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Prutection Score® Prudential digs deep into data to help organizations drive better outcomes

The Prutection Score®, exclusively from Prudential, delivers an analysis at a group level to help organizations gain a true understanding of the specific coverages and plan design options that help employees address their key wellness needs.

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Employee benefits can be essential to financial health

With supporting research and analytics from Ernst & Young Insurance and Actuarial Advisory Services, the tool measures how well-prepared employee populations are against four unexpected financial risks:

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Premature Death

30% of Americans say they do not have enough life insurance1 and Accidental Death is the #1 cause of death for people age 44 and younger2

Illness/Injury

47% said they need Disability Insurance3

Out-of-Pocket Expenses

$5,000 a year is how much Americans spend an average on out-of-pocket health care costs4

Outliving Assets

50% of Americans believe they will outlive their retirement savings5

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Prutection Score

Prutection Scoresm =

FUNDS AVAILABLE*

divided by

FUNDS AND COVERAGE NEEDED†

How it works

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

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Discovering where employees have gaps is a critical first step towards helping to improve financial wellness outcomes.

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The Prutection Score helps each organization build the best benefits strategy.

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Transcript

The tool estimates funds available, including current coverage, assets, and income from other sources. It compares this amount to the total funds needed for better protection against the four key risks: premature death, illness/injury, out-of-pocket costs, and outliving assets. Each risk is scored from one to 100, with 100 being the most prepared.

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Let’s activate the Prutection Score for you.

For more information, please contact your Prudential Representative.

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Footnotes

  1. 1 LIMRA, 2019 Insurance Barometer Technical Supplement.
  2. 2 CDC, 10 Leading Causes of Death by Age Group, United States – 2018
  3. 3 2020 Insurance Barometer Study, LIMRA
  4. 4 https://www.cnbc.com/2020/02/13/one-third-of-american-workers-have-medical-debt-and-most-default.html
  5. 5 SimplyWise July 2020 Retirement Confidence Index, https://www.simplywise.com/blog/july-2020-simplywise-retirement-confidence-index/

* “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.

 

The Prudential Insurance Company of America (Prudential)

The Prutection Score® is a measure of how prepared a group of employees is 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 is 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:1047498-00001-00

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