Prudential offers a wide range of term and universal life insurance. There are no whole life policy options available and medical exams are required to apply for every policy.
There is a chance to skip medical exams through Prudential’s PruLife accelerated underwriting program. Basically, you need to be a fit and healthy non-smoker with no personal or family history of cancer, heart disease, or diabetes.
But the people who will benefit most from Prudential will likely not fall under these required criteria. And the people who are eligible will end up paying more than the industry average.
Term life insurance
Term life insurance lasts a set number of years (usually between ten to 30) before expiring. Because it’s affordable and flexible, it’s the best choice for most life insurance shoppers.
Prudential has three term life options: Term Essential, Term Elite, and PruTerm One.
Term Essential is their main term life insurance product, and the focus of this review. Term Elite is basically the same type of policy, but with an extra perk. PruTerm One is mainly for business owners, and will not be detailed in this review.
With Prudential’s Term Essential option, you’ll get a straightforward term life policy and the option to add several different riders. You can also get up to $1 million in temporary coverage. Terms are renewable to age 95, but keep in mind premiums will increase with each renewal.
|Policy Feature||Term Essential|
|Eligible ages||18 to 75|
|Term lengths||10-, 15-, 20-, or 30-year term|
This policy is available everywhere in the United States, including New York.
These are additional coverages you can use to customize your policy. The exact details can vary by state.
Accelerated death benefit rider. Advances part of the death benefit if you've been diagnosed with a terminal illness with a max life expectancy of six months, or if you’ve been confined to a nursing home for six months and are expected to be in the nursing home permanently. There is no extra charge for this rider.
Accidental death benefit rider. Pays an additional death benefit on top of the base policy’s benefit if the death resulted from qualifying accidental injuries.
Child protection rider. Provides coverage for all eligible children (ages 15 days to 18 years old) in one rider. Available coverage ranges from $10,000 to $100,000.
Disability waiver of premium rider. If you become totally disabled as a result of a qualifying event, premiums are waived (after a six-month waiting period). Rider ends on the policy anniversary nearest your 65th birthday.
Prudential provides up to $1 million coverage between the time of application and your medical exam, and it lasts until full coverage kicks in, you cancel your application, or your application is declined. Temporary coverage is not available for applications over $5 million.
The policy is convertible to a permanent policy before the end of the term or before the first policy anniversary on or after your 65th birthday. For issue ages 60 to 75, the conversion period ends after five years. You can convert two term policies to one survivorship policy. You won’t need to go through another medical exam to convert.
Policyholders can get the chance to lower their premiums through rate reconsideration. Most people, including smokers, must wait a year before their rates can be reconsidered. Reductions related to height and weight may be available after two years.
Prudential’s more “elite” version of Term Essentials provides similar coverages and has all the same riders, issue ages, and benefit amounts. The main difference is it’s possible to receive a credit on your first-year premium when you convert to a permanent policy within the first five years. Otherwise, this is basically the same policy as Term Essentials.
Permanent life insurance
Prudential offers various universal life insurance policies, including indexed universal, variable universal life, and survivorship policies.
In general, we don’t recommend these types of policies for their complexity and high expense. Most people will be better off with a term life insurance policy and a more traditional investment tool like a savings account. You can read more about why we don’t suggest applying for universal life insurance here.
Prudential does not offer whole life insurance policies.