If you’re part of a working or young family living on a modest budget, or if anyone is dependent on your income, a part of your financial plan should be a life insurance policy. However, if you do not currently have this as a goal, you may not grasp how much it can cost, what to look for, or even where to get it.
At the beginning of your search, you’ll want to know what the best choices are and which companies offer them. In this series, we will be discussing why Prudential Life Insurance Company may be right for you.
About Prudential Life Insurance
With over 140 years in the financial industry, Prudential Financial has been offering both institutional and individual customers their financial and insurance services, while protecting and growing their wealth.
Presently, Prudential Life has offices in the United States, Latin America, Europe, and Asia. Throughout the years, the company has become one of the most admired and well-known brands on the market.
Prudential Life offers numerous services and products, such as mutual funds, retirement-related products, life insurance, annuities, and investment management.
Prudential Life’s Financial Ratings and Stability
Prudential Life Insurance Company, due to its sound financial strength and ability to pay out its policyholders’ claims, is highly rated by all major insurance rating agencies. These companies include:
- A+ from A.M. Best Company
- A1 from Moody’s Investors Service
- AA- from Fitch Ratings
- AA- from Standard and Poor’s
Prudential’s Life Insurance Products
Prudential Life provides permanent, term, and other forms of life insurance. In order for policyholders to personalize their plan to fit their financial needs, life insurance policy riders are available for most policies.
Permanent Life Insurance Coverage
Permanent life insurance provides a death benefit protection and a cash component that grows funds on a tax-deferred basis. Additionally, this cash component will not be taxed until the policyholder withdraws the funds.
Prudential Life offers several types of permanent life insurance including:
- Indexed Universal Life
- Universal Life
- Variable Universal Life
Indexed Universal Life
The cash value return with an indexed universal life insurance policy is based on the underlying index performance that’s being tracked, such as the S&P 500. This allows the cash value to flourish more than that of universal life insurance policy, without the worry of loss.
In the event that the underlying index performs inadequately during a set time period, the return is credited 0%.
PrudentialLife’s indexed universal life policies include:
- PruLife Index Advantage UL
- PruLife Founders Plus UL
- PruLife Survivorship Index UL
Universal Life Insurance provides permanent protection and flexibility for the policyholder. Within specified guidelines, the policyholder is able to change their premium due date and decide what portion of their premium dollars goes towards the policy’s cash value or the death benefit.
Prudential Life Insurance Company provides four options for universal life insurance coverage, including:
- PruLife Universal Protector
- PruLife Universal Plus
- PruLife SUL Protector
- PruLife Essential UL
Variable Universal Life
Variable Life Insurance is also part of Prudential’s lineup. With these policies, the return of the cash value is based on fundamental equities like mutual funds. With these policies, the yield can be high, or there could be losses because of the market’s poor performance.
Prudential offers the following variable life insurance options:
- VUL Protector
- PruLife SVUL Protector
- PruLife Custom Premier ll
Term Insurance Coverage
As suggested by its name, term life insurance is purchased for a specified duration, is known as a term. With this coverage, only a death benefit is available.
Since there is no cash value or savings to build up with a term life policy, this coverage’s premium is often less than that of a similar permanent policy with comparable factors remaining equal.
Prudential’s term policies’ premiums will remain at a fixed rate throughout the term of the policy. Additionally, the level term options provide a tax-free death benefit.
In cases where the policyholder is diagnosed with a terminal illness, these plans provide the insured the ability to withdraw death benefit funds to aid them in their time of need.
Moreover, these policies can be converted into permanent forms of life insurance, and the insured will not need to undergo a medical exam in order to prove insurability.
Prudential currently offers six types of term life insurance coverage, including:
- Term Elite
- Term Essential
- PruTerm WorkLife 65
- PruTerm One
Life Insurance Riders
Prudential Life Insurance Company presently provides numerous riders, which allows policyholders to customize their life insurance policies. These riders include:
- Accidental Death Benefit
- Living Needs Benefit
- Waiver of Premium
- Terminal Illness Rider
- Children’s Protection Rider
Other Products and Services Offered
Besides life insurance protection, Prudential also provides multiple other financial and insurance-related services and products, such as:
- Workplace Benefits – Prudential’s workplace benefits include retirement savings plans, life insurance, and disability insurance
- Investments – Prudential also offers a wide variety of investments, including mutual funds and other retirement savings vehicles.
- Retirement Annuities– These include variable and fixed related annuity products
In an effort to provide long-term value for its clients, Prudential also offers financial education.