Founded in 1875, Prudential Life Insurance offers competitive and flexible options with features appealing to those looking for long-term retirement planning.
Business Insider compared Prudential Life Insurance against the best life insurance companies and found it to offer intriguing and unique policies. However, the company is held back by its poor customer service.
Prudential Life Insurance Review
Prudential offers a wide range of life insurance policies including term life, indexed universal, variable universal, and burial insurance. It also provides an uncommon indexed variable universal life insurance option, allowing policyholders to choose from various investments or link their cash value growth to an index like the S&P 500.
Prudential's aggressive financial plans may appeal to many younger buyers and those with a stable income. However, buyers with lower incomes or who aren't sure about the financial system may be more hesitant to engage with Prudential.
While poor customer reviews are common in the life insurance industry, it's worth mentioning that a significant number of negative reviews say that Prudential agents are hard to reach and customers often encounter long hold times when calling the company. This is particularly noteworthy as many of Prudential's policy offerings require active management, meaning policyholders must maintain frequent contact with the company.
Prudential Life Insurance Pros and Cons
Prudential Life Insurance Pros
- Convertible term life insurance
- No medical exam life insurance options
- Unique universal policy blends aspects of variable and indexed insurance
- Variable universal life insurance with no-lapse guarantee
Prudential Life Insurance Cons
- Poor customer reviews
- No online quotes available
Prudential Life Insurance Plans Available
Prudential offers a wide array of term, final expense, universal, indexed universal, and variable universal life policies to fit your needs. Prudential focuses on higher-value life insurance products, but policies can be very affordable given the higher value.
EssentialTerm Value/Plus
Prudential's EssentialTerm plans are term life insurance policies. Applicants under 60 may qualify for these policies without a medical exam, but you must answer a health questionnaire and may need to provide additional health-related information for underwriting.
Prudential's Value and Plus plans differ in their conversion options.
EssentialTerm Value allows policyholders to convert their policy to any of Prudential's permanent options within the first seven years of the policy's life or before the policyholder turns 70, whichever comes first. In the eighth year and beyond, until the policyholder turns 70, policyholders can convert their policy to a designated conversion product.
On the other hand, EssentialTerm Plus allows policyholders to convert their policy to any of Prudential's permanent options while the fixed premium period is still active or to age 70, whichever comes first.
- Term lengths: 10, 15, 20, or 30 years
- Minimum coverage: $100,000
- Maximum coverage: $249,999
- Eligible ages: 18-75 (Value); 18-62 (Plus)
Term Essential®
With Prudential's Term Essential®, you'll pay a fixed insurance premium until your term ends or you turn 95 for a tax-favored death benefit. Then, you can convert your policy into a permanent life insurance policy without undergoing an additional medical exam.
Always check with your Prudential agent regarding any challenges later converting to a permanent policy. You may need to add a rider to guarantee conversion. Remember that when you convert, your rates will increase and Prudential may decrease your death benefit.
With this term life policy, accelerated benefits are built in, meaning you may receive a portion of your death benefit while alive if you become terminally ill. Term lengths for this policy include 10, 15, 20, or 30-year options. However, given the limited term, should you develop a qualifying illness, filing your claim early is critical.
PruTerm One
If you need short-term coverage, PruTerm One offers one-year life insurance protection. Coverage is renewable annually, but premiums may change at every renewal. You can convert your policy within the first five years of your PruTerm One policy without a medical exam. After that, the policy would be subject to the same adjustments in premiums and value.
The PruTerm One policy may provide a way for hesitant buyers to test the water. If you need more time to commit to a whole life insurance policy, you can get on board for a year and commit once you feel more comfortable making it a long-term part of your budget.
PruLife Essential UL
PruLife Essential is a universal life insurance policy that grows your cash value tax-deferred. The PruLife Essential policy will stay in force regardless of the performance of your cash value as long as you pay your scheduled premiums (no-lapse guarantee). In addition, Prudential protects investments against market fluctuations with a 2% guaranteed minimum crediting interest rate.
You can upgrade PruLife Essential to a survivorship policy, which protects two people and pays out when both policyholders die. Known as the Prulife Essential SUL, this universal policy comes with a limited no-lapse guarantee for 10 years. After those 10 years, you can supplement your policy with the lapse protection rider to ensure your policy will stay in force.
PruLife Founders Plus Indexed UL
PruLife Founders Plus is an indexed universal life policy that builds cash value through three interest-crediting strategies.
With one approach, the cash value grows based on fixed interest. This interest rate is guaranteed to never dip below 1% and currently sits at 3.95%.
The second strategy tracks the S&P 500 for growth potential with a 0% growth floor and a growth cap, which can vary from month to month. The cap is currently set at 8.25%.
The third strategy tracks the Goldman Sachs Voyager Index, which is exclusive to Prudential. It has a 0% growth floor and no growth cap. The participation rate is set at 100%, though Prudential does not guarantee that it will stay 100%. This option stays relatively stable as the market experiences volatility.
