Prudential insurance policy sales to cease through Wells Fargo

Wells Fargo insurance scandal

Following the recent account sales scandal at the latter firm a few months ago, product sales are being suspended. Prudential Financial announced this week that the Prudential insurance policy sales by Wells Fargo & Co are suspended. This insurance news follows closely on the heels of the San Francisco bank’s sales practices scandal this fall. Wells Fargo is continuing its management of the fraud scandal backlash from a few months ago. The Los Angeles City Attorney’s office worked with federal regulators in announcing that Wells Fargo was caught using fraudulent…

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Prudential life insurance now available to consumers with HIV

Life Insurance

The insurer has now opened up its 10 year and 15 year individual convertible term life products to these patients. Prudential has now announced that it will offer life insurance products to people who have been diagnosed with HIV, becoming the first major provider who is covering people who have received this diagnosis. The insurance policies are offered as a reflection of the longer, healthier lives HIV patients are living. The life insurance policies that are being offered to Prudential’s HIV positive customers include 10 year and 15 year convertible…

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Life insurance policies that went unpaid in Minnesota lead to another settlement

Life Insurance Payment

Prudential has agreed to pay a penalty of $14 million to compensate for the payments it did not make. Following a Department of Commerce review of Prudential life insurance policies in Minnesota in which no claims had been made following the deaths of the policyholders and where no benefits had been paid out, the insurer has agreed to a settlement, this week. The settlement is reported to be for $14 million and was first announced in the middle of the week. Prudential and the state of Minnesota were able to…

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Life insurance branch of Hartford now acquired by Prudential

insurance industry report

The purchase was made for a reported $615 million in cash. Prudential Financial Inc. has announced that it has purchased the Hartford Financial Services Group Inc. individual life insurance business for a cash total of $615 million, adding greater substance to its American operations as its rival works to shed excess weight. It is believed that the deal will close at or near the beginning of 2013. According to a statement from Hartford, this will give it the opportunity to help free up close to $1 billion in capital that…

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