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The Prudential Group is a global insurance provider, with a significant presence
in the US, Asia and the UK helping millions of customers the world over with
their Life Insurance and pension products.
Their life insurance policies are well-known and trusted internationally with a high rate of payout.
For level term cover, premiums and limits are fixed, meaning your payout will stay the same over your policy period. The lump-sum you elect to purchase
at the beginning of the policy is exactly what you will be able to claim up to policy expiry
Decreasing term covers are usually a cheaper option than level term cover. This is because the value of your payout decreases over the policy term. If one
of the financial obligations you are looking to cover is a mortgage for example, you might look at this option since your mortgage obligation will reduce over
time. Essentially decreasing term cover means if you have chosen a £50,000 payout, this will come to be nil upon policy expiry.
Inflation can mean the value of your level term cover can lose some of its worth over time. If your coverage payout is fixed then the £100,000 you claim in 20 years will be worth a lot less than the £100,000 you could have claimed at the beginning of the policy. Increasing cover solves this by increasing your coverage payout in line with the Retail Price Index. Your premiums similarly increase, but at least you won’t pay in more than you might receive back.
Critical Illness Cover: for an additional premium you can add a cover that significantly enhances your life insurance policy. Life insurance covers you for death or upon diagnosis of a terminal illness. Adding critical illness cover to your life insurance means that you are also able to claim a benefit amount (albeit less than your life policy payout) in the event you are diagnosed with a serious medical condition such as a heart attack, stroke or cancer. This means if you are unable to work because of a serious illness, you won’t have to worry about living expenses until you recover and are able to work again.
Waiver of Premium Cover: if you are unable to work, this benefit pays your premium if you become too ill or incapacitated due to sickness or injury to carry out your normal occupation (available for an additional premium).
We compare plans from the leading life insurance providers
There are a few benefits one might expect to see in relation to their Life Insurance Policies:
Defaqto ratings allow for independent comparison between product offerings and insurance providers. This is a service that compares financial products, giving them a star rating based on the features and benefits they offer, with 5 stars
being the top rating. A Defaqto 5 Star Rating means this insurer provides one of the highest quality offerings in the market.