Prudential Life Insurance Review

Pros Explained

• Few customer complaints: Prudential had fewer complaints over the last three years than expected based on the company’s size, according to the National Association of Insurance Commissioners (NAIC).
• Generous term conversion options: You can convert a Prudential term policy into one of its permanent life insurance policies without taking a medical exam until the end of the term period or age 65. This is a nice benefit because some companies limit the conversion period or don’t let you choose which policy to convert into.
• Living benefit riders included with coverage: Prudential offers its Living Needs Benefit rider free of charge on most policies. The rider lets you receive a portion of the death benefit if you’re diagnosed with a terminal illness, are confined to a nursing home, or require an organ transplant.
• No-medical-exam life insurance to $3 million: You can skip the medical exam when applying for coverage as long as you’re 60 years old or younger and you're applying for a coverage amount between $100,000 and $3 million. Few companies we reviewed offer that much coverage to anyone over 50 without a medical exam.

Cons Explained

• Expensive term coverage: Pricing for Prudential’s term policies is more than double the cost of some other companies’ premiums.
• Below average customer satisfaction ratings: Many other life insurance companies with similar product offerings were ranked higher in the J.D. Power 2021 U.S. Life Insurance Study. Prudential came in 15th out of 21 companies.

Complaint Index

The NAIC calculates a complaint index for every insurance company each year based on the number of complaints it receives relative to its size. An index of 1.0 means a company received the expected number of complaints given its size. Most of the top companies we review don’t score over 1.0 in any given year. The average complaint index for Prudential was 0.67 over three years, indicating that the company received fewer complaints than expected given its size. 

Third-Party Ratings

Prudential has an A+ financial strength rating from AM Best, an independent rating agency that's focused on the insurance industry. An A+ rating from AM Best means it thinks the company has a superior ability to pay claims in the future, an important factor for buyers to consider given the long-term nature of life insurance. We typically don’t recommend any insurance providers that are rated below an A-.

But Prudential does less well when it comes to customer satisfaction. The company was ranked below average in the J.D. Power 2021 U.S. Life Insurance Study. It received a score of 753 out of 1,000. The industry average was 776. Fourteen of 21 major life insurance companies scored higher than Prudential in this study. 

Competition

Policies Available

Accelerated underwriting with most of Prudential’s term and permanent life insurance products is available to healthy applicants between ages 18 and 60 who are applying for $100,000 to $3 million in life insurance. Survivorship policies are an exception.

An interview is required, but a medical exam is not. And you won’t know if you qualify for the accelerated underwriting path until you apply. You can still get life insurance from Prudential with a medical exam if you're not eligible.

Term Life Insurance

Term life insurance is designed to protect your family during a defined period of financial obligation, such as while you're saving for college or paying off a mortgage. Your family won’t receive a death benefit if you die outside the term you choose, but term life insurance is much more affordable than permanent life insurance and is sufficient for most people. 

• SimplyTerm: Applicants between the ages of 18 and 75 can apply for $100,000 to $1 million in coverage with SimplyTerm. Applicants who are age 55 or younger can choose 10-, 15-, 20- or 30-year level premium periods. Policy owners can obtain an accidental death benefit rider for a fee in addition to a terminal illness rider that's included with the policy at no additional cost. The SimplyTerm application can be completed entirely online, and the policy can be converted to a permanent policy without a medical exam after it's issued.
• Term Essential: Prudential calls this its most affordable term life insurance option. Applicants who are age 18 to 75 can buy 10-, 15-, 20-, and 30-year term policies with coverage amounts ranging from $100,000 to $65 million. Premiums stay level for the life of the term. Compared to SimplyTerm, the Term Essential policy comes with a wider range of rider options to customize your plan.
• PruTerm One: This is Prudential’s annually renewable policy, which can be a good choice if you only need coverage for a few years. The minimum coverage amounts are $50,000 for ages 18 to 75 and $250,000 for ages 76 to 85. The maximum face amount you can purchase is $10 million. Premiums stay level for one year and increase each year that you renew the policy. Coverage ends at age 95.

A living needs benefit rider can be added to this policy at no cost. The policy can be converted to a permanent policy in the first five years.

Universal Life Insurance

Universal life insurance is a type of permanent life insurance that offers a guaranteed death benefit as long as premiums are paid. This type of policy also builds cash value that you can borrow against if necessary. It allows you to adjust your premium payments based on your financial situation as long as the cash value is sufficient to pay premiums and maintain the policy.

