Protective Life Insurance Company Review of 2018

  • Protective Life Insurance Review

Protective Life Insurance Company Review of 2018

In 2018 Protective Life Insurance has 7.8 million policies in force totaling $767.3 billion in life insurance. Their name cannot be more fitting as they have been protecting their customers with quality life insurance for over a hundred years.

Customers have a wide selection of policy types to choose from. This guarantees you will find a policy that fits your needs.

Keep reading for our in-depth review of Protective Life. We will analyze the company, their services, and reputation.

 

History of Protective Life Insurance Company

Protective Life Corporation began as the Protective Life Insurance Company in 1907. Two years later the company paid their first death claim.

By 1932 the company celebrated their 25th anniversary with more than $65 million in policies. They were approaching $1 billion in insurance by the 50th anniversary in 1957. Protective Life Insurance Logo

In 1997 Protective established their national presence by acquiring West Coast Life. Growth reached $252 billion in insurance policies by their 100th anniversary in 2007.

In 2014 Protective teamed up with Costco Wholesale to offer discounted life insurance coverage to members of wholesale chain.

The total insurance coverage for the company totaled $427 billion by 2010. In 2015, the Protective Life Corporation became a subsidiary of The Dai-ichi Life Insurance Company, Ltd who is the third largest life insurer in Japan.

 

The Company Today

Headquartered out of Birmingham Alabama, Protective Life Insurance is considered to be one of the largest insurance companies in the United States. This is partially in thanks to over 55 acquisitions made over the life of the company.

Notable Company Acquisitions

  • Protective Life and Annuity Insurance Company
  • West Coast Life Insurance
  • Chase Insurance Group
  • MONY Life Insurance Company
  • Liberty Life

Now that Protective is a part of the Dai-ichi family they have a large global presence. Almost three thousand employees work to service the company’s clients.

Customer Reviews

Protective Life Insurance Company offers a wide selection of both retirement and life insurance products, guaranteeing there is something for everyone. The company has received very positive reviews from both customers as well as several professional rating organizations.

Their online website is not only customer friendly, but also filled with tons of educational information pertaining to their life insurance products as well as insurance in general.

Another bonus is their excellent customer service. Their website offers an easy online option to speak with a customer service rep and also a simple online claim process portal.

Customers of Protective Life Insurance will also have the option to create their own online account login with the insurance company and they will have the option to pay their bill online.

Company Ratings

The independent financial protective life insurance ratings are all positive. The ratings get calculated based on the company’s performance, assets, flexibility, and capitalization.

Protective Life Insurance Ratings (2018)

  • A.M. Best: A+
  • Moody’s: A1
  • Standard & Poor’s: AA-
  • Fitch: A+

 

Protective Life Insurance Products

Protective Life offers insurance, asset protection, and retirement savings solutions. They claim to provide financial products that are flexible to fit your needs.

Whether you’re looking for life insurance on yourself, your family or even your business, Protective Life Insurance more than likely has a coverage option that will meet those needs.

Here is a list of all their available life insurance products.

  • Term Life Insurance
  • Universal Life Insurance
  • Indexed Universal Life Insurance
  • Survivorship Life Insurance
  • Variable Universal Life Insurance
  • Whole Life Insurance (Conversion Only)

 

Protective Term Life Insurance Options

If you’re looking for affordable life insurance coverage, but only need it for a specific amount of time, then you’ll want to take a look at their term life insurance options.

  • Protective Classic Choice Term
  • Protective One Year Term

 

Protective Classic Choice Term

Protective Classic Choice Term is their traditional term life insurance coverage option. Contracts are available in 10, 15, 20, 25 or 30-year lengths.

Premiums are guaranteed to remain the same price throughout whichever contract length chosen.

Classic Choice is also available in an accelerated underwriting option meaning that applicants who meet specific underwriting guidelines may eligible for no medical exam underwriting.

