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The History of Prudential Life Insurance ~ 143 Years of Financial Security
Prudential life insurance was founded in 1875! Prudential financial company is located in Newark, NJ. The first Us Company to make life insurance affordable to hard working people. Back then, the name was the Prudential Friendly Society. The niche’ was industrial insurance.
This insurance was founded by John Fairfield Dryden (Senator of NJ) known as the “father of industrial insurance.” This provided funeral and burial expenses for low- income families.
I kid you not, the weekly premiums were three cents! My goodness, how times have changed! 🙂
In 1877 the company changed its name to The Prudential Insurance Company of America. And Prudential has been evolving ever since.
About Prudential Insurance ~ What You Really Need To Know!
As a company, Prudential has several strong qualities that are appealing to those looking for life insurance. Cost of life insurance always varies, depending on which company you ask, as well as how old you are, how much you weigh, whether or not you smoke, etc. You can find companies that have no medical exam policies, but the policies can be significantly more expensive.
Before we get into more about Prudential, we have a couple of recommendations. First off, it’s important to get life insurance as soon as possible — the longer you wait, the more your rates will go up with age, and the higher probability that you will pass away leaving your family with debts and no financial protection. After all, life insurance in your 50’s is much more expensive.
Secondly, we recommend that you browse through several life insurance companies before deciding on one. This allows you to find the best rates and gives you more policy options. There are many great life insurance companies out there, such as Protective Life or American General AIG. Now, let’s begin the review of Prudential’s products and services…
How Stable is Prudential ~ Insurance and or Annuities
As we spoke about above, Prudential has been around for a while — over 140 years is a long time. In addition, it’s established itself as one of the biggest financial companies worldwide and serves clients from around the world. With over $1 trillion in assets, and nearly 50,000 people working for them, it’s safe to say that Prudential is here to stay. Their financial strength is next to none!
Looking at how rating agencies rate insurance companies is always a useful way to see how stable a life insurance company is. Prudential, unsurprisingly, receives extremely high ratings on average.
Underwriting ~ Prudential’s “Sweet Spots”
*The following is a guideline that Prudential is known for. However, I tell my clients that everyone’s health and lifestyle is different. Underwriting is based on the individual. The carriers have their guidelines. But, there is no “one size fits all.”
- Smokeless Tobacco Use ~ Standard Plus NON-SMOKER. Only if you have NOT smoked cigarettes in 12 months.
- Medical Marijuana ~ Preferred Plus!!! ~ Prudential rates medical marijuana on the reason why you are prescribed the medical marijuana.
- DUI’s ~ within last 12 months you will be rated a table 2
- Sleep Apnea ~ one of the few, if not the only carrier that will go Preferred on a sleep case if the insured uses a CPAP. (Consult with your independent agent, as underwriting policies change often)
- Anxiety/Depression ~ Prudential has offered Perferred + many times. (Again, always check with your independent agent, as policies change and there is no “one size fits all” in life insurance. Everyone’s health and lifestyle is different)
A few perks that Prudential life insurance offers are
- Age Last Birthday rates ~ Not nearest.
- No problem underwriting ~ No MD exams (paramedic exam may be required)
- Treadmill ECG test ~ NOT always required! Lucky for YOU!!! Even if you are in the best of shape like The Rock, who wants to do that test! 😉
Prudential Life Insurance Company ~ Types of Policies
- Term Life Insurance ~ such as 10, 15, 20 and 30 years. (See note below about Term Essential*)
- Universal Life Insurance
- Variable Life Insurance
Life Insurance Protection with Prudential
The Purpose of life insurance is for your loved ones to carry on without you. That way what you have envisioned for their lives stays in tact in your absence. As we know in the United States what it takes to raise a family today. When we marry and start a family, we have to think the long term. Such as the following:
- Pay off debt
- your children’s college
- pay off your mortgage
- pay for final expense/burial
- Replace your income
Put a policy in policy today, so you can get back to living life tomorrow knowing your family is secured with term essentials for years to come!
Term Life Insurance with Prudential
A term policy is good for a predesignated amount of time. In fact, the 10 year Term life insurance is the most basic kind of protection. Further, it’s important to understand that only a death benefit paid is upon death. Ideal for people on a budget, or for those that don’t want to be tied to a permanent life insurance yet.
