Consumer Complaints and Reviews
This is so nuts and the opposite of what every company does these days. You cannot set up an annual automatic payment for your term life insurance. Reasons. Well you can set up a monthly automatic payments which results in a "service fee" of $4-$5 a month which in turn equates to $50 a year extra. What a joke. So to avoid this charge I instead have to wait for my antiquated paper bill every year and send in a check or login online and make a payment. I know this seems easy but it is so frustrating BECAUSE guess what. If you let a long term life insurance policy LAPSE you have to get re-rated at your current age which results in a higher premium (advantage Prudential). It is just such a glaring un-customer friendly way to do business, it really irks me. Congrats MBA sitting in your office somewhere who made his/her numbers with these stupid service fee $s and more lapsed policies. You are an idiot genius.
Prudential provided an initial quote for the policy. After health exam was completed, Prudential said they would now rate the quote. I asked why and to send me the reason. They sent me a clock face test report that was not created by me. Prudential created a false test report to require me to pay a higher premium. Definitely a bait and switch situation. Not a trustworthy company to deal with. There are plenty of honest insurance companies to work with.
On my India visit I had apply for my NRI and NRO account with local Branch manager in my hometown (Nasrullaganj). At the same time branch manager introduced me one ICICI Prudential sales executive and he insisted me to listen one good plan for NRI customers. Somehow sales executive succeeded to persuade me to buy investment plan, since he came with Branch manager whom we trust so I also trust on him what he committed and explained me about the policy. Since my account was not opened with ICICI, they only get my all signature on application form and salesperson took one signed on DD form of 200000 INR which later they cashed from my ICICI NRO account since they also took 1 HDFC Cheque of 200000 INR amount in my name which they later deposit in my NRO account so that DD which is they taken for policy can be issued/cashed.
On 30th July I received an email from firstname.lastname@example.org with attached application form and EBI PDF along with 2 links: one link "Yes, my application details are correct" another link "No, my application details are incorrect." After review my application form and EBI PDF I found that data which is mentioned in the application is not correct and also the charges (Premium Allocation changes, admin charges and other charges) were too high and was not explained by sales executive during the visit. So I had opted for second option "No, my application details are incorrect" which basically option for "In case any details mentioned above or in the enclosed application documents are incorrect please, click on the link below and we will cancel your application and process a refund."
After choosing the second option for cancellation my policy was issued and enforced and now in active mode. When reported this issue to "email@example.com" email they are not asking me cancel the policy by presenting personally to any nearest branch rather Identifying the issue in the system because ideally this policy should not be enforced since I chosen for the NO option. Secondly the customer care is not prompt enough in responding. Their response every email after 24 hours or more. First of all I should not be go through with cancellation process since it policy was issue without my agreement and since I am in Abu Dhabi there is no ICICI branch. If I go through the cancelation process, I have to go Dubai office which 120 km from Abu Dhabi and that to they are not open in weekends.
And in the last I am very disappointed behavior of sales Executive (Mr. Mudit **). Before he sold the policy to me he was very Prompt in response and now since I am cancelling the policy he is not even picking my calls, not answering to my messages. It's really leaving very bad experience with ICICI. Finally I had to go to Dubai to cancel my policy on my expenses, I have done that process within the week time.
It's almost a month I have not received my money back to my ICICI NRO account. When I checked with customer care they said "Cheque has been dispatched" but customer care executive were not able tell me in which address Cheque has been dispatch. I received the email from back office team that amount has been transfer through NEFT on 12th of Aug which is contradiction what has been updated with back office (really Sad). Now I don't know where is my money is traveling and since I am in UAE I don't who will receive my Cheque. Why the money has been send via Cheque? Overall very hopeless and pathetic experience with ICICI Prudential.
My mother carried a $10,000 life insurance policy on my older brother to help family with expenses upon his death. She paid monthly payments for approximately eight years until her death where I was executor of her estate. About four months into handling her affairs, my brother passed away. I contacted Prudential with policy in hand but was told that the policy had lapsed 3 years earlier. When I commented that they had continued to accept payments every month since then, I was first told that they were returned and my mother had been notified in writing about the lapsed policy in 2009. I decided to turn everything over to an attorney. He was given the run around until the 3-year window to file a suit had passed. They did provide a sheet with dates and numbers where they had deposited her payments but supposedly sent payments back to her each month.
