It can be difficult to find the right insurance company because there are so many options, and that means hours and hours of research. One company that has always been a safe bet when it comes to life insurance policies is Prudential. The company has a product line to rival anyone in the industry, and offers great coverage options that will meet the needs of every person.
Prudential is probably the best and biggest financial and insurance company in the United States. It has consistently ranked right at the top of the best life insurance providers in the country, and will remain there for generations to come.
Established in 1875 under the name of The Prudential Friendly Society by an insurance agent, the company offered low-income families with industrial insurance. The company quickly acquired assets worth $1 million in 1885, and then underwent a name change, which it currently holds. The Prudential Insurance Company of America offers excellent financial security and strength through their products to all its customers.
The company moved into financial and retirement services in 1923, after writing its first group pension plan, and bought the Empire State Building in 1961. The company sold the building in 1991, and when the financial crisis of 2008 came around, Prudential was one of the few companies that didn’t need any financial bailout, and that earned them their solid reputation for being an absolute “ROCK’, which is also the logo of the company.
Prudential had been owned by policyholders in the beginning and functioned like a mutual life insurance company, but it revamped its structure later. Now it is one of the biggest and best insurance and financial product provider in the United States.
Prudential Life Insurance Company Ratings
There are very few companies that can offer better financial ratings and strength than Prudential. The company has more assets that are valued at more than a trillion dollars! It employs over 50,000 employees, and has operations in more than 41 countries around the world. Prudential has an incredible reputation in the industry for being financially strong, and has received the highest ratings from all the major financial ratings agencies in the United States.
The company was given the following ratings:
- A.M. Best rating — “A+, Excellent”
- Standard & Poor’s rating — “AA-”
- Fitch – “A+”
- Moody’s – “A1”
Prudential was ranked as the best life insurance company in 2013, and had net life insurance premiums of over $13 billion! The company has an impressive track record when it comes to accolades and awards, both internationally and nationally.
Prudential was ranked 3rd in the category of ‘Most Admired Company in the World”, and was also awarded and recognized for employing working mothers, and its diversity. The company has also scored perfect marks on human equality over the past decade.
Prudential Insurance Products
When it comes to life insurance products, Prudential offers an extensive range of options, which include the following:
- Indexed Universal
- Variable Universal
Prudential offers 6 different products in term life, which include:
- Term Essential®
- Term Elite®
- PruTermWorklife 65®
- PruLife® Return of Premium Term
- PruTerm® One
All 6 options have their own benefits and are perfect for anyone looking for affordable life insurance.
MyTerm® offers death benefit from $50,000 to $250,000 with no medical exam required.
Term Essential® offers affordable 10-to-30-year term life insurance.
Term Elite® offers you the chance to convert your policy into a permanent one. It is like Term Essential® and offers conversion privileges.
PruTermWorklife 65® is a niche product that is unique to Prudential for people who want one policy to cover their entire working career. The policy covers people till the age of 65, and comes with built-in features that may waive premiums for disability and unemployment for individuals that meet certain criteria.
PruLife® Return of Premium Term returns all premiums paid, if they manage to outlive their policy.
PruTerm® One has annual renewable terms and is for people, who only need coverage for a short time. It is an affordable choice and offers death benefit coverage for a maximum of 4 years to cover brief or temporary needs.
If you want a life-insurance policy that lasts for your entire life, then Prudential offers Universal Life. There are 3 options offered by them, which are:
- PruLife® Universal Protector
- PruLife® SUL Protector
- PruLife® Universal Plus
The PruLife® Universal Protector policy offers guaranteed death benefit for all ages and for your entire life. Think of this policy as a life-long term life insurance that can be customized to a specific age if desired.
PruLife® SUL Protector is similar to Universal Protector , but offers coverage for two people. The policy is used typically for transferring estates or wealth, and doesn’t payout a death benefit until both policyholders are dead.
PruLife® Universal Plus is a permanent policy that builds cash value at a variable interest rate. This policy is designed for smaller death benefit amounts and comes with limited guarantees relative to the Universal Protector.
Indexed Universal Life
The indexed universal policies from Prudential are a less common option, and include the following:
- PruLife® Founder’s Plus UL
- PruLife® Index Advantage UL
- PruLife® Survivorship Index UL
The PruLife® Founder’s Plus UL, lets you choose between growth tied to the market like the S&P 500 or choose a fixed interest rate with strong secondary guarantees. This policy is more death benefit focused and a good option for people entering or in retirement for their life insurance needs.
The PruLife® Index Advantage UL offers a death benefit with the ability to generate cash value through index-based interest crediting. This type of policy is better suited for individuals focused on cash value growth with a floor limiting investment loss.
The PruLife® Survivorship Index UL has a dual-life structure to designed for estate planning and wealth transfer. This contract builds cash value with an index strategy and comes with strong secondary guarantees.
Variable Universal Life
Prudential offers two different options when it comes to their variable universal life insurance products, which include the following:
- VUL Protector®
- PruLife® Custom Premier II
The VUL Protector® offers strong life-long guarantees with a focus on death benefit protection. The cash value can be invested in mutual-fund-like subaccounts for those with a higher tolerance for investment risk.
The PruLife® Custom Premier II offers death benefit protection, but is designed with a long-term cash value growth focus in mind.
The Bottom Line
When it comes to life insurance companies, there are only a select few that can stand at the top with Prudential Insurance Company. It is an iconic institution all over the world, and continues to deliver outstanding financial and insurance products to its customers. If you are looking for a solid life insurance company, then there aren’t many that are better than Prudential.
To find out about membership benefits, insurance products and services offered by Prudential Financial, you can visit the Prudential website or call (973) 802-6000.