Prudential and Babylist introduce the first life insurance policy new parents can add to registry
July 25 2018 - 9:00AM
Business Wire
Partnering makes it simpler for the growing population of
millennial parents to insure their families from day one
Prudential Financial, Inc. (NYSE: PRU), and Babylist, the
fastest-growing baby registry in the United States, launched a new
strategic relationship to create a crowd-funded life insurance
solution designed specifically for expecting parents, which is now
available as an add-on to their baby registries. This is the first
time a life insurance company has partnered with a baby
registry.
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Babylist conducted a national survey of nearly 5,000 expecting
parents, and found that 97 percent said life insurance is important
and 61 percent plan to get insurance in the next year.1 Yet,
planning to purchase often does not translate into ownership for
the growing number of millennials who are becoming parents,2 as
only 18 percent of millennials own individual life insurance.3
The strategic relationship between the two companies will bring
a wealth of informational content about preparing financially for a
baby and provides the option to add Prudential’s life insurance*
directly to their registry with just a few clicks.
“Having a baby is one of the most exciting — and overwhelming —
times in life. We are pleased to partner with Babylist to make it
easy to buy protection designed specifically for new parents.
Expecting parents often feel financially pressed and may not think
about how life insurance protects their young family and
contributes to financial security,” said Salene Hitchcock-Gear,
president, Individual Life Insurance. “One-third of registries new
parents make in the United States are with Babylist. This strategic
relationship between life insurance and a baby registry is a prime
example of how we are engaging customers in new and unexpected
ways.”
“I started Babylist because no other option gave me the
opportunity to register for items I really wanted as a new parent,
like dog walking and meals, in addition to the basics like
strollers and bottles,” Natalie Gordon, Babylist CEO, said. “Eight
years and millions of registries later, Babylist is pioneering new
options for expecting parents to register for exactly what they
need. Given our customers’ interest in life insurance, we think
that a strategic relationship with Prudential, a company that
people have relied on for their protection needs for more than a
hundred years, makes perfect sense for our users.”
Expecting parents who create a Babylist registry will see the
option to select a Prudential policy alongside other
preparing-for-baby necessities, like car seats and cribs, and ask
friends and family to contribute towards the life insurance
premium. A custom tool created by Prudential and Babylist helps
estimate how much life insurance coverage is needed for their
family. After funds are gifted to the expecting parents, they will
have the option to visit Prudential’s website to apply for a term
life insurance policy.
To create your own baby registry, or add Prudential life
insurance to your existing Babylist registry, visit Babylist.com.
For more information about Prudential, visit prudential.com.
About Babylist
Founded in 2011, Babylist is the fastest-growing baby registry
that lets expecting parents put any item from any store on one
registry. Babylist serves expecting parents with its universal baby
registry, newsletters, and Hello Baby, a digital magazine,
combining data, content and technology to help expecting parents
get the best for baby.
About Prudential
Prudential Financial, Inc. (NYSE: PRU), a financial
services leader with more than $1 trillion in assets under
management as of March 31, 2018, has operations in the United
States, Asia, Europe and Latin America. Prudential’s diverse and
talented employees are committed to helping individual and
institutional customers grow and protect their wealth through a
variety of products and services, including life insurance,
annuities, retirement-related services, mutual funds and investment
management. In the U.S., Prudential’s iconic Rock symbol has stood
for strength, stability, expertise and innovation for more than a
century. For more information, please
visit news.prudential.com.
1 Babylist survey, June 2018. 2 Pew Research Center analysis of
National Center for Health Statistics Data, May 2018. 3 LIMRA, Life
Insurance Ownership in Focus, 2016.
*
Life insurance is issued by Pruco Life
Insurance Company (except in NY) and Pruco Life Insurance Company
of New Jersey (in NY). Both are Prudential Financial companies
located in Newark, NJ, and each is solely responsible for its own
financial condition and contractual obligations.
As with other registry products, the
monetary gift made to help purchase life insurance will be
administered by Babylist. Babylist is an independent organization
and is not an affiliate of Prudential Financial, Inc., or any of
its subsidiaries.
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version on businesswire.com: https://www.businesswire.com/news/home/20180725005163/en/
Media:For PrudentialLisa Magnino,
973-802-8499lisa.magnino@prudential.comorFor BabylistRebecca
Silliman, 415-794-2178rebecca@whipsmartpr.com
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