All bank records show no evidence of any deposits and knowing my mother as being a very clear-headed business woman who kept meticulous records, l know that she would not be stupid enough to continue to make payments and receive reimbursement for each after supposedly being notified of the lapsed policy. My attorney advised me that they couldn't do anything else without the risk of great expense even though it was obvious Prudential was creating a fraud by accepting the payments long after they supposedly notified her of the lapsed policy. Requests for documentation and copies of the checks that my mother would have received, signed and deposited were not provided.
I can only believe that tens of thousands of people are being conned into making payments on policies that Prudential never intends to pay on. I will never do business with this company and telling my story to as many people as I can and am forwarding my documents to a local news media investigating team so that this will hopefully go public.
My mother had Prudential Life for over thirty years. She switched to a term policy back in 1990. After she lost her job, my mom policy lapsed with a reinstated letter in 2008 of December but she died on the 23 of December of that same year. The check was written for the policy and was never mailed because she had no way getting to the post office. I called Prudential and they said it was lapsed and there is nothing they can do. In January of 2009, only one month later, there was a similar incident that had happened in New York with a Dunkin Donuts owner's wife dying when her policy lapsed and when the media took hold to their story, they paid them.
I been trying to get help for years and my mom funeral expenses came out of my pocket. This was very unfair and the policy was needed to bury her. I didn't have enough for a headstone. When I called her agent to ask "What about the money she paid into the policy?" Again... It was term so there is no money vested. I needed help and Prudential didn't come through.
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I contacted Prudential about 4 days ago about how to go about cashing in a policy. My mother took out the policy when I was 6 months old so it is almost 70 years old. First I was told that they would email me the necessary form within 30 minutes. Well, it never came. So, I called back. Now I was told that because the policy was so old they would have to send the form by mail and I was told it would be overnight to my PO Box. Nothing came. So I called back again. I spoke to a csr who assured me that it had been sent. I also spoke to a "supervisor" who said just to be on the safe side she also would overnight me a form. Well neither form has ever arrived and I've gotten mail at this same PO Box address for the last 15 years without a problem. I called back again and asked the csr to check. He assured me that it would be delivered by 5:00PM on Friday, June 1 to my PO Box.
No-show and I checked again on Saturday, June 2, again no form. Now tell me how difficult is it to send out a simple 1 page form. Why can't a customer be told what actually is happening and not have to call back 4+ times for something that is very simple? I was in customer service for over 40 years and this kind of service is unacceptable.
My family and I have been customers of Prudential Life insurance for 50 years plus and in late 2015, I received a payment coupon for interest due on a loan which was taken out on one of my four policies 34 years ago. I called their Customer Service to find out what this was all about and they wanted me to pay over $22,000.00 as the interest had been compounded yearly on the loans. I had no recollection of the loans and asked them to forward all paperwork connected to the alleged loans. I was informed that they had no paperwork to send me. I hired a lawyer to check into this and within several weeks I received paperwork from Prudential, but it had none of the important areas I needed to see who requested the loans. Customer Service advised me these loans could have been made over the phone. In an effort to resolve this matter, I have requested copies of the loan application including signatures to no avail.
We were advised it was better to take a loan out from my husband's whole life policy since we would be borrowing our own money. The loan was for about $8,000 about 20 years ago. We finally decided to cash out the policy and knew the loan plus the interest would be deducted from the cash value, but we just shocked to find out the interest had accrued to twice that of the actual loan to over $16,000! What? I called to ask for a copy of the original loan agreement and I was told that they are not required to keep that on file. AVOID PRUDENTIAL! This is the fifth and final policy we got rid of due to their deceitful business practices.
My son recently passed away at the age of 50years, 11months. I have held a life insurance policy of which I am the sole beneficiary since shortly after his birth. The policy was for the sum of $1000.00. Upon his death I attempted to file a claim. Because there had been an active child support levy placed upon said policy, I was informed that I would need to contact the Dept. Of Revenue to request this levy be removed before I would be able to collect the death benefit. I understand per their customer rep that this is Prudential policy in these situations and does not necessarily reflect how other life insurance companies deal with similar situations. I am extremely disappointed with their response especially after having been a customer for almost 51 years.
Had a LTR plan with Prudential that I paid 100% of the premiums through work. Became disabled and got approved for SSDI, but Prudential denied me stating some of the tests I had done I 'faked' the results. They are criminals, they should be in jail. Don't buy LTR from Prudential. Save your money instead.
In 2004 my brother who was a NJ state employee passed. Prudential never contacted me to say I was the sole beneficiary of a life insurance policy worth over 100,000, instead allowed my sister-in-law to assume my identity and steal the money.
I have had Life Insurance coverage with Prudential since 1977, both as an employee and as an independent person. Prudential is a company that treats its insureds very ethically, looking after the insured's interests. It does that same for its employees. The company puts its employees and its insureds first.
