Protective Life Insurance Company has been one of the best life insurance companies out there. With over 100 years of history, top ratings, good customer reviews, highly competitive life insurance quotes and a good underwriting, Protective Life Insurance has been an excellent choice for many applicants.
Protective Life Insurance Company Review 2017
Life Insurance is an investment to obtain peace of mind and security and that is what Protective Life offers. Their mission reflects in their name. It’s not easy to provide affordable yet fantastic policies but they are at the forefront of accomplishing this.No doubt this company is good and affordable, but every person has different circumstances. You may have some problems or requirements that make Protective Life Insurance an unfavorable choice for you. That’s why we always say to get your quotes from several companies such as Pacific Life, Metlife, Banner life, or Realistar before you make a final decision. There are also companies that provide no exam life insurance policies if that is what you are looking for.
Different types of life insurance offered by Protective Life Insurance Company include Term Life, Whole Life, Permanent Life, Child Life, Universal Life, Custom Choice Universal Life, Variable UL, Survivorship UL, and Indexed UL.
History of Protective Life Insurance Company
Protective Life was founded in 1907 by Governor William Dorsey Jelks. By 2010 the company had over $427 billion coverage in force. In 2013 Protective Life acquired MONY Life Insurance Company, representing its 47th and largest acquisition in its history.
The company continues to grow and sells its products in all 50 states throughout the US. The following subsidiaries are owned by Protective life:
- Protective Life and Annuity Insurance Company
- West Coast Life Insurance Company
- MONY Life Insurance Company
- Lyndon Insurance Group, Inc. and Affiliates
The company has built its foundation on core values of doing the right thing, building trust, serving people and simplifying everything.
Financial Strength of Protective Life Insurance:
Strong financial ratings indicate the financial capability of an insurance company to meet its obligations.
Protective Life carries an A+ rating with A.M. Best, AA- with Standard & Poor’s, A+ with Fitch, and A1 with Moody’s Investor Services. These ratings are a clear indication that Principal Life has a solid foundation and the company won’t let you down. Well, this is not all. As you continue reading our review you will find out the prime reason why Protective Life is being considered among so many customers.
What is the Reason that Makes Protective Life So Famous?
Protective Life has been offering some of the cheapest term life insurance rates in the insurance marketplace. If you are a healthy individual who falls under the age bracket of 30 and 60 then protective life may have some of the least expensive rates for you.
Life Insurance Policy Riders Available with Protective Life Insurance:
1. Accidental Death Benefit Rider
This rider may be a good purchase option for those who are working in a potentially risky occupation and can’t afford to buy sufficient life insurance coverage. So if their death is due to an accident then their beneficiaries will receive an additional death benefit (that is above the current benefit limit of the policy).
2. Accelerated Death Benefit Rider
With accelerated death benefit rider you can use the entire or a portion of the death benefit for various expenses in case you are diagnosed with a critical or chronic illness.
3. Waiver of Premium Rider
If you are unable to pay your life insurance premiums due to total disability then with the help of this rider, you can stop paying your premiums until you are healthy enough to work full-time again. Your policy will still be in-force just as if you were still paying premiums. However, a proof of total disability is required.
4. Disability Income Rider
This rider provides you with a supplementary income benefit if you become totally disabled as defined under the policy rider.
5. Children’s Term Rider:
Enjoy term insurance coverage protection for your children with this rider. This is an affordable way to extend your policy benefits to your children.
6. Term Insurance Rider:
Sometimes you may need an additional life insurance to cover a temporary need. In that case, purchasing this rider may be a good solution. With term insurance rider you can have a fixed amount of term insurance for a specific period of time.
7. Guaranteed Insurability Rider
Another great rider provided by Protective Life Insurance. This rider allows you to purchase additional life insurance at a later date when you think you may be needing it the most, like, after marriage or after the birth of a child. You don’t need to prove your insurability again.
Protective Life Insurance Products:
Protective Term Life Insurance
Protective Life claims to offer a price that is 49% less than its competitors. The initial terms available are 10,15,20,25 and 30 years. Once the term has expired, the insurer will need to either re-apply for a policy or convert the term insurance policy over to permanent life insurance policy if applicable.
Protective Universal Life Insurance
Universal life insurance is a permanent life policy that helps build cash value and is designed to last your entire life. It also offers flexibility in terms of premium payments. If at some point in your life you may feel a need to lower your premiums, you can do so by adjusting your premiums based on your cash value.
Protective Life Insurance Custom Choice UL:
Custom Choice UL, a Universal Life insurance product offered by Protective Life Insurance Company offers you greater savings plus guaranteed premiums for life. For a qualified applicant, the rates can go to as low as $7.32 per month. Fascinating right?
Protective Survivorship Universal Life Insurance
This type of insurance will cover two people within a single policy. This type of plan will pay out the death benefit when the second insured person passes. This payout may help cover estate taxes and other expenses.
Also known as second to die insurance, it is generally more affordable than two separate policies and is often purchased by married couples with insurable interests in each other.
Protective Variable Universal Life Insurance
VUL is also a type of permanent life insurance coverage but with some additional features. It offers a death benefit along with investment component. The policy has a cash value account, which is invested in a number of sub-accounts that act similar to mutual funds. Like all other investments, there is a risk factor involved. Depending on the performance of the account, you can have larger gains but at the same time, you can also lose a great deal of money including the principal.
It’s important to take the risk factor into consideration before purchasing a variable universal life insurance policy.
Is Protective Life Insurance Really the Company for You?
After reading the entire review and going through the ratings, you must be thinking to get a quote from Protective Life Insurance Company but BEFORE you do that PLEASE read our entire article.
While Protective Life Insurance is one of our best life insurance companies in the United States, and the major advantage that the company holds is its ‘price’ but if you have any health issues that are not catered by Protective Life then you may not qualify for the best rates. The company also lacks a no medical exam life insurance policy, that many people nowadays look for.
It’s not just about getting a cheap life insurance policy and be happy. It’s about making the right decision. Ask yourself, “Is this policy enough to provide the protection that your family deserve?
Therefore it’s important to look at other options before you make this important financial decision. An independent agent can help you here. Having access to many different life insurance companies gives us an option to connect you with a company that is more tailored to you and your needs.
At LifeQuote, we not only strive to provide life insurance protection to our clients that is the best and affordable, but we also make sure that it is tailored to your specific situation and needs. Check out our customers’ testimonials to see for yourself why we may be the best choice for you.
Thank you for reading our review of Protective Life Insurance. If you have any questions, please leave a comment below or give us a call at 1-800-521-7873.