523-8461to 70 Loc. Or (02) 354-0991 or email crl@insurance. gov. ph.

      Thanks!
      Val

  2. Default Gravatar
    Immaculada
    September 20, 2018

    Good day po nag avail po ako ng burial plans sa Prudentiallife Plans,Inc.
    2009 Ang full payment Ko. I heard na bankcrupt po Ang Prudential. Gusto Ko po malaman Kung pude makuha yong ibinayad Ko. Please give me some insight about this
    Thank you very much

    • Avatarfinder Customer Care
      johnbasanes
      September 21, 2018

      Hi Immaculada,

      Thank you for leaving a question.

      It seems that the filing for a claim refund with Prudential life insurance has already lapsed last September 12,2018. You may need to contact them directly for inquiries. Please call (02) 523-8461to 70 Loc. Or (02) 354-0991 or email crl@insurance. gov. ph. Hope this helps!

      Cheers,
      Reggie

  3. Default Gravatar
    Mary
    July 29, 2018

    Can I borrow from a term life policy?

    • Avatarfinder Customer Care
      Jhez
      July 31, 2018

      Hello Mary,

      Thank you for your comment.

      The possibility of borrowing from a life insurance policy depends on the type of policy. You can borrow money from life insurance, that has a cash account for use, while the insured is alive. Only permanent life insurance has a cash value account, which means you can borrow against this while you cannot borrow against a term life insurance because it does not include a cash value account.

      You can get more details about this when you discuss this with your insurer.

      Regards,
      Jhezelyn

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