Prudential Momentum IUL
The Prudential Momentum IUL is another indexed universal life insurance that offers four interest-crediting strategies.
Fixed interest rate account: Guaranteed interest that never drops below 1%.
One-Year S&P 500 capped account: Cash value growth is linked to the S&P 500 with a cap on the returns your account can receive.
Six-Month S&P 500 capped account: Offers the same benefit as the one-year account, but you'll see returns faster. This option is better for compound interest, but its cap is lower than the one-year option.
One-Year S&P 500 uncapped account: This account does not limit the interest your account can accrue in a segment, but it tempers growth by limiting the participation rate, meaning the interest you accrue will be a percentage of the actual growth of the index instead of growing at a 1:1 ratio.
One-Year Nasdaq 100 capped account: Operates similarly to the one-year S&P 500 account, but tracks the Nasdaq 100.
All accounts (excluding the fixed interest rate account) have a 0% floor.
VUL Protector
Prudential's variable life insurance offers a cash value benefit with an à la carte menu of over 50 investment options, meaning you take on more risk in pursuit of higher returns. But, like its indexed universal life insurance policy, the VUL Protector has a no-lapse guarantee. So your policy will remain effective even if your cash value reaches zero.
This policy also has a survivorship option, so couples can be insured together, continuing to grow the policy after the death of the first. If you're interested in the survivorship option with any policy, we recommend talking to a Prudential life insurance agent to ensure you qualify.
Prudential's FlexGuard Life IVUL
FlexGuard is Prudential's indexed variable universal life insurance policy, providing the benefits of indexed and variable policies. Under Prudential's IVUL policy, policyholders have three options for building cash value:
- 9 underlying variable investment options
- 3 index strategies
- Fixed-rate option (1% guaranteed)
PruLife® Custom Premier II
Prudential's PruLife® Custom Premier II is a variable life insurance policy. This policy allows you to choose over 50 underlying investment options based on risk tolerance and investment goals. It also has fixed-rate options for steady returns, equity, fixed-income investing, and asset allocation to diversify your portfolio.
With the variable life insurance plan, you get flexible premium payments and flexibility in your death benefit. You can also pair the PruLife® Custom Premier II with the S&P500 account rider to offset market volatility and other risks.
Prudential Final Expense Life
Prudential offers a burial insurance policy for applicants age 50 to 85 with no medical exams or lab work required, though you'll have to answer a health questionnaire. Death benefits ranging from $5,000 to $30,000 are guaranteed as long as you pay your premiums.
Additional coverage options from Prudential
- Accidental death benefit: Supplement your policy with this additional death benefit rider if you're in a high-risk industry or engage in risky activities. Beneficiaries will get a higher death benefit if their death is caused by a covered accident.
- Terminal illness/living needs benefit: All Prudential policies include this rider at no extra cost. It allows terminally ill policyholders to access a portion of the death benefit. For policyholders and their families, this can alleviate the financial stress associated with a severe illness.
- Waiver of premium: This rider offers relief by waiving your premiums if you become fully disabled.
- Children's protection rider: You can provide life insurance for your children at an additional cost. As adults, children can buy a life insurance policy.
- BenefitsAccess: This rider offers early access to your death benefit if you become terminally or chronically ill.
- Enhanced cash value: This rider allows you to accumulate more cash value in the early years of your policy.
- Overloan protection rider: Overloan protection prevents a lapse in your coverage if you have an outstanding loan against your policy (i.e., you took out a loan to access your life insurance benefits early and chose not to repay). It applies under set conditions and has to be selected upfront, but Prudential specifies there's no additional cost if it's not exercised.
- Guaranteed policy split rider: This rider allows you to split the policy into two individual policies if the policyholders get divorced, or the unlimited marital deduction is repealed.
- S&P 500 Indexed account rider: This rider offers additional protection against volatility with a guaranteed 1% floor. It allows you to enjoy the benefits of high variable returns with less risk in a down market. It may subject you to an interest cap.
How Much Does Prudential Life Insurance Cost?
The average cost of life insurance varies based on factors like age, health, policy type and limit, and more. As you can see in the charts below, the average term rates for 25, 35, and 45-year-old adults in good health are highly affordable for the average consumer. However, Prudential rates come in higher than the industry average.
Profile | Prudential Average monthly premium | Industry average premiums |
25-year-old female | $29.56 | $21.08 |
25-year-old male | $40.73 | $26.90 |
35-year-old female | $34.35 | $25.58 |
35-year-old male | $43.80 | $30.34 |
45-year-old female | $58.02 | $47.86 |
45-year-old male | $67.89 | $60.76 |
Source: Policygenius
How Do I File a Claim with Prudential Life Insurance?
You can file a claim with Prudential life insurance online or by calling your life insurance agent. You'll need details like the policyholder's name, date of birth, Social Security number, or policy number to begin the claims process. Prudential Life has a digital claims checklist to ensure you have the necessary documents to file a claim when the time comes.
