Prudential Life Insurance Review
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UPDATED: Jun 7, 2011
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The Prudential Life Insurance Company started business as the Prudential Friendly Society in 1875. John Fairfield Dryden, an insurance agent, started the business in his basement office in New Jersey. Mr. Dryden’s new company was the first in the US to offer life insurance coverage that was affordable for working class families.
The Prudential company started by selling industrial insurance that provided low-income families with coverage for burials and funeral expenses. Premiums were paid weekly, with some costing as little as three cents. The company grew quickly, and after four years was expanding its reach to customers in the newly developing middle-class. In 1885, the company sold its one-millionth policy to its founder John Dryden. The company had already reached $1 million in assets. The company was renamed the Prudential Insurance Company of America, and for over 135 years this Fortune 500 and Fortune Global 500 company has continued to help its customers achieve the financial security they need and the peace of mind they want.
Prudential’s Financial Strength
The four top rating agencies, A.M. Best, Standard & Poor’s, Moody’s and Fitch rating services follow the Prudential Insurance Company. The company currently (2010) has an A+, AA-, A2 and A+ rating from each of the companies respectively. Each of these ratings place Prudential in the “excellent” category for financial strength.
Prudential Life Insurance Products
Prudential Life offers a wide range of life insurance products including the popular term life, universal life and whole life products. However they also offer many other life insurance options including:
- Permanent Life Insurance
- Variable Life Insurance
- Survivorship Life Insurance
- Long-Term Care Insurance
- and more
The company also offers annuities, mutual funds and brokerage services, retirement accounts and other retirement services. Additionally, Prudential provides services to commercial and institutional entities. The company has additional operations and sells products in over 30 countries in Europe, Asia and Latin America.
Prudential Customer Service Review
Prudential offers support online for the majority of its products. A database with quick answers to client service questions is also maintained on the company’s website along with support numbers to call with any additional issues. A wealth of information resides on its website to educate consumers on specific insurance products. Additionally, the website has several calculators and guides to help families and individuals understand their options and prioritize the types of products that might fit their situation and needs.
Prudential helps customers think in terms of financial strategy, even when it is difficult to do so because of the immediate demands and day-to-day needs of consumers and their families. Prudential helps analyze the needs of its customers, and in addition to life insurance provides solutions for financial planning, retirement planning, education funding and estate strategies. The company also provides assistance on financial matters that are specific and important to women in various life stages, as well as assistance to small business owners who need to plan for retirement, business continuity and executive compensation.
Prudential’s Advertising Campaigns
The Prudential Insurance Company adopted the rock of Gibraltar as a symbol for the company’s strength, and the security and peace of mind it provides to its customers. The company uses the slogan “Get a piece of the rock” and promotes the company’s expertise and innovative solutions that help provide coverage for individuals and families in all types of situations.
Prudential’s newest ad campaign invites Americans to “bring your challenges” to Prudential. The company wants to highlight some of its clients’ difficult challenges that have already been resolved during the recent difficult economic environment, including helping consumers plan and adjust their retirement and lifetime income, mitigating risk to investments and pension plans, and helping consumers find adequate insurance that still fits within their budgets. The company’s goal is to assist consumers in resolving not just short-term issues but to plan for long-term goals that will benefit clients and their families.
Finding the Right Life Insurance
Choosing the right type of life insurance policy depends on quite a few factors. This includes the family budget, the amount of necessary coverage and the length of time the coverage is needed. Before speaking with an agent regarding a life insurance purchase, consumers should take advantage of some of the free information and coverage calculators Prudential and other life insurance companies offer on their websites. The information gives detailed descriptions of each of the insurance types, along with the features and benefits of each type of coverage. The more informed you are, the easier it is to make the right choice on a life insurance policy that fits both your family’s needs and budget.