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Protective Life Insurance
Company Review
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.
Protective Life Insurance
- PO Box 12687
Birmingham, AL 35202-6687
Protective Life was founded in 1907 by 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 sell its products in all 50 states throughout the U.S. 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 maintaining integrity, building trust, serving people, and simplifying the process.
Advantages of Protective Life
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 between the ages of 30 and 60, then Protective Life may have some of the lowest rates for you.
It also offers competitive rates for most pre-existing conditions including diabetes, heart attack, and high cholesterol, providing affordable coverage for a broader range of people than many competitors. Additionally, Protective Life has an efficient and seamless online quote and claims process.
With high financial ratings, a nationwide presence, and lower rates than most, Protective Life is a powerhouse in the life insurance industry and well worth consideration.
Disadvantages of Protective Life
Some of the downsides of choosing Protective Life include much higher rates for smokers than its competitors. They also do not offer a no medical exam policy for older individuals or those with pre-existing conditions, which excludes many potential applicants. If you are a smoker or would like to forgo the medical exam, then Protective Life may not offer you the best rates. Additionally, certain functions such as policy cancellations cannot be done online and the approval process takes a bit longer than most.
Available Products
Protective Term Life Insurance
Term life insurance is great for someone who is looking for affordable protection. It's also a great option for business owners who need life insurance to protect their ongoing business.
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 builds 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 or by adjusting your coverage amount.
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 (VUL) 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. This type of plan also has a cash value aspect, which gets invested in several of sub-accounts that act similarly to mutual funds. Like any investment, 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.
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 a 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 buy additional coverage later on 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 Ratings
Strong financial ratings indicate the financial capability of an insurance company to meet its obligations. It is essential to check these ratings for any provider that you are considering. A poorly rated company may not be able to pay claims when the time comes, leaving your beneficiary without options for obtaining death benefits. Take a look at how Protective Life ranks according to the top financial strength rating agencies.
| Company | Rating | Description |
|---|---|---|
| A.M. Best | A+ | Superior |
| Standards and Poor’s | AA- | Very strong |
| Fitch | A+ | Superior |
Conclusion
While Protective Life Insurance is one of the best life insurance companies in the United States, and the major advantage that the company holds is its low rates, you may not qualify for the best rates if you have any health issues that Protective Life does not have strong underwriting for. The company also lacks a no medical exam life insurance policy, that many people look for.
It's not just about getting a cheap life insurance policy, it's about making the right decision. There is a lot more that goes into getting a policy than finding the lowest premium rates. Coverage amount, policy type, added riders, and term length all play a part in how much you pay, and every person’s situation is different.