• PruLife Essential UL: This policy offers the option of a fixed death benefit up to $65 million in coverage. The minimum face amount is $25,000 for ages 0 to 75, $100,000 for ages 76 to 80, and $250,000 for ages 81 to 85. The return of premium benefit is only available to those who are age 0 to 75 and with a minimum of $250,000 in coverage. Only applicants ages 86 to 90 are eligible to convert a term policy to PruLife Essential UL. You’re allowed to decrease the face amount at any time. Loans against the policy are available and you can customize the policy with a variety of riders. 
• PruLife SUL Protector: This policy covers two people and pays out upon the death of the second insured. The policy comes with a fixed death benefit and a no-lapse guarantee feature during the first five years. You can also add a living benefits rider to this policy. 

Indexed Universal Life Insurance

Indexed universal life insurance is a type of permanent life insurance with flexible premiums and the option to assign cash value to both an account with a fixed and declared interest rate and an account that follows an index such as the S&P 500.

• PruLife Index Advantage: The minimum face amount for this policy is $100,000 for ages 0 to 80, and $250,000 for ages 81 to 85. You can apply for up to $65 million in coverage. You can choose between three death benefit types: a fixed, variable, or return of premium benefit. You can assign cash value to either a fixed-interest account or one of two accounts based on index performance that have a floor of 0% to protect you from losses. 
• PruLife Founders Plus UL: This plan is identical to the PruLife Index Advantage except for the account options. One option is a fixed account, one tracks the S&P 500, and the other is the Goldman Sachs Voyager Index, a Prudential exclusive. 
• ProLife Survivorship Index UL: This second-to-die policy is available to applicants ages 18 to 85 and offers four interest crediting options, including three indexed accounts. The minimum face amount is typically $200,000 unless you’re 81 or older, and the maximum is $65 million. You can decrease the face amount by a minimum of $10,000 at any time. Loans are available and a variety of riders are available as well. 

Variable Universal Life Insurance

Variable universal life insurance is a type of permanent policy that allows for flexible premium payments and gives you the option to invest the cash value component of your policy in the market. You take a degree of risk with this type of policy because the cash value could decline.

• VUL Protector: You have your choice of over 60 investment options and a fixed account option with this policy. You can get up to $65 million in coverage and minimum face amounts range from $50,000 to $250,000, depending on your age. You can decrease the face amount by a minimum of $5,000 at any time. You also have the option of a fixed or variable death benefit. Loans against the policy are available and you can customize your coverage with riders. 
• PruLife Custom Premier II: This product is similar to the VUL Protector Plan except it also offers a third type of death benefit option, it has a differently structured no-lapse guarantee, and it allows you to choose from four different investment options. 
• PruLife SVUL Protector: You can get up to $65 million in coverage with this second-to-die plan. The minimum face amount is $200,000. You can choose between a fixed, variable, or return of premium death benefit type. Face amount decreases of a minimum of $10,000 are allowed at any time. You also get access to 50 different underlying investment options and a fixed-rate option. 

Available Riders

Riders are add-on endorsements that help you customize your coverage. Prudential offers a wide variety of riders, some of which are included at no additional cost. 

BenefitAccess Rider

This rider makes the death benefit available to you while you’re alive if you should be diagnosed with a chronic or terminal illness. It’s available at an additional cost with the following policies:

• PruLife Essential UL
• PruLife Founders Plus UL
• PruLife Index Advantage UL
• VUL Protector
• PruLife Custom Premier II

Survivorship BenefitAccess Rider

This rider is available with the PruLife Survivorship Index UL policy. It provides access to the death benefit if both insureds become chronically or terminally ill at the same time, or if the survivor becomes chronically or terminally ill.

Living Needs Benefit

This rider is included at no additional cost, but there's a charge if you use it. It allows you to access the death benefit while you’re alive if you become terminally ill, if you must be permanently confined to a nursing home, or you need a vital organ transplant in some states. It’s available with the following policies:

• Term Essential
• PruTerm One
• PruLife Essential UL
• PruLife Founders Plus UL
• PruLife Index Advantage UL
• VUL Protector
• PruLife Custom Premier II

Terminal Illness Rider

This rider is included in SimplyTerm policies at no additional premium charge. It provides access to the death benefit in the event that you become terminally ill. A one-time fee applies for using the rider.

Waiver of Premium

Available with Term Essential, this rider lets you pause premium payments if you become disabled and are unable to work.

Enhanced Disability Benefit Rider

Similar to the waiver of premium rider, this rider is available with PruLife Index Advantage UL, VUL Protector, and PruLife Custom Premier II.

Waiver of Monthly Deductions

You must be totally disabled for a waiting period of six months before Prudential will start covering monthly charges with this rider. It’s available with PruLife Essential UL and PruLife Founders Plus UL. 

Children’s Protection Rider

Available with Term Essential for an additional cost, this rider provides life insurance for your children. It can be converted to a permanent individual policy at certain ages. 

