Life Insurance is an investment to obtain peace of mind and security and that is what Protective Life Insurance offers. Their mission reflects in their name. 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.
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.
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:
The company has built its foundation on core values of doing the right thing, building trust, serving people and simplifying everything.
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.
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.
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).
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.
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.
This rider provides you with a supplementary income benefit if you become totally disabled as defined under the policy 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.
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.
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 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.
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.
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?
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.
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.
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.