Prudential life insurance review: Best for seniors

Prudential is a well-rated insurance company with great options for seniors, people with a variety of immigration statuses, and people with mental health conditions.

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By

Logan SachonLogan SachonSenior Managing Editor, Life Insurance & ResearchLogan Sachon is the senior managing editor of life insurance and research at Policygenius, where she edits life insurance content and leads life insurance surveys and data studies. As a journalist, her work has appeared in The Guardian, Business Insider, CNN Money, BuzzFeed, Money Under 30, VICE, New York Magazine, and elsewhere.&Alani AsisAlani AsisContributing WriterAlani Asis is a contributing writer at Policygenius, focusing on insurance company reviews. She is a former Personal Finance Reviews Fellow at Business Insider, and her work has also appeared in LendingTree and Sound Dollar.

Edited by

Adam MorganAdam MorganEditorial DirectorAdam Morgan is an editorial director at Policygenius who leads the life insurance team. Previously, he led editorial teams matrixed across multiple financial publications at Red Ventures — including Bankrate, NextAdvisor, Million Mile Secrets, and others.

Updated|2 min read

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Prudential

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Policygenius rating

Our proprietary ratings methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the “Ratings methodology” section for more details.
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4.1

AM Best rating

A.M. Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A+

Cost

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

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Policygenius awards

  • Best life insurance for seniors 2023

The bottom line

Prudential is an excellent choice for people over 60, offering the most competitive rates for people in this age group. It also offers good options for people with a variety of immigration statuses and people with certain mental health conditions. Younger people in good health, however, can generally find better rates elsewhere.

Pros

  • Good for people over 60

  • More flexible income requirements than some other insurers

  • Considers applicants with a variety of immigration statuses (visas and green cards)

Cons

  • Younger applicants will likely find better prices elsewhere

  • No-med option can end up requiring a medical exam most of the time

Basic coverages offered

  • Term life insurance: TermEssential® is a traditional term life insurance product available for coverage amounts starting at $100,000, for term lengths of 10, 15, 20, or 30 years.

  • No-medical-exam term life insurance: PruFast Track is Prudential's no-med term option. It is available for people 18 to 60 for $100,000 to $3 million in coverage.

  • Short-term life insurance: Prudential’s PruTerm One ℠ is a short-term life insurance policy with premiums that increase annually. (Note: This product isn't available through the Policygenius marketplace.)

  • Universal life insurance: Prudential offers several universal life insurance policies, including PruLife Essential UL, a guaranteed universal policy, and PruLife SUL, a second-to-die or survivorship policy.

  • Indexed universal life insurance: Prudential offers several indexed universal life insurance policies, including PruLife Founders Plus UL, Prulife Index Advantage UL, and PruLife Survivorship Index UL. (Note: These products are not available in the Policygenius marketplace.)

Additional coverages offered

  • Living Needs Benefitrider: For no additional cost, this rider, also known as an accelerated death benefit rider, lets you access a portion of your policy’s death benefit if you’re certified as terminally ill.

  • Accidental death benefit rider: For an additional cost, this rider provides additional death benefit to your beneficiaries if you die from a qualifying accident. 

  • Waiver of premium rider: For an additional cost, this rider ensures you don’t have to pay your life insurance policy premiums during a period of qualifying disability. 

  • Children’s protection rider: For an additional cost, this rider adds life insurance coverage to the insured’s minor children.

Ratings methodology

Price

4.2/5

Our price rating scale looks at life insurance rates for a sample 20-year term policy with a $1 million coverage for a 35-year-old female non-smoker with a Standard Plus risk classification, the rating an insurance company gives you that determines your rates (if a company doesn't have a Standard Plus rating, we use its Standard rates). The quote we got from Prudential puts it in the second least expensive category for our rating system.

Customer experience

3.0/5

Our customer experience scale looks at the latest data from the National Association of Insurance Commissioners (NAIC) complaint index. Prudential has more complaints than expected for a company of its size, with an index rating of 8.65. Since the industry average is 1.00, Prudential receives 765% more complaints than the average life insurance company.

Transparency

4.1/5

Prudential scores relatively well on our transparency rating scale. The company makes it easy to contact an insurance expert via phone, email, online support center, and live chat. Additionally, the Prudential website features financial strength ratings from A.M.'s Best, Standard & Poor's, Moody's, and Fitch. However, Prudential's website excludes some details, like minimum and maximum coverage amounts and average quotes, which you can only find by speaking to a Prudential insurance agent or using Prudential's quote tool.

Financial strength

4.3/5

Prudential receives high marks for financial strength, meaning that the company can consistently and reliably pay out claims to its customers. We determine our financial strength rating based on three industry-leading credit rating agencies: A.M. Best, Standard & Poor’s, and Moody’s. Prudential received an A+, AA-, and Aa3, respectively.

A closer look at Prudential life insurance

Who is Prudential best for?

Prudential life insurance is best for people over 60 who might have trouble finding affordable policies elsewhere. Prudential is excellent for those with aging-related conditions such as osteoporosis or osteoarthritis to get the coverage they need at a competitive price.

What makes Prudential unique?

