Prudential Term WorkLife 65 Review

For those of you looking for the complete solution to your term life insurance needs, Prudential’s Term WorkLife 65 product could be the answer.  Prudential’s WorkLife 65 product is a comprehensive term policy that offers guaranteed level premium coverage until age 65 with premium payment protection built in if you become unemployed or disabled while your policy is in force. The Work Life 65 product offers affordable rates for a policy that includes several valuable features not found in many term policies.  Here’s how it works.

Overview of Work Life 65 – The WorkLife 65 product is meant to provide level premium term coverage to age 65 with built in benefits to pay premiums in the event of unemployment or disability.  The product is available for a minimum face amount of $100,000 up to $3,000,000.  The age range for issue is 25 to 55 years old.

Length of Coverage – The WorkLife 65 product offers level premium coverage until the traditional retirement age of 65 no matter when you buy it within the approved age range.  This is an excellent feature that allows you to be covered for a specific number of years as opposed to having to choose from a 10, 15, 20 or 30 year policy.  So if you purchase a WorkLife 65 policy at 38 years old, you will be covered until age 65 for a total of 27 years of coverage.  If you were looking at traditional term coverage, you would have to choose a 30 year policy to get that length of coverage.  With WorkLife 65, you can start your coverage as early as age 25, giving you up to 40 years of complete term coverage.

Waiver of Premium for Disability Included– The WorkLife 65 product comes with a built in waiver of premium for disability.   If you become disabled prior to age 65, your policy premiums will be waived until you recover or until you turn 65, whichever comes first.  This feature can be used multiple times over the life of the policy.

Waiver of Premium for Unemployment  Included – If you become unemployed after the first contract anniversary year but before age 65, Prudential will waive one continuous year of premiums even if you return to work sooner.  You will never have to repay the premiums. In order to qualify for the waiver, you must remain unemployed for 60 days, receive state unemployment benefits and have been continuously employed for the full year preceding the date of unemployment.  This feature can be especially helpful for those who have trouble finding work for a longer period of time.  This feature can be used only once during the life of the policy.

Conversion Features – The WorkLife 65 product along with Prudential’s other term products, Term Elite and Term Essential, offer a very valuable conversion option.  Prudential allows term policyholders the option to convert to any of Prudential’s permanent life insurance products.  This is a valuable feature considering that most insurance companies will restrict the permanent products available for conversion.  The WorkLife 65 product can be converted to any of Prudential’s permanent products up to age 65 without proof of insurability.

How Much Does WorkLife 65 Cost?  You would think that a product that comes standard with benefits such as waiver of premium for disability and unemployment as well as a generous conversion feature might be very expensive.   The fact is that the WorkLife 65 product offers affordable rates for the many benefits that it provides.  Here are some example rates for male and female applicants at various ages with a “Preferred” health rating for $500,000 of coverage. Rates are as of 3/13/2015.

You can add a waiver of premium rider for disability to most term policies out there but not many companies offer the unemployment waiver of premium.  As mentioned previously, another added benefit to this policy is that while most companies limit the permanent products that are available for conversion, Prudential allows conversion to any of its permanent products.

Living Needs Benefit Rider – The WorkLife 65 product includes the Living Needs Benefit Rider at no additional cost.  This allows the policyholder to accelerate the death benefit under certain conditions such as confinement to a nursing home for 6 months with the expectation of permanent confinement, terminal illness with 6 months or less to live or if policyholder is in need of an organ transplant and would only have 6 months or less to live without the procedure.

Optional Riders – For an additional fee, you can add the Children’s Protection Rider which provides coverage up to age 18 for all eligible children.  Coverage amounts range from $10,000 to $100,000.  You can also add the Accidental Death Benefit Rider which can pay up to an additional $500,000 of death benefit if the insured’s death is an accident.

Conclusion – If you are looking for a comprehensive term product that will cover you until age 65, the WorkLife 65 product from Prudential offers an affordable option.  It can provide you with premium payment protection should you become disabled or unemployed and you qualify for waiver of premium benefits.  If you would like a custom quote for the WorkLife 65 product, please email us or call us directly at (888) 687-9444.

Disclaimer – Please note that the WorkLife 65 product as well as the riders mentioned are not available in every state. The rider descriptions are simply meant to show a general description of how each works.  You must meet certain criteria to be able to access these riders. If you have specific questions about rider details or state availability, please contact us.

Archstone Insurance Services, LLC is an independent agency that shops over 40 of the top life insurance carriers to provide huge savings on life insurance coverage for our clients.  We are happy to answer any questions you might have about any of the insurance products we offer, your planning needs or your existing coverage.  Feel free to call us directly at (888) 687-9444 or email us at info@archstoneagency.com.