Prudential has introduced “PruTerm WorkLife 65” life insurance which waives premiums for one year if you are unemployed. This is geared for a breadwinner in their 20’s, 30’s or 40’s with a spouse or children to protect.
Good idea Prudential. But at what cost? I ran $500,000 quotes for a male at age 35 and 45 covering them up to age 65, best health rate. Prudential was about 30% higher than Genworth Life & Annuity at age 35 and about 40% higher at age 45.
Conversion with Prudential is to age 65. Conversion means switching the term to permanent without health evaluation. Genworth’s Term UL has a fixed rate conversion to universal life. Prudential, like nearly all other carriers, leaves the conversion’s cost and product selection up in the air, depending on what’s offered at the time of conversion. In the last few years this has proven to be a minefield. Some carriers have severely limited their conversion options in a very unfavorable way. Conversion is the second most important factor to choosing term life insurance after price, and right now, hands down, Genworth is the best for conversion.