A unique offering with Classic Choice is the option to structure the death benefit if you choose to with the Income Provider Option Endorsement. This feature allows you to choose a guaranteed monthly or annual income that will be paid out to your beneficiary for up to 30 year in addition to an initial lump sum payout.

The Income Provider Option Endorsement is optional and does not cost any extra to add to the life insurance coverage. It is only available at the time of issue.

Minimum Death Benefit:

$100,000

Maximum Death Benefit:

$1,000,000+

Issue Ages:

10 Year – Ages 18-75
15 Year – Ages 18-70
20 Year – Ages 18-65
25 Year – Ages 18-55
30 Year – Ages 18-52

Conversion Option:

Yes. However, if conversion is done between policy years 1-5 you will have 6 different permanent plans to choose from. After year 5, product options go to only 2 permanent plans.

Included Policy Riders:

Terminal Illness Accelerated Death Benefit Endorsement & Income Provider Option Endorsement

Optional Policy Riders:

Accidental Death Benefit Rider, Children’s Term Life Insurance Rider & Waiver of Premium Rider

 

Protective One-Year Term

Protective offers a one year term life insurance option for those who only need protection for the shortest amount of time.

This type of policy is generally good for businesses looking to offer a life insurance benefit to an employee without purchasing a full-length traditional term policy.

Minimum Death Benefit:

$100,000

Maximum Death Benefit:

$1,000,000

Issue Ages:

1 Year – Ages 25-75

Conversion Option:

No

Included Policy Riders:

None

Optional Policy Riders:

None

 

Protective Permanent Life Insurance Options

Protective offers a wide selection of permanent life insurance plans ranging from several different universal life insurance plans to even a whole life insurance option.

Permanent life insurance does cost more than term insurance, but the coverage is permanent. Unlike, term insurance a permanent plan will never require you to have to re-apply once you have purchased it.

Term insurance is much more affordable but if coverage is still needed after the plan expires it can be costly. So if life insurance needs are more on the permanent side then take a look at some of Protective’s popular permanent plans.

  • Custom Choice UL
  • Advantage Choice UL
  • Indexed Choice UL

 

Custom Choice Universal Life Insurance

Custom Choice is a very unique type of life insurance coverage offered by Protective. The reason we say this is because the coverage is classified as universal life insurance but works very similar to a term life insurance policy.

The rates are as competitive as term rates. In fact, most online term quotes will include both the Classic Term option as well as the Custom Choice option.

Custom Choice works by choosing a guaranteed death benefit plan ranging from 10-30 years, just like a term policy, and just as affordable as a term policy. Depending on the contract length chosen, premiums will remain level throughout the plan duration chosen.

What makes Custom Choice different from a traditional term insurance policy is that when contract length has ended, you have the option to continue your life insurance coverage at the same rate but with a reducing death benefit. So each policy year after the declared contract length, the death benefit will be reduced until it reaches $10,000.

Term insurance on the other hand does not offer this. When a term policy ends you generally have the option to continue coverage but at a much higher rate that increases each year.

Minimum Death Benefit:

$100,000

Maximum Death Benefit:

$1,000,000+

Issue Ages:

10 Year – Ages 18-75
15 Year – Ages 18-70
20 Year – Ages 18-65
25 Year – Ages 18-55
30 Year – Ages 18-55

Conversion Option:

Yes. Coverage may be exchanged for a permanent universal life insurance plan but must be done within the first 20 policy years up to age 70.

Included Policy Riders:

Terminal Illness Accelerated Death Benefit Endorsement & Income Provider Option Endorsement

Optional Policy Riders:

Accidental Death Benefit Rider, Children’s Term Life Insurance Rider & Disability Benefit Rider

 

Protective Advantage Choice UL

Advantage Choice is Protective’s guaranteed universal life insurance plan. This coverage provides a guaranteed death benefit along with a guaranteed premium that will last to age 121.

With Advantage Choice you will have the potential to earn cash-value accumulation growth as the coverage has a guaranteed interest rate of 2.5%.