For further assistance, you can reach the team through the following:
- Virtual chat
- Phone (for policy numbers not beginning with "FE" ): 1-800-778-2255
- Phone (for policy numbers beginning with "FE" ): 1-833-626-1865
Prudential Life Insurance Customer Reviews and Ratings
Customer reviews of Prudential are overwhelmingly negative, receiving an average of 1.2 stars out of five on Trustpilot and one out of five on its Better Business Bureau page. Additionally, Prudential is not accredited with the BBB and received an F.
Reviews mentioned a wide range of issues, from slow processing times, denied claims, unreachable agents, and long hold times on calls. Additionally, customers complained that their calls would be sent to offshore call centers.
Life insurance companies with a large collection of negative reviews is not uncommon in the industry. Partially, this is because customers often only leave reviews when they have something to say, which is usually negative. However, Prudential placed 16th for customer satisfaction in JD Power's 2023 survey of 22 life insurance companies, receiving a 779/1,000 where the survey average was 790/1,000. For reference, State Farm placed first, scoring 843/1,000.
The National Association of Insurance Commissioners' complaint index rates a company based on the number of complaints it receives against its share of the market. The average NAIC complaint index score is 1.00, meaning if a company scores below 1.00, it has fewer complaints than expected for a company of its size. If the company scores above 1.00, it has more complaints than the industry average. Prudential scored 0.66, indicating that it has fewer complaints than expected, given its market share.
Prudential Life Insurance Alternatives
Prudential Life Insurance vs. Corebridge Direct Life Insurance
Corebridge Direct offers term life, burial insurance, and indexed universal life insurance.
Corebridge's term life insurance offers far higher maximum death benefits, which top out at $2 million compared to Prudential's $249,999 limit. That said, Prudential's term life does not require a medical exam, while Corebridge's does.
Prudential has far more options for universal life insurance with its unique indexed variable universal life insurance option. However, Corebridge Direct offers up to $2 million in universal life insurance coverage without a medical exam for applicants 59 and under, which is uncommon.
Corebridge scored 0.54 on the NAIC company complaint index compared to Prudential's 0.66. Prudential received an A+ (Superior) financial stability rating from AM Best, and Corebridge Direct received an A (Excellent). Both companies are financially stable, but it's worth noting that Corebridge has only been an operating since 2022.
Ultimately, Prudential offers heftier permanent life insurance, but Corebridge is the better choice for permanent life insurance if you don't want to take a medical exam. While Corebridge offers higher max death benefits for term life coverage, Prudential is the better choice for term life insurance if you don't want to take a medical exam.
Read our Corebridge Direct life insurance review.
Prudential Life Insurance vs. Lincoln Financial Life Insurance
Lincoln Financial Group Life Insurance offers term and universal life insurance. It offers qualified applicants up to $2.5 million in term life coverage without a medical exam and up to $1.5 million in IUL coverage without a medical exam. Additionally, it offers a variable universal life insurance policy with over 75 investment options.
Lincoln Financial scored 0.30 on the NAIC company complaint index, far lower than Prudential's 0.66. Additionally, Lincoln Financial ranked five places higher than Prudential in JD Power's life insurance customer satisfaction survey. Lincoln Financial scored 788/1,000, just two points under the survey average, while Prudential scored 779/1,000.
Between Prudential and Lincoln Financial, Lincoln Financial is the better option, with its wider variety of investment options for variable life insurance.
Read our Lincoln Financial life insurance review.
Prudential Life Insurance FAQ
Yes, Prudential life insurance offers no-exam policies for term life insurance. It also offers burial insurance that does not require a medical exam.
You can get in touch with Prudential life insurance customer service by calling 1-833-626-1865 if your policy number begins with "FE" and 1-800-778-2255 if your policy number does not begin with "FE."
Yes, Prudential offers guaranteed issue life insurance, which functions as burial expense insurance. However, it does not offer traditional whole life insurance.
Why You Should Trust Us: How We Reviewed Prudential Life Insurance
The four primary criteria we use to review life insurance providers are affordability, customer service, reliability, and company offerings.
Companies receive five stars for cost when premiums are close to the industry average cost of life insurance. According to our article on the average cost of life insurance, a life insurance policy may run you about $40 to $55 a month. However, cheap life insurance doesn't mean you're getting quality coverage. So, we weigh affordability against the company's offerings, customer service, and other factors.
We used the latest JD Power life insurance study to determine which company offers quality customer service. Approximately 3,000 life insurance customers score insurance companies yearly based on communication, interaction, price, product offerings, and statement satisfaction. Companies ranking above the industry average of 774 points have strong customer service.
We also used AM Best, a renowned credit rating agency, and the NAIC's complaint index to evaluate a company's financial stability and trustworthiness. AM Best tells us a company's financial health, and the NAIC's complaint index scores a company based on the aggregate total of complaints it receives.
Finally, we looked at what each company has to offer, including policy options, riders, and features like medical exam waivers. We also determined which demographic would most benefit from the company based on its products and prices.
Read more about how Business Insider rates life insurance.
