Prudential life insurance review: Best for seniors
Prudential is a well-rated insurance company with great options for seniors, people with a variety of immigration statuses, and people with mental health conditions.
By
Logan SachonLogan SachonSenior Managing Editor, Life Insurance & ResearchLogan Sachon is a former senior managing editor of life insurance and research at Policygenius. As a journalist, her work has appeared in The Guardian, Business Insider, CNN Money, BuzzFeed, Money Under 30, VICE, New York Magazine, and elsewhere.&Alani AsisAlani AsisContributing WriterAlani Asis is a contributing writer at Policygenius, focusing on insurance company reviews. She is a former Personal Finance Reviews Fellow at Business Insider, and her work has also appeared in LendingTree and Sound Dollar.
2024 Policygenius award winner
Prudential
Policygenius rating
Our proprietary ratings methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the “Ratings methodology” section for more details.
4.1
AM Best rating
AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).
A+
Cost
Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).
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Policygenius awards
Best life insurance for seniors 2023
The bottom line
Prudential is an excellent choice for people over 60, offering the most competitive rates for people in this age group. It also offers good options for people with a variety of immigration statuses and people with certain mental health conditions. Younger people in good health, however, can generally find better rates elsewhere.
Pros
Good for people over 60
More flexible income requirements than some other insurers
Considers applicants with a variety of immigration statuses (visas and green cards)
Cons
Younger applicants will likely find better prices elsewhere
Basic coverages offered
Term life insurance: TermEssential® is a traditional term life insurance product available for coverage amounts starting at $250,000, for term lengths of 10, 15, 20, or 30 years.
No-medical-exam term life insurance: PruFast Track is Prudential's no-med term option. It is available for people 18 to 60 for $250,000 to $3 million in coverage.
Short-term life insurance: Prudential’s PruTerm One ℠ is a short-term life insurance policy with premiums that increase annually. (Note: This product isn't available through the Policygenius marketplace.)
Universal life insurance: Prudential offers several universal life insurance policies, including PruLife Essential UL, a guaranteed universal policy, and PruLife SUL, a second-to-die or survivorship policy.
Indexed universal life insurance: Prudential offers several indexed universal life insurance policies, including PruLife Founders Plus UL, Prulife Index Advantage UL, and PruLife Survivorship Index UL. (Note: These products are not available in the Policygenius marketplace.)
Additional coverages offered
Living Needs Benefit℠ rider: For no additional cost, this rider, also known as an accelerated death benefit rider, lets you access a portion of your policy’s death benefit if you’re certified as terminally ill.
Accidental death benefit rider: For an additional cost, this rider provides additional death benefit to your beneficiaries if you die from a qualifying accident.
Waiver of premium rider: For an additional cost, this rider ensures you don’t have to pay your life insurance policy premiums during a period of qualifying disability.
Children’s protection rider: For an additional cost, this rider adds life insurance coverage to the insured’s minor children.
Ratings methodology
Price
4.2/5
Our price rating scale looks at life insurance rates for a sample 20-year term policy with a $1 million coverage for a 35-year-old female non-smoker with a Standard Plus risk classification, the rating an insurance company gives you that determines your rates (if a company doesn't have a Standard Plus rating, we use its Standard rates). The quote we got from Prudential puts it in the second least expensive category for our rating system.
Customer experience
3.0/5
Our customer experience scale looks at the latest data from the National Association of Insurance Commissioners (NAIC) complaint index. Prudential has more complaints than expected for a company of its size, with an index rating of 8.65. Since the industry average is 1.00, Prudential receives 765% more complaints than the average life insurance company.
Transparency
4.1/5
Prudential scores relatively well on our transparency rating scale. The company makes it easy to contact an insurance expert via phone, email, online support center, and live chat. Additionally, the Prudential website features financial strength ratings from A.M.'s Best, Standard & Poor's, Moody's, and Fitch. However, Prudential's website excludes some details, like minimum and maximum coverage amounts and average quotes, which you can only find by speaking to a Prudential insurance agent or using Prudential's quote tool.
