Prudential Life Insurance
- Rated 4 stars out of 5 by NerdWallet.
- Offers several types of term life policies and a wide variety of universal life policies.
- First major U.S. life insurer to offer coverage to people with HIV.
Founded in 1875, Prudential Financial is one of the largest life insurance companies in the U.S. The company offers a broad slate of universal and term life insurance policies. Extra features can be added to some policies to customize coverage.
Prudential life insurance
Prudential earned 4 stars out of 5 for overall performance. NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account complaint data from the National Association of Insurance Commissioners and financial strength ratings from A.M. Best.
Based on these ratings, Prudential is among NerdWallet’s Best Life Insurance Companies for 2021.
Prudential life insurance policies
Prudential term life insurance policies come with different features and options, and prices vary.
- Term Essential: This affordable policy is available in 10-, 15-, 20- or 30-year terms, with a premium that will stay level over the course of the term. You can convert all or part of the policy to permanent life insurance, and various riders are available to customize your coverage.
- Term Elite: Like Term Essential, this policy can last for 10, 15, 20 or 30 years and be customized with riders such as the Living Needs Benefit, which will pay out a portion of your death benefit if you’re diagnosed with a terminal illness. One difference: If you convert a Term Elite policy to permanent coverage within the first five years, you get a one-year premium credit.
- PruTerm One: This policy offers coverage for one year at a time, which may be useful for small-business owners who want coverage as they pay off short-term loans.
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Prudential also offers several types of universal, indexed universal and variable universal life, including survivorship policies. Survivorship life insurance insures two people on the same policy. The policy pays out when the second person dies.
These permanent life insurance policies let you accumulate cash value. The potential for cash value growth varies among the products. The cash value growth in the indexed policies is based on the performance of a financial index, such as the S&P 500. With the variable policies, you pick the underlying investments that will be the basis for cash value growth.
Prudential complaints and customer service
Over three years, Prudential has drawn fewer than the expected number of complaints to state regulators for a company of its size, according to a NerdWallet analysis of data from the National Association of Insurance Commissioners.
Prudential ranked No. 11 out of 23 companies for customer satisfaction in J.D. Power’s 2020 U.S. Life Insurance Study.
More about Prudential
Prudential also offers additional products like annuities, investments and workplace benefits.
Prudential life insurance pros and cons
| Pros | Cons |
|---|---|
| Variety of term and universal life options | Ranked in the middle of the pack in a recent customer satisfaction survey |
| Fewer consumer complaints than expected for a company of its size | |
| Doesn't automatically reject life insurance applicants living with HIV |
Methodology: Life insurance ratings
NerdWallet’s life insurance ratings are based on weighted averages of complaint index scores from the National Association of Insurance Commissioners for individual life insurance, and financial strength ratings from A.M. Best, which indicate a company’s ability to pay future claims. To calculate each insurer’s rating, we adjusted the NAIC and A.M. Best scores to a curved 5-point scale.These ratings are a guide, but we encourage you to shop around and compare several insurance quotes to find the best rate for you. NerdWallet does not receive compensation for any reviews.