This coverage offers several optional policy riders, however one that stands out is the ExtendCare Rider. This rider can advance a portion of the policy’s death benefit due to a qualifying critical illness.

Minimum Death Benefit:

$50,000

Maximum Death Benefit:

$1,000,000+

Issue Ages:

Ages 18-85

Interest Rate:

2.5% Guaranteed

Included Policy Riders:

Terminal Illness Accelerated Death Benefit Endorsement & Income Provider Option Endorsement

Optional Policy Riders:

Accidental Death Benefit Rider, Children’s Term Life Insurance Rider, Disability Benefit Rider & ExtendCare Rider

 

Protective Indexed Choice UL

If your life insurance needs are both permanent and you are looking for something that can earn cash values, then you will want to take a look at Protective’s Indexed Choice coverage.

Indexed Choice has the potential to earn higher cash values than the other universal life insurance options as it has two interest accounts that work together to build up cash values.

The first interest account is the fixed account that is guaranteed never to go below 1%. The second interest account is the indexed account. The indexed account is based on credits as the result of the performance of the S&P 500.

Minimum Death Benefit:

$100,000

Maximum Death Benefit:

$1,000,000+

Issue Ages:

Ages 0-75

Interest Rate:

1% Fixed Account

Included Policy Riders:

Terminal Illness Accelerated Death Benefit Endorsement & Income Provider Option Endorsement

Optional Policy Riders:

Accidental Death Benefit Rider, Children’s Term Life Insurance Rider, Disability Benefit Rider & ExtendCare Rider

 

Additional Protective Life Insurance Options

Outside of Protective’s more popular life insurance plans, they also offer a few other options that can definitely meet the needs of more involved life insurance planning.

Current Assumption Universal Life

ProClassic II and ProClassic Legacy are two variations of current-assumption universal life insurance coverage. Both of these coverage options can be useful in personal or business life insurance planning.

Each have the potential to build cash values as well has have many of the same policy riders that are available with the other insurance plans.

Variable Universal Life Insurance

Protective offers two different variable life insurance plans called Investors Choice VUL and Strategic Objective VUL. Variable universal life insurance can provide permanent protection, flexibility as well as financial growth potential.

However, there is greater risk with VUL’s as cash values are based on the market through various investment options. Consider this type of policy if you are comfortable with the risk of market investment.

Survivorship Universal Life Insurance

For those that require special estate planning, Protective offers two different survivorship coverage options. Survivorship Term and Survior UL provides life insurance coverage on both partners and pays out when the second individual passes away. This is commonly called second-to-die insurance.

Survivorship life insurance policies are generally more affordable than purchasing two contracts. However, these types of policies really should only be considered for estate planning needs in which beneficiaries may be facing tax concerns or in the use of business planning involving partners.

 

Protective Life Insurance in Review

To conclude our Protective Life Insurance review, the company is a great option for life insurance. The strong history and financial strength can give you confidence in their ability to pay out in the future.

They offer a wide selection of life insurance policies that are sure to fit your needs.

Also, when it comes to purchasing life insurance or even if your shopping quotes we recommend not doing it alone. Ask for assistance. Working with an independent organization like Top Quote Life Insurance can assist you in finding the most affordable coverage based on your own needs.

In addition to affordability, we also only offer life insurance companies that are A.M. Best (A) rated or higher. You can ensure that the life insurance coverage you apply for through Top Quote Life Insurance is one with high ratings and strong financial stability.

Please feel free to reach to reach out to us for help.

2018-11-17T12:06:19+00:00

About the Author:

Jeffrey Manola is the owner and an experienced life insurance agent at Top Quote Life Insurance. His goal is to provide online consumers with the absolute top quotes for all term life insurance, permanent life insurance and no medical exam life insurance. Not only does he strive to provide you with the best premium for your life insurance coverage, he also wants you to be well informed about life insurance coverage options and its importance. Never hesitate to reach out to Jeffrey if you need help. Top Quote Life Insurance is more than just an online quoting agency we want to help you save money, protect your future, and earn your trust (888) 777-7574.