Prudential Life Insurance Company
The Company and Its HistoryPrudential was founded in 1875 in Newark, New Jersey, by insurance agent John Fairfield Dryden. The company began in a basement office as “The Prudential Friendly Society.” The goal of Dryden was to make insurance coverage available to the working class people, and it sold primarily industrial insurance – a type of coverage that provides burial and funeral coverage for low income families. At that time, some of the policy premiums were as low as three cents per week. Within just a few years, The Prudential Friendly Society expanded into Philadelphia and New York City, and its assets had reached $1 million. By 1885, the company had even sold its one millionth policy. That year, the company’s name was also officially changed to The Prudential Insurance Company of America. It also adopted The Rock of Gibraltar as its company symbol. Today, Prudential serves customers in 41 countries and territories, and it has roughly 47,000 employees around the world. The company holds approximately $1.176 trillion in assets under management.
Products Offered By PrudentialPrudential offers a variety of insurance and annuity products to both consumers and the business market. For consumers, the following insurance products can be found:
- Term Life Insurance – Term policies provide “temporary” protection for a set period of time, such as for 10 years, 15 years, 20 years, or 30 years. This type of coverage can be quite affordable – especially if the applicant is young and in good health at the time that he or she is applying for coverage. If you are not in the best health and you feel a policy for life insurance with no exam is the best way to go for you, we can help find the best carrier for your needs. This is because term life provides only pure death benefit protection, without any type of cash value or investment build up. Term life can be a good choice for those who are seeking to pay off the balance of a mortgage or other temporary needs, as well as for those who are looking for a large amount of death benefit protection but who do not have a large premium budget.
- Universal Life Insurance – Universal coverage provides both death benefit protection, as well as a cash value component. The cash value is allowed to grow on a tax deferred basis, meaning that no tax is due on the gain of the cash value until the time it is withdrawn. This means that the cash can essentially grow and compound exponentially over time. Universal life insurance offers policy holders a great deal of flexibility in that they can choose – within certain parameters – when they make their premium payment, as well as how much of that payment is allocated to the death benefit and how much of it is allocated to the cash value component.
- Variable Universal Life Insurance – Similar to regular universal life, variable universal policies provide a death benefit and a cash value component, along with tax deferred growth. However, the cash value component is tied to an underlying market performance. This provides the policy holder with the ability to grow their cash even more – provided that the market performs favorably. Conversely, these policies can also be more risky if the market has poor performance.
Financial Strength RatingsPrudential holds strong ratings from the ratings agencies. These include the following:
|A.M. Best||Standard & Poor’s||Moody’s Investor Services||Fitch Ratings|