Prudential is a good option for policyholders over the age of 60. In fact, Prudential is our pick for the best overall life insurance for seniors. With flexible income requirements and great living benefits for seniors, retirees can count on Prudential for coverage at an affordable cost. Additionally, Prudential doesn’t require a Social Security Number, meaning visa and green card holders can qualify for coverage.

Who should consider a different life insurance company?

While the company offers attractive rates for senior clients, Prudential's premiums are on the higher end. So, if you're a younger, healthy adult in the market for life insurance, consider checking out our picks for the best life insurance companies for young adults.

Expert opinions on Prudential

"Prudential is a good option for people over 60 and for people with a variety of green cards and visas, who may have a harder time finding coverage. They also have a solid no-med-exam term policy with coverage up to $3 million." —Matt Burke, licensed life insurance specialist at Policygenius

Prudential life insurance rates

The chart below shows average monthly premium prices for a 20-year term life insurance policy with $500,000 in coverage for non-smokers in a Preferred health classification; quotes are based on the Policygenius Life Insurance Price Index methodology.

Age/Sex

Prudential average

Industry average

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

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Prudential history, reputation, and social responsibility

Founded in 1875, Prudential manages $4 trillion in life insurance worldwide and operates in over 40 countries. More than 40,000 workers and sales associates worldwide work for the company, under CEO and chairman Charles F. Lowery. Prudential is also a publicly traded stock company on the New York Stock Exchange under the stock symbol PRU. [1]

Prudential is making strides in its corporate sustainability initiatives. The Climate Change Steering Committee was formed to address climate-related risks, reduce its carbon footprint in its offices domestically and abroad, and incorporate an environmentally conscious framework in the portfolios it oversees. For example, the company made efforts to restrict new investments in companies with 25% of its revenue from thermal coal. [2]

Prudential in the news

  • In November 2022, Prudential launched an ad campaign produced by McCann that focused on using positive moments to secure your financial future — an invitation to think about when things go right. (ThinkAdvisor)

  • In November 2022, Prudential launched its FlexGuard® Life Indexed Variable Universal Life product. (Insurance NewsNet)

  • In November 2022, Prudential released the research survey “Generational Gap Grows: Work & Money Outlook Divided,” which found that younger generations are seeking financial balance in their lives. “The pandemic had a disproportionate impact on women, both professionally and financially,” said Caroline Feeney, CEO of Prudential’s U.S. Insurance & Retirement Businesses. “At Prudential, we seek to understand the life events that impact today’s women and the barriers they face when it comes to investing, insurance, and retirement security. We want to help solve financial challenges for all by designing and tailoring solutions to meet unique needs and financial wellness goals.” (Prudential)

Prudential vs. other life insurance companies

Compare Prudential to similar life insurance companies using the table below.

Company

Policygenius rating

AM Best rating

Cost

Prudential

4.1/5

A+

$$

Lincoln Financial

4.8/5

A

$

Symetra

4.3/5

A

$$

Protective

4.8/5

A+

$

Pacific Life

4.8/5

A+

$

MassMutual

4.9/5

A++

$$$

AIG

4.6/5

A

$

Banner Life

5.0/5

A+

$

Transamerica

4.6/5

A

$

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Frequently asked questions

Is Prudential a good company?

Yes, Prudential is a reputable company. A.M’s Best, Standard & Poor’s, and Moody’s ranked Prudential A+, AA-, and A3, respectively, for financial strength. This means that you can rely on the company to meet its financial obligations like paying out claims.

What is Prudential Financial?

Prudential Financial is a Fortune 500 company that offers retail and institutional clients insurance, retirement, and investment management. While headquartered in Newark, New Jersey, the firm's services are available throughout the U.S. and over 40 countries.

Who owns Prudential?

After its initial public offering (IPO) in September 2001, Prudential became an independent, publicly traded company owned by shareholders. Prudential is currently traded on the New York Stock Exchange under the stock ticker PRU.

How do I contact Prudential?

To contact Prudential, including the claims support team, call 800-778-4357 or visit the Prudential website.

References

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Policygenius uses external sources, including government data, industry studies, and reputable news organizations to supplement proprietary marketplace data and internal expertise. Learn more about how we use and vet external sources as part of our

editorial standards.
  1. Prudential

    . "

    Q3 Fact Sheet

    ." Accessed December 16, 2022.

  2. Prudential

    . "

    Sustainability

    ." Accessed December 16, 2022.

Authors

Logan Sachon is the senior managing editor of life insurance and research at Policygenius, where she edits life insurance content and leads life insurance surveys and data studies. As a journalist, her work has appeared in The Guardian, Business Insider, CNN Money, BuzzFeed, Money Under 30, VICE, New York Magazine, and elsewhere.

Alani Asis is a contributing writer at Policygenius, focusing on insurance company reviews. She is a former Personal Finance Reviews Fellow at Business Insider, and her work has also appeared in LendingTree and Sound Dollar.

Editor

Adam Morgan is an editorial director at Policygenius who leads the life insurance team. Previously, he led editorial teams matrixed across multiple financial publications at Red Ventures — including Bankrate, NextAdvisor, Million Mile Secrets, and others.

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