Before you spend another hour looking for a marijuana friendly company for your life insurance, you should know Prudential Life Insurance and marijuana work well together. They don’t consider it nearly as hazardous as other recreational substances since studies show that someone would have to smoke 1/3 of their body weight all at once to approach a lethal dose. And that’s only some studies. Other studies suggest it would take 1,500 pounds consumed all at once to prove lethal an adult.
So is Prudential a good fit for your family? Are their rates affordable? How do they underwrite marijuana users? We look into all of these questions below as well as their financial ratings, products for marijuana users, and underwriting practices.
So IS Prudential Life Insurance Company Marijuana Friendly?
Prudential Life Insurance Company is considered marijuana friendly. Therefore if you want to see rates right now, select “No” under the Smoker/Tobacco option in the Instant Quote tool on your left (top if you’re on mobile.) Or we have knowledgable agents standing by to answer your questions at (888) 987-8447.
Brief History of Prudential Life Insurance Company
Prudential Life began in Newark, N.J. in 1875. John Fairfield Dryden founded the company. He wanted to provide life insurance for working class families. He referred to it as industrial insurance since the company specialized in offering coverage for funeral and burial expenses. The company rebranded itself in 1885 as The Prudential Company of America.
Prudential now offers its products globally. They are a progressive company and one of the first to underwrite policies for recreational as well as medical marijuana users.
Prudential Life Insurance Company Financial Ratings
Every person who buys a life insurance policy should always consider the financial ratings of the company. It is vital that you are fully confident the company has a strong financial structure. Because the last thing you want is for your loved ones to be unable to collect on a claim.
This is important because the majority of life insurance policies are a long term investment. You want to have confidence that the company will honor any claim you might make 30 years down the road.
Just about every publicly traded company is reviewed by financial rating companies. These financial rating agencies perform new analyses each year.
How Does Prudential Rate as a Company?
The 4 top financial rating agencies in the U.S. show their current results as follows:
A.M. Best – A+
Standard and Poor’s – AA-
Moody’s – A1
Fitch – A+
The conclusion from these ratings for Prudential Life Insurance and marijuana use demonstrate that all the rating agencies consider Prudential on very solid financial footing. Meaning you can feel confident buying your policy through Prudential.
Products for Prudential Life Insurance and Marijuana Use
Our review of Prudential Life Insurance and marijuana use (also known as Pruco) shows they have a solid array of life insurance products. This allows you to find a policy which you can more easily customize to match your circumstances.
The company sells both Term and Permanent policies including:
- Term Life
- Universal Life
- Indexed Universal Life
- Survivorship Universal Life
- Variable Universal Life
Plus, they offer many riders for you to customize your policy to best fit your family.
Prudential Term Life Insurance Products
Prudential level term policies are available for 10, 15, 20 and 30 years. A level term means that your premiums remain the same for the life of the term. All policies come with a conversion feature. This means you can continue coverage at the end of your term with a permanent policy and no medical exam is required.
Prudential term policies consist of:
- Term Elite – allows you convert to a permanent policy 5 years from the onset of the policy to age 65.
- PruTerm® WorkLife 65SM – is an age specific term policy which remains in force until age 65. Your premiums can be waived should you become disabled or unemployed.
- PruLife® Return of Premium Term – a policy term is available for 15, 20 and 30 years. This is a ROP term policy. Therefore you will be reimbursed your premiums at the end of the term. You can opt to accelerate your death benefits for a terminal illness.
- PruTermSM One – a short term policy which will last from 1-5 years at most. It can work well for those who need to insure either a business or personal loan.
Prudential Universal Life Products
These are permanent policies. They last your lifetime and include a cash value accumulation feature in addition to death benefits. Prudential Universal Life policies consist of:
- PruLife® Universal Protector – is especially suitable for people who need business life insurance. For example a buy/sell agreement. It is also ideal for estate planning.
- PruLife® Universal Plus – the cash value accumulation feature of this policy is not linked to the stock market. So this works well for economic downturns.
- PruLife® Index Advantage UL – the cash value accumulation is based on the S&P 500 Index performance. Also offers risk protection and benefit access for chronic or terminal illness.
- PruLife® SUL Protector – can protect 2 people with a single policy. As a result one policy can cover you and your spouse.
- PruLife® Survivorship Index UL – provides 2 separate cash accumulation account options with balance protection feature.
- PruLife® Founders Plus UL – works to enhance a person’s retirement income with 2 cash accumulation account options. Offers a chronic or terminal illness feature and allows for flexible premiums.
Prudential Variable Universal Life Products
Prudential life insurance products for this type of coverage include:
- VUL Protector® – offers 60 adjustable investment options with a No-Lapse Guarantee. Death benefits are also adjustable.
- PruLife Custom Premier II® – contains 3 options for a No-Lapse Guarantee along with fixed or variable death benefits. It offers a Type C Return of Premium as well as contains an array of investment options. This policy covers a spectrum of asset classes and styles and includes a fixed-rate option.
Prudential Life Insurance Riders
You can use an insurance riders to enhance your coverage. Riders are available separately and cost an additional premium. The riders offered by Prudential include:
- Accidental Death Benefits
- Children Protection Rider
- Living Needs Benefit
- Waiver of Premium
Prices for Prudential Term Life and Marijuana Use
How does the term life insurance prices accessed by Prudential Life Insurance Company and marijuana use compare with other life insurers?
We did a price comparison for a Prudential Life Insurance and marijuana term policy then compared them with other companies. Our results show that more affordable policies are available, but that Prudential prices are still very competitive. They are still lower than many other competitor companies, particularly when taking recreational or medical marijuana use into account.
When you compare Prudential’s lenient underwriting for marijuana along with competitive prices, we rate this company as one of the best. This is good news for marijuana users who are looking for low cost policies.
Underwriting Guidelines for Prudential Life Insurance Company and Marijuana Use
The underwriting approach used by Prudential Life Insurance Company and marijuana is quite lenient compared to other insurance companies. Because to Prudential, marijuana use does not automatically mean you will be accessed as a smoker.
Their underwriting criteria are as follows:
For Recreational Users under the age of 20 – Automatic decline
For Recreational Users Ages 21 and Over WITH Admission, regardless of positive or negative test results for THC in Urine:
- Up to 3 Uses Per Week – Non-Smoker Plus Rating
- 4 – 6 Uses Per Week – Table B Rating
- 7 Uses or More Per Week – Decline
NOTE: For recreational users ages 21 and over WITHOUT ADMISSION of marijuana use and positive THC result found in urine test – Decline
As a result of the urine test, we recommend stating use up front with Prudential Life Insurance Company. Underwriting policies can change from time to time. So if you have any questions, please feel free to give us a call at (888) 987-8447.
You can use the health classes above to get specific rates for yourself or a loved one by using the Instant Quote tool on the left (top if you’re on mobile.) For information on how other companies rate either recreational or medical marijuana use, click here.
Contact MJ Insurance for More Information on Prudential Life Insurance and Marijuana
If you are a marijuana user and want to learn more about finding a Prudential life insurance policy from a marijuana friendly life insurer, we have agents trained to answer your questions with the utmost discretion. So even if recreational marijuana is not quite legal in your state, your secret is safe with us.
We would be happy to answer any questions about finding low cost life insurance if you use marijuana. We can help if you are a recreational user, have a medical card for marijuana use, and even if you work in the marijuana industry.
Any and all information you provide is completely confidential at every stage of the application process. Contact MJ Insurance today at (888) 987-8447 to learn more about Prudential Life Insurance and marijuana.