Here’s a list of Prudential’s term life insurance options:
- Term Essential*
- Term Elite
- PruTerm WorkLife 65
- PruLife Return of Premium Term
- PruTerm One
*Term Essential will offer you a conversion option and a living needs benefit. Meaning you may convert your policy to a permanent policy (we will cover permanent policies below). This is Guaranteed. And the best part is, you will not be required to take another medical exam! How fantastic is that? True Story! Even if your health has changed. However, you will not be denied a permanent policy that can last for as long as you live.
Get this! There is another benefit to term essential. If you are diagnosed with a terminal illness Living Needs Benefits will pay out a portion of the death benefit while you are still living. This is an accelerated death benefit. Meaning, Not a health, nursing home or long-term care insurance benefit. This is not meant to forgo traditional need for life insurance.
Customize your Policy with Prudential additional Riders
For an additional premium, you can customize your policies with one or more of the following:
- Accidental Death Benefit ~ if your death is a direct result from an accident.
- Waiver of Premium ~ Which means, if you become disabled, the carrier will forgive your premiums.
- Children’s Protection Rider ~ additional coverage to provide life insurance for your children while they are young.
Permanent Insurance Coverage ~ Prudential Life Insurance
For Prudential’s permanent life insurance coverage, you’ll need to choose between universal life insurance and variable universal life insurance. They also offer a unique deal that can cover two people at once with just one policy.
Not only do universal life insurance policies give you lifelong protection, but it also gives you the opportunity to build up cash value, tax-free! In this way, you can think of your life insurance as an even better investment.
Prudential Universal Life Plans
Below, we’ll list off some of Prudential’s universal life insurance plans:
- Universal Protector
- Universal Plus
- Index Advantage UL
- SUL Protector
- Founders Plus UL
Now, let’s take a look at Prudential’s variable universal life insurance options:
- VUL Protector
- PruLife Custom Premier II
Does Prudential Offer High Risk Insurance Policies
Prudential is a well-established and successful insurance company, which means they can be more lenient with their underwriting. That is to say because they have enough money to back themselves, they aren’t as concerned with taking on potentially high risk clients like less established life insurance companies may be. While you may be declined by companies like Banner Life and Transamerica, there is a good chance that Prudential will make you an offer.
Where can I get a Life Insurance Quote
Here at PinnacleQuote, we know the ins and outs of the industry. With this in mind, once we learn about you, we’ll be able to use our extensive list of connections to get you set up with the best possible life insurance company for your situation. Working with us will save you a lot of money on your policy, and a bunch of time and hassle, since we do all of the research and comparing to you.
Prudential Investment Management Services llc
Many clients ask, can I withdraw my money from Prudential retirement? yes, however if you withdraw your funds before age 59 1/2 years of age you will be charged a penalty. The penalty is 10%. This is taxed as income if you do so.
Prudential Life Insurance Address
Although PinnacleQuote is here for all your life insurance needs, there may come a time you need their direct address for retirement and pension plan information:
- Prudential Annuities
- P.O. Box 7960
- Philadelphia, PA 19176
Where can I get the Best Quote for Life Insurance ~ and Recap
First, You do NOT pay PinnacleQuote a Dime! Here is why….
PinnacleQuote is here to help. Call us today to re-eval your current policy. Most likely you are over paying by up to 20% or even more in some cases. Many clients don’t know they are over paying on their current policy until they call us to re-eval. At PinnacleQuote, we strongly recommend this. We WANT to put that $$$ back in your pocket, where it belongs! We also recommend starting this process prior to your policy anniversary.
Second, Ask us tons of questions! We are here for YOU. In addition to Prudential life insurance, we can help set you up with the best life insurance companies . In addition, find you the most reasonably-priced policies for you.
Third, working with us will save you a tremendous amount of time, energy, and money. We welcome you to do research. That way when you do call we can answer all your questions.
Remember, we work for YOU. Not the carrier. You pay us nothing, so even if you have questions, it cost you nothing. In fact, we work for free until you agree to file an application. You do not pay us anything. When your policy goes in force, the carrier pays us directly.
Finally, I want to be clear, our priority is to make sure you ARE NOT OVERPAYING! We have no interest in putting you in a policy or with a carrier that is not in YOUR FAMILY’S BEST INTEREST!
Above all, PinnacleQuote will provide you the best service to protect your family.