Financial strength
4.3/5
Prudential receives high marks for financial strength, meaning that the company can consistently and reliably pay out claims to its customers. We determine our financial strength rating based on three industry-leading credit rating agencies: A.M. Best, Standard & Poor’s, and Moody’s. Prudential received an A+, AA-, and Aa3, respectively.
A closer look at Prudential life insurance
Who is Prudential best for?
Prudential life insurance is best for people over 60 who might have trouble finding affordable policies elsewhere. Prudential is excellent for those with aging-related conditions such as osteoporosis or osteoarthritis to get the coverage they need at a competitive price.
What makes Prudential unique?
Prudential is a good option for policyholders over the age of 60. In fact, Prudential is our pick for the best overall life insurance for seniors. With flexible income requirements and great living benefits for seniors, retirees can count on Prudential for coverage at an affordable cost. Additionally, Prudential doesn’t require a Social Security Number, meaning visa and green card holders can qualify for coverage.
Who should consider a different life insurance company?
While the company offers attractive rates for senior clients, Prudential's premiums are on the higher end. So, if you're a younger, healthy adult in the market for life insurance, consider checking out our picks for the best life insurance companies for young adults.
Expert opinions on Prudential
"Prudential is a good option for people over 60 and for people with a variety of green cards and visas, who may have a harder time finding coverage. They also have a solid no-med-exam term policy with coverage up to $3 million." —Matt Burke, licensed life insurance specialist at Policygenius
Prudential life insurance rates
The chart below shows average monthly premium prices for a 20-year term life insurance policy with $500,000 in coverage for non-smokers in a Preferred health classification; quotes are based on the Policygenius Life Insurance Price Index methodology.
Age/Sex
Prudential average
Industry average
25-year-old female
$29.56
$21.08
25-year-old male
$40.73
$26.90
35-year-old female
$34.35
$25.58
35-year-old male
$43.80
$30.34
45-year-old female
$58.02
$47.86
45-year-old male
$67.89
$60.76
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Prudential history, reputation, and social responsibility
Founded in 1875, Prudential manages $4 trillion in life insurance worldwide and operates in over 40 countries. More than 40,000 workers and sales associates worldwide work for the company, under CEO and chairman Charles F. Lowery. Prudential is also a publicly traded stock company on the New York Stock Exchange under the stock symbol PRU. [1]
Prudential is making strides in its corporate sustainability initiatives. The Climate Change Steering Committee was formed to address climate-related risks, reduce its carbon footprint in its offices domestically and abroad, and incorporate an environmentally conscious framework in the portfolios it oversees. For example, the company made efforts to restrict new investments in companies with 25% of its revenue from thermal coal. [2]
Prudential in the news
In November 2022, Prudential launched an ad campaign produced by McCann that focused on using positive moments to secure your financial future — an invitation to think about when things go right. (ThinkAdvisor)
In November 2022, Prudential launched its FlexGuard® Life Indexed Variable Universal Life product. (Insurance NewsNet)
In November 2022, Prudential released the research survey “Generational Gap Grows: Work & Money Outlook Divided,” which found that younger generations are seeking financial balance in their lives. “The pandemic had a disproportionate impact on women, both professionally and financially,” said Caroline Feeney, CEO of Prudential’s U.S. Insurance & Retirement Businesses. “At Prudential, we seek to understand the life events that impact today’s women and the barriers they face when it comes to investing, insurance, and retirement security. We want to help solve financial challenges for all by designing and tailoring solutions to meet unique needs and financial wellness goals.” (Prudential)
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Prudential vs. other life insurance companies
Compare Prudential to similar life insurance companies using the table below.
Policygenius uses external sources, including government data, industry studies, and reputable news organizations to supplement proprietary marketplace data and internal expertise. Learn more about how we use and vet external sources as part of oureditorial standards.
Logan Sachon is a former senior managing editor of life insurance and research at Policygenius. As a journalist, her work has appeared in The Guardian, Business Insider, CNN Money, BuzzFeed, Money Under 30, VICE, New York Magazine, and elsewhere.
Alani Asis is a contributing writer at Policygenius, focusing on insurance company reviews. She is a former Personal Finance Reviews Fellow at Business Insider, and her work has also appeared in LendingTree and Sound Dollar.
