Deciding upon life insurance providers can be difficult, especially if you are older, have diabetes, or smoke. How do you know where to start?
We work with the best life insurance companies, Prudential, being one of them.
Depending on your life insurance needs, Prudential may be the right life insurance provider for you and your family.
In this article, we will take a deep look into Prudential’s life insurance policies, rates, who they are best for, and how they compare to other options.
Overall, Prudential has very competitive life insurance rates and is ranked as one of the best life insurance companies on the market.
Prudential life insurance policies are also very affordable for smokers, and people with other medical conditions such as diabetes.
This affordable life insurance coverage is one area where Prudential stands out and excels.
Now, let’s take a deeper look at some of Prudential’s life insurance products.
Prudential Life Insurance Policies
Prudential Financial Insurance Company offers these types of life insurance:
It is important to understand the differences between these products, before determining which one is best for you and your family.
Let’s take a quick minute to explain these different types of life insurance policies offered by Prudential.
Term Life Insurance
Term life insurance policies are issued for a set time period or term. These terms are usually 10 to 30 years, and often offered in 5-year increments.
Term life insurance policies expire once the term is over, but can be renewed annually after that, or could be converted to a permanent life insurance policy prior to expiration.
Permanent life insurance policies are the opposite of term life, coverage lasts your entire life. These policies often have cash value appreciation over time and offer other benefits that term life policies do not. They are also more expensive as a result of them having guaranteed payouts.
Universal Life Insurance
Universal life insurance policies allow for excess premiums to be paid into the policy, which counts towards the cash value of the policy. This can lead to faster accumulation of cash value, and more long-term gains over time.
Indexed Universal Life Insurance
Indexed universal life insurance is a type of permanent life insurance. Indexed universal policies get their name from the way that the policies can accumulate cash value over time. Policyholders have the choice to invest in various indexes which determine their returns.
Don’t worry, these policies usually have a minimum guaranteed return, or at least prevent losses.
Variable Life Insurance
Variable life insurance is also a type of permanent life insurance, that additionally allows the variance of payments over the life of the policy. For example, some months you can pay less than your average premium, and some months more, as needed.
These policies also gain cash value over time, and there are a number of vehicles which can be chosen to do so with.
Term Life Insurance Policies
Prudential offers several different term life insurance products, they are:
Term Life Insurance Rates
Here is a sample of some term life insurance rates for Prudential.
Note that all rates are for people in excellent health, who are non-tobacco smokers, and that all term policies are for $500,000 of coverage.
Permanent Life Insurance Policies
Prudential offers several different permanent life insurance products, they are:
Prudential offers universal life insurance, which as we discussed earlier, allows for flexible premium payments and fast cash value accumulation. This type of life insurance policy is considered great for people in the real estate business, and people who are looking to really utilize the full potential of their permanent life insurance policy as an investment vehicle.
Indexed Universal Life
Prudential offers three types of indexed universal life insurance, which each focus on a different aspect of coverage:
The first two just offer different premium payment options in order to either maximize cash value growth or death benefit when the policy begins.
Survivorship life insurance focuses on insuring couples and protecting the remaining spouse in the event of the death of one.
As we discussed earlier, these policies are invested in a market index, and cash value is built based on the performance of the index.
Variable Universal Life
Variable life insurance offers the same payment flexibility as indexed universal life, with a higher potential gain. These policies also can be broken down into investments in subaccounts, which each perform on their own. This can be used to maximize cash value gains.
Policy Riders Options
Prudential also offers some great life insurance riders, which are essentially add-ons to life insurance policies.
These cost additional premiums but are very low in cost. Here is a list of some of the life insurance riders offered by Prudential:
Tobacco Users and Prudential
Prudential is one of the best companies out there for tobacco users. If you chew tobacco, for example, this company offers ideal life insurance policies because they do not have different ratings for people who chew tobacco.
By comparison, other companies will place you in a different class if you use any type of tobacco product including chew, dip, cigars, nicotine gum, and nicotine patches. Not every company is as accommodating of people who are trying to quit or people who are not habitual users. Prudential is different.
Below is a real-life example of the savings someone who chews tobacco could have on their $1,000,000 policy between different companies:
|Company||20-year term||30-year term|
|Prudential||$103 per month||$147 per month|
|AIG||$214 per month||$366 per month|
|Total policy savings||$26,628||$78,872|
How Do You Know Which Plan to Buy?
Each situation is different and that is why if you are considering one of the Prudential life insurance plans you should speak with an agent who works directly for the company to evaluate your lifestyle and health situations to best determine which policies and potential riders are favorable.
Depending on your situation and financial needs, Prudential may or may not be the best life insurance company for you and your family.
The best thing to do while searching for life insurance policies is to speak with an independent life insurance agent. We can help you compare dozens of rates from the best life insurance companies to identify the best life insurance policy for your family.