I have had limited interaction with Prudential and I like it that way. Their website is easy to use to get done what you need to get done and otherwise, I do not really need to interact with the company. The options are exactly what I need and the policy suits me. What more is there to say?
This company is helpful in many ways, claims, questions, actions, etc. to make sure we are covered completely for our needs. We receive monthly communications about new options, policies or updates that may be beneficial to my wife and I. We have always been treated fairly and with the utmost respect whenever we have dealings with the company. If we have questions, they are there to provide adequate answers to what we ask and then they offer to help us in any way possible. I would recommend this company not only for their professionalism but the extent they go to take care of my family. In the interest of being fair, I would give this company at least 8 stars out of 10 for their service, products, programs, policies, and professionalism in the treatment of all matters concerning our policy and insurance.
I have this life insurance free through my former employer. I like anything that is free! My employer handles this policy which means there is no work for me or my family. When the time comes that I am deceased, they will receive my life insurance total amount using one call.
Prudential is an innovative company that provides great service and reasonable rates. They are a very approachable company that looks out for their clients. Representatives are easy to work with and provide the necessary information to their clients. They are low pressure and care about those they do business with.
Have not experienced any negative issues with this company. They are easy and clear in understanding what the benefits are and have exceptional customer service. They research to relay current and correct information to its customers in a timely way. They send information through the mail to verify that your policy is understood and you can call and schedule a one on one to go over any questions you may have.
Prudential is an innovative company and guided me through all the steps involved to set up my account 25 years ago. They provided me an in-depth look at the length of time it would take to pay and suggested I select a "whole life" account vs. a "term" account. I can even borrow and the funds.
Very good. If I have questions, always answered. Never told to call back. Very helpful. Rates are good for the policy I have. If I need a cash loan, it is available to me. Good life insurance company. I have this policy about 15 years and increased the death benefit. No health exam needed to do this.
As part of the class action lawsuit, Prudential agreed that we would not have to pay premiums on the newer policies. Unknown to us, they had already been taking the premiums by borrowing on the older policy. That original loan has now accrued so much interest that we owe more than the policy is worth. The only way we found out about the loan was by looking in the premium book that I throw out because I have automatic payments set up on Bill Pay. I have called them several times and no one will get back to me. They never mentioned this loan when the class action suit was settled. I now have to pay them over $7,000.00 in interest which keeps going up. Prudential doesn't care about their customers nor are they concerned about their problems. They are a rude and greedy company.
Agent works with you to determine your life needs and determine how much insurance is needed to take care of survivor in the case you die; makes sure that survivor can get the financial help needed to keep living the lifestyle they want and can take care of the essentials.
When my husband died there were so many details to deal with. We had thought we had everything set up so it would be easy, but there were things we had not thought about (like the truck title in his name only). Fortunately dealing with the life insurance was no hassle. A few phone calls, easy form to fill out, and I had the check in hand.
Prudential has always been responsive to the changes in my life. Whenever I have wanted to make a change to my life insurance policy the reps. at Prudential have been courteous, knowledgeable and helpful. The company has never been pushy or aggressive about trying to get me to buy more insurance.
I became hospitalized for 76 days. While I was in hospital boyfriend wrote checks out of account. I mailed, faxed, mailed and called called and called some more to have my account changed and new checks issued been over one month and they keep saying they will call me back. They have my money and refuse to offer me the new account number or close my account. They have hung up on me 2 times. Horrible people.
It's a simple whole life policy that I bought when I was much younger so the premiums are pretty low. It accumulates savings over time so I can take some money out without losing the insurance. I've just recently been contacted by an agent who says he will be maintaining and managing my account. I thought that was rather nice since up til now, I had no one specific to contact.
My experience with Prudential is nearly identical to Sam of California. I submitted my payment over the phone as a one-time bank draft well within the policy renewal date. Subsequently, the payment was never presented to my bank and I received a notice of cancellation from Hartford/Prudential. On 2 separate recorded phone calls, one of which was conferenced by my Edward Jones consultant who sold me the policy nearly 10 years earlier, we provided THE CORRECT bank draft info only to have both of these drafts never present to my bank with letters following stating policy may lapse as a result. Multiple representatives took my information on recorded lines only to enter inaccurate account data each time, resulting in failed bank drafts. This is bad business.
