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Prutection ScoreSM

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Measuring Financial Wellness with the Prutection ScoreSM:

Prutection ScoreSM is a tool developed by Prudential Group Insurance that helps provide employers with measures of how well protected their employees are against the key financial risks.

It uses real-world logic—gained from a 2017 Financial Wellness survey we conducted of over 4,000 employees, plus other government and industry data—to develop four benchmark scores. The scores show a significant opportunity to improve American workers’ Financial Wellness. In fact, less than 1% of employees have a benchmark score of 100 or more across all four key risks.

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Premature Death Score

The average employee could cover 69% of ongoing financial needs in the event of premature death and income loss of a spouse or partner.1

Illness/Injury Score

The average employee could cover 71% of monthly expenses from loss of income due to illness or injury.1

Out-of-Pocket Expenses Score

The average employee can cover 67% of out-of-pocket medical and non-medical expenses due to a critical illness or accident.1

Outliving Assets Score

The average employee would be able to generate 65% of the income needed to cover ongoing expenses in retirement.1

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Prutection Score

Prutection Scoresm =

Funds and Coverage Available*


divided by

Funds and Coverage Needed

How it works

Prutection ScoreSM gauges how financially prepared employees are should a risk even occur by looking at the resources available to them relative to the resources needed.

Learn more about Financial Wellness

Download our report PDF Opens in a New Window expanding on these highlights, including best practices to help improve Financial Wellness for your employees.

 

 

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Financial Wellness and Insurance Programs

Even though 3% fewer companies offered disability coverage between 2009 and 2013, and 6% fewer workers had coverage, our research shows the coverage you offer employees does make a difference in their Financial Wellness.2

84% – the illness/injury benchmark score for employees with access to disability coverage2

52% – the illness/injury benchmark score for employees without access to disability coverage2

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Footnotes

 

  • * “Funds and coverage available” is based on an estimate of an employee’s financial assets, spousal or partner income, investment income, Social Security benefits, and insurance benefits, drawing from Prudential survey data and external industry and government sources.
  • “Funds and coverage needed” is an estimate based on a variety of survey data such as an employee’s age, marital status, number of children, income, essential monthly expenses (e.g., mortgage, child care), discretionary expenses, and college costs. The figure incorporates realistic assumptions about items such as longevity, inflation, and care-giving costs based on a combination of mortality tables and government and industry data.
     
  • 1 Benchmark scores as reported in “How Well Protected Are Employees Against Key Financial Risks?” March 2017. This white paper was developed by Prudential, using supporting research and analysis provided by EY Insurance and Actuarial Advisory Services.
  • 2 Prudential Group Insurance, "Financial Wellness Survey," 2017. The survey polled 4,300 full-time employees with medical insurance, was conducted using Harris Online Panel in December 2017 /January 2018, and was sponsored by The Prudential Insurance Company of America.

The Prudential Insurance Company of America (Prudential)

The Prutection ScoreSM is a measure of how prepared a group of employees are for the risks of (1) premature death, (2) loss of income due to an illness or injury, (3) out-of-pocket expenses related to an illness or injury, and (4) outliving assets. For each of these risks, the Prutection Score is the ratio of Funds Available to Funds Needed, which are estimated using employee demographic information, Prudential survey data and a variety of credible external industry and government sources. While the first three risks take into account actual coverage amounts employees have to help protect them against those risks (e.g., Life, Disability, CI and Accident Insurance), the Outliving Assets Risk does not (e.g., no actual employee retirement assets and deferral rates). The Outliving Assets risk does not evaluate the sufficiency of employer’s or employee’s retirement plans and does not constitute retirement advice. The Prutection Score is not intended to advise you or any of your employees what their specific financial needs might be or the exact amount of coverage any one individual might need now or in the future. The resulting scores are to be used for an entire group of employees or large demographics within a group. Results are not to be used at an individual level. Individuals should contact a financial professional regarding their personal situation. Prudential is not responsible for uses made of this information inconsistent with the description provided here.

For Compliance Use Only: 1027053-00001-00

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