Children Level Term Rider

This is similar to the Children’s Protection Rider, but it can be added to plans at an additional cost:

• PruLife Essential UL
• PruLife Founders Plus UL
• PruLife Index Advantage UL
• VUL Protector
• PruLife Custom Premier II

Accidental Death Benefit

This rider pays an additional death benefit if you die in an accident. It’s available at an additional cost with:

• SimplyTerm
• Term Essential 
• PruLife Essential UL
• PruLife Founders Plus UL
• PruLife Index Advantage UL
• VUL Protector
• PruLife Custom Premier II

Overloan Protection Rider

This helps keep your policy from lapsing if you have an outstanding loan against it. There’s a one-time charge to use it. It comes with these policies:

• PruLife Essential UL
• PruLife Founders Plus UL
• PruLife Index Advantage UL
• VUL Protector
• PruLife Custom Premier II
• PruLife SVUL Protector

Enhanced Cash Value Riders

These riders give you higher cash surrender values if you have to cancel your policy in the early years. It’s not available in New York. It comes with the following policies:

• PruLife Essential UL
• PruLife Founders Plus UL
• PruLife Index Advantage UL
• VUL Protector
• PruLife Custom Premier II
• PruLife SVUL Protector
• PruLife Survivorship Index UL

Guaranteed Policy Split Rider

This rider is available with survivorship policies. It allows you to split the policy into two in the event of divorce or a change in estate laws. 

Estate Protection Rider

Available at an additional cost with survivorship policies, this rider increases the death benefit by up to 100% if both insureds die within the first four years. 

Customer Service

You can call 1-800-PRU-HELP on weekdays between 8 a.m. and 10 p.m. ET if you need assistance with online account access. Use one of the following phone numbers if you need help with your policy:

• Policy numbers starting with V: 1-800-944-8786 (8 a.m. to 8 p.m. ET)
• Policy numbers starting with FE: 1-833-626-1865 (8 a.m. to 6 p.m. ET)
• All other policy numbers: 1-800-778-2255 (8 a.m. to 8 p.m. ET)

You can also file a claim online 24/7. 

Price

Pricing for Prudential’s term policies is relatively expensive when compared to other life insurance providers. We gathered premium information for 30-year term policies with a face value of $250,000 for different ages. These quotes are for applicants in excellent health. These are the resulting monthly premiums:

Significantly cheaper rates are available elsewhere for all ages and genders. A 40-year-old male would pay only $28.44 for the same coverage through Protective. 

Final Verdict

Prudential Life Insurance offers numerous term and permanent life policies along with an assortment of riders that can enhance and customize your coverage. You'll also find a broad selection of permanent policies here, including universal life coverages with many investment options. The company hasn't received many customer complaints, and it doesn't require medical exams for many people.

That said, Prudential’s term policies are priced on the high side compared to many of its peers. And its customer satisfaction ranking comes in 15th out of 21 companies despite its few customer complaints. Deciding whether this insurer is right for you can come down to how much you're willing to pay for a customized policy and investment options.

Frequently Asked Questions (FAQs)

Can I cash in my prudential life insurance policy?

Prudential's enhanced cash value riders give you higher cash surrender values if you have to cancel your policy in the early years, but this option isn't available in New York. The universal policy builds cash value that you can borrow against if you don't want to cash in entirely, and you can adjust your premiums to accommodate the loan.

How long does it take for Prudential to pay out life insurance claims?

The Prudential website asks, "How long does it take to receive a life insurance payout?" But it doesn't answer this question. It simply mentions various steps that must be taken after a death is reported to the insurer, including submission of a claims form and death certificate, and the company's investigation into whether the death was by suicide or illegal means. Most insurance companies can accomplish this and pay out claims in 10 to 60 days.

Who took over Prudential Life Insurance?

Prudential isn't one single enterprise or company. One arm of Prudential changed ownership in 2022. It's full-service retirement business was sold to Empower in April.

Is Prudential Life Insurance the best life insurance?

The "best" life insurance comes down to your own personal needs. What might be best for someone else could be a poor match for you. Keep in mind that Prudential policies are pricey. The available riders might not be suitable for someone with basic estate-planning needs.

Methodology

We designed a comprehensive rating methodology based on consumer priorities and life insurance company fundamentals to rank more than 90 insurers across five general categories: financial stability, customer satisfaction, product and feature variety, the overall buying experience, and cost.

We collected over 5,000 data points and scored each company based on 55 metrics to do this. We grouped metrics by category to see how insurers performed in each. We then weighted category scores to determine how companies performed overall.

Read our full Life Insurance Methodology to learn more.