I had the Whole Life Insurance with Hartford Insurance company since 1984. In 2015, this year, Prudential Insurance Company purchased the individual insurance portion and changed my Whole Life Insurance (Flexible Premium Adjustable Life Policy) to the universal life insurance. Now, they are requesting me to pay the premium of $145 a month (almost 500% increase) by saying if I do not pay that amount my insurance will be forfeited in 2016 (next year). In 1984, my insurance was calculated up to 2036 as the whole life - the premium of 34.50 a month. If I pay the requested premium every month for 20 more years, my payment will exceed the value of $50,000 policy. This is just immoral and unethical. If you, as the ConsumerAffairs services, can form a class action suit against the Prudential, I would like to be in it.
In the meantime, I will be writing to the president of the Prudential Company and also filing the complaints against them with the GA State Insurance Fraud Investigation Team. Several friends of mine told me that all the LIFE insurance companies are a bunch of thieves. Now I believe it. My friends forfeited their policies when they became old. I do not want that. My life insurance is the only assets that I can leave for my sons. Please publish my review. If/when you form a class action suit, please let me know. Thank you for listening. Heartbroken mother with tears.
My father had a policy with Prudential Group Life for many years. He passed away on a Saturday. Our Funeral Home called on Monday to verify proof of insurance. They were told that it would be 3 to 5 days before they could give them any information. We need confirmation so we could make arrangements. I called the company that very morning. They told me it would be 48 hours before they could verify anything. Needless to say at that point my Dad had been laying up there for 3 days at that time. He was retired military (37 years in the Army National Guard). We were hoping for the funeral on and visitation on Tuesday and Wednesday. We could not plan, coordinate the funeral with the military without confirmation. They gave us the runaround for the next day. We finally buried my dad on Thursday (at this point 6 days later) thanks to Prudential.
Round 2, the next week the funeral home called with the info that Prudential would not name the beneficiaries. My father and I spoke with them in June and confirmed together. I called Prudential and they confirmed me but will not the other two. I can't believe that such a supposed trusted company would do this. They have made one of the hardest times of our life 10 times worse. We cannot grieve for our father because at every turn they are making it impossible to take care of our father's wishes. I would hope that anyone who is considering this Company think twice. They are horrible!!!!!!
In May 2015 a payment on one of the 2 life insurance policies that I own with Hartford did not go through due to non-sufficient funds at that day. On May 22, 2015 what I found out, I called and ask if they need a payment from another account or resubmit to the existing account as the funds are available. I was told to send a ACH form by fax with the account information again and that is sufficient, so I did.
In June, I realized that the payment has not been deducted from the account yet. So I called and inquired. I was told that the routing number is not going through. I informed them that the routing number is the same as before and the is the same as in the other policy which has been paying each month with no problem. The agent said, they will send this to research and will get back to me within 2 week. I asked if I should make any payment manually now and was told there is no need until they finalize the research on the routing number.
On July 6, 2015 I called to follow up. The agent told me that the research was not completed yet. I got a bit nervous so I insisted on giving her payment immediately from another bank account until the research is complete. She gave me the amount due to bring the balance current and avoid the lapse in the policy. The payment was made by phone and a confirmation number was given to me. By July 30, 2015 the payment made by phone had not cleared my account yet, so I called to inquire again. The agent told me that the policy lapsed on July 3rd and that they are not able to re-instate it and I have to do a new underwriting!
I have been paying on this policy for 9 years. Of course they want to get a new underwriting to get a higher premium. Very unethical business practice and sad to see a company with such a long history is now run by gangs who work hard on finding out how to trick you into paying more and take very lightly the seriousness of such a practice to customers who put their trust in them. I am looking into my legal options. Please contact me if you have similar experience.
Received annuity check for $14,000.00. I had filled out a power of attorney through LegalZoom for this and had the account number and extra forms signed and sent to Orlando so my aunt could receive the check. It took 2 months and I did not want the check, but I am stuck with it due the fed taxes due on it - # **. I do not want any further financial transactions with this annuity just an explanation of what happened. Thank you.
Neal FrankleLife Insurance Contributing Editor
Neal Frankle is a Certified Financial Planner in Los Angeles. He is the publisher of WealthPilgrim.com, an information resource for consumers. He has been a professional financial advisor since 1991 and is the editor of www.MCMHA.org.
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This is a financial services conglomerate that first started operations in 1875. Prudential is headquartered in Newark, New Jersey and is a Fortune 500 company offering life insurance, annuities and investments to consumers.
- Variety of products: They offer a full range of insurance products.
- Competitive: They are often very competitive among other life insurance providers.
- Highly rated: They are rated highly by many of the rating agencies such as AM Best, Standard & Poor’s, Mood’s Investors Service, and Fitch.
- Options: Customers who deal directly with Prudential will only be offered Prudential products.
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