Prudential Financial, Inc. has been in the financial services business and has been serving customers for almost 140 years. This organization provides financial solutions for both individual and institutional clients by helping them grow and protect their wealth.
Presently, Prudential is regarded as one of the largest financial services organizations in the world, as it assists clients not only in the U.S., but also in Europe, Asia, and Latin America. Mainly because of this, the insurance company had one of the most distinctive and respected brand symbols all over the world – the Rock – which is suggestive of its reliability, durability, creativity, and expertise. Prudential, also referred to as Pru, is based in Newark, New Jersey.
As of early 2015, Prudential Financial held more than $1.2 trillion in assets under management. The organization has approximately 48,000 employees around the world tasked with helping to service its giant – and growing – customer base.
Company Financial Ratings
Prudential and its subsidiaries continue to enjoy extremely high ratings from all of the top company rating services. These ratings indicate the continued strength of the management team and that the company will have no issues meeting its financial obligations.
|A.M. BEST||STANDARD & POOR’S||MOODY’S||FITCH|
Term Life Insurance from Prudential
Prudential currently offers several Term Insurance products, all of which come with various optional riders that allow applicants to design a term policy that will meet their specific needs with very affordable life insurance quotes.
Term Essential – The Term Essential selection offers a level premium duration of 10, 15, 20, or 30 years. This product also offers the insured the option to convert their term insurance policy into a permanent policy at the end of the policy period or at age 65, whichever comes first. This particular insurance policy may also be modified with selected types of policy riders such as Accidental Death Benefit, Children’s Protection Rider, Living Needs Benefit, and Waiver of Premium.
Term Elite – The Term Elite product also provides the option for level premium periods of 10, 15, 20, or 30 years. This product also provides the option to convert the policy to available permanent life insurance coverage at age 65 or 5 years from the issue date – whichever is later.
With the Term Elite product, if you choose to convert to a permanent policy within the first five years, you will receive credit on your first-year premium. This can help make the transition from term to permanent coverage a bit easier. Here as well, the insured has the option of adding various optional riders to his or her insurance policy.
PruTerm WorkLife 65 – When you select the PruTerm WorkLife 65 product, the periodic premium remains level until the insured turns 65. For most individuals, this would mean that the insurance coverage will remain in force throughout the policyholder’s working years. This policy can also be convertible to permanent life insurance in specific instances.
PruLife Return of Premium Term – Prudential also features a return of premium term life option. By selecting this option, the insured has the security of term life insurance protection, along with the guarantee that his or her paid premium dollars will be returned to them if they outlive the level premium period (provided that certain conditions have been met). Additionally, this insurance policy also permits the individual to accelerate their death benefit if they are diagnosed with a terminal illness and need the funds prior to death for paying medical expenses – or for any other reason that they see fit. It is significant to note that any policy advances that are taken out will be subtracted from the death benefit that is eventually paid to the beneficiary.
PruTerm One – PruTerm One is a one-year insurance policy and is typically used as a solution if you are a business owner who is paying off a short-term loan. This option is also a great fit for those who are between life insurance policies and need temporary coverage at very low rates.
What About Marijuana Underwriting?
Most independent insurance agents across the country consider Prudential as one of the most “marijuana friendly” life insurers. Without a doubt, Prudential’s underwriting guidelines regarding marijuana use are quite liberal compared to many other top-tier life insurers. In fact, when most insurance companies automatically classify a marijuana user as a smoker, Prudential is not so quick to jump to this very high rating. Prudential’s underwriting criteria for marijuana users are as follows:
- Under age 20 and marijuana use is an automatic decline
- Over age 20 and usage of 3 or less times per week – Non Smoker
- Over age 20 and usage of 4 to 6 times per week – Table B
- Over age 20 and usage of 7 or more times per week – Decline
If you are concerned about what drugs your insurance company will look for, check out our post about the drug tests life insurance companies use. Most companies are now testing for drugs to be considered for life insurance.
What about Prudential’s Term Life Insurance Quotes?
Yes, yes, and yes! Since Prudential in one of a handful of companies that will not automatically classify you with smoker rates (which are more than double than non-smoker rates), their term life insurance quotes are considerably less than their competition.
Here is an actual rate chart showing term life insurance quotes for marijuana users with the following assumptions:
- $250,000 Death benefit
- 20 Year Term
- Marijuana use of twice per week
- Non Tobacco
- Regular health class
|Male Non Smoker||Female Non Smoker|
It’s also important to note that your actual rate will depend on your actual age along with any current health issues. These quotes do not take into consideration any additional riders.