Last Updated: March 2020
How in the world are you going to choose between the 6,000 insurance carriers out there? Luckily, we are here to help. We’ve reviewed dozens and dozens of insurance companies to help you find the one that’s going to work best for you.
One of the most popular life insurance companies that we work with is Prudential. They’ve been in business for a long time, and they currently hold hundreds of thousands of insurance plans and continue to provide insurance coverage to millions of people across the United States.
If you own a term life insurance policy with Prudential Life Insurance, you can convert your policy to a permanent one with no evidence of insurability. We help consumers convert their Prudential term life insurance policies even if we’re not the agent on the policy.
This article will provide information on Prudential’s products and conversion options:
- About Prudential Term Life Insurance
- All 4 Prudential Term Life Insurance Conversion Options
- Prudential Term Essential
- Prudential Term Elite
- SimplyTerm
- PruTerm One
- Universal Life Insurance Products
- Term Life Insurance Conversion at Prudential vs Other Companies
Life Insurance is Boring. Let’s Get To The Root Of It! Here are the key takeaways…
You can convert your Prudential life insurance policy with ease. You can convert your current policy to a permanent policy up to age 65. Read our review below to find out options for each type of policy.
About Prudential Term Life Insurance
There are currently 4 term products offered by Prudential Life Insurance and all of them have different conversion options:
- Term Essential
- Term Elite
- SimplyTerm
- PruTerm One
If you have an old Prudential life insurance policy, you can also convert those policies as well.
All of Prudential’s term life insurance policies can be partially converted. This means if you have a $500k term life insurance policy and only want to convert $100k of it, you can. This would decrease your term insurance to $400k with $100k being permanent.
This is an important benefit because many life insurance companies will make you convert the full amount which oftentimes is unaffordable.
All 4 Prudential Term Life Insurance Conversion Options
Below we will show you your options for converting a term life insurance policy with Prudential. Find the policy you have below to see your choices.
1. Prudential Term Essential Life Insurance
You can convert to any permanent coverage that is offered by Prudential up to age 65. If you purchased your Term Essential policy between the ages of 60 and 64, Prudential will allow 5 years for you to convert. So if you purchased a policy on your 64th birthday, you can convert up to the age of 69.
2. Prudential Term Elite
Same options as “Term Essential” except you get a conversion credit the 1st 5 years of the policy. The conversion credit allows you to apply the term life insurance premiums you paid during the 12 months prior to the conversion. Conversions processed before the first policy anniversary will be prorated to reflect the premiums actually paid.
3. SimplyTerm
This is a term policy that can be purchased completely online. You can get $100,000 to $500,000 in coverage for 10, 20, or 30 years. It’s only available for people between 18 and 50 years old.
The SimplyTerm policy only provides a death benefit and no other features. It’s not available in all states.
4. PruTerm One
These plans are a highly unique option for life insurance coverage because they only offer protection one year at a time. Every year you can decide if you want to continue the policy or let it drop.
This might seem like an odd decision, but these plans are designed for small business owners. You don’t want to be stuck with a life insurance policy that you don’t need, and that’s why PruTerm One can be an excellent option for you.
Prudential Universal Life Insurance Products
You can also convert your term life insurance to one of Prudential’s universal life insurance plans that they offer.
These universal plans are a permanent form of coverage, which means that they will never expire as long as you continue to pay the monthly premiums. If you don’t want to worry about reapplying for life insurance in the future, a universal life insurance plan can be a great option for you.
Another advantage of universal life insurance plans is that they continue to build cash value the longer that you pay the premiums. The longer that you hold the plan, the more value that is inside of the plan. You can use the cash value of these plans to build more value based on the financial index of the plan. You pick the investments and you can sit back and watch your money grow.
If you’re interested in converting your Prudential term life insurance policy or even just considering it, we encourage you to contact us.
Term Life Insurance Conversion at Prudential vs Other Companies
Prudential offers one of the most client-friendly approaches to term conversion in the industry.
Here’s how they stack up to some of the other top life insurance companies on the market:
This is one of several reasons Prudential is one of our highest-rated life insurance companies.
