You’re trying to protect your loved ones and are now wondering if Protective Life is the best option to go with. We are here to help you make that decision by providing up to date review on all major companies. Protective Life just like their name has a mission sought out to break down the barriers that block people from protecting their tomorrow in order to embrace today. Wow, what a fantastic goal for an insurance company to have. However, Protective Life is one of many other fish in the sea and while they have a great selection of products, this company may not be the right one for you, but don’t worry because we work with over all the top rated companies to fit anyone’s needs. Here is a quick summary;
- Protective Life was founded in 1907 by Governor William Dorsey Jelks.
- Based on A.M Best Protective Life is rated A+ (superior). Having an A rating means that the company (Protective Life) is financially strong and capable of guaranteeing their policies and keeping it secure.
- They differentiate themselves with their underwriting because of the fact that Protective Life is so compassionate when it comes to their clients having some health conditions..
- Protective Life passes the competitors rates by 24-45% who have had a heart attack, heart disease, and bypass surgery.
- Protective Life offers a full suite of different types of life insurance.
- Term Life is the most basic form of life insurance protection. It only offers death benefit and has no type of cash value or investment build up.
- Whole Life insurance provides a fixed amount of coverage for the duration of your life.
- Universal Life insurance earns credit as your premiums are paid.
- Variable Universal Life offers you investment options that can result in greater cash value just by paying your premiums.
- Indexed Universal Life insurance offers cash value accumulation based on positive changes in the performance of one or more stock market indices.
- Protective Custom Choice ULT lets you customize both your premium and coverage amount for a specific period of time.
- Protective Life is an excellent choice for seniors because they are so lenient with clients and their health problems this is the best wagon to jump on if you suffer from any health condition.
- However, if you are a stay-at-home spouse then this company will not benefit you because they only offer half of the amount of coverage of the income of the earning spouse.
- As of 2014 Protective Life holds over $70 Billion in assets and over $357 Billion of life insurance policies that are in place.
History
Protective Life was founded in 1907 by Governor William Dorsey Jelks. In 1909 the company paid for its first death claim and by 1957 they celebrated their 50 year anniversary as well as their $1 billion mark. Throughout their history, they have acquired Protective Life and Annuity Insurance Company, Chase Insurance Group, United Investors Life, Liberty Life, and MONY Life Insurance Company. On their 100th anniversary, the company surpassed $252 Billion with insurance. In 2010 Protective Life made over $427 Billion of coverage in-force.
Rating/Review
Protective is rated “A+” with A.M. Best. This rating stands for “Excellent” and is a strong sign that the carrier’s finances are in order to pay for large number of potential claims. Thanks to A.M Better, we can conclude that Protective Life is a financially stable, and reliable company. Protective Life is also known for their low prices when it comes to term life rates in the whole marketplace. They may be leading the board with their competitive term life rates, but still, fall just a tad behind Transamerica for the 25-year term.
Underwriting
As we read above Protective Life is a very competitive life insurance company. They differentiate themselves with their underwriting because of the fact that Protective Life is so compassionate when it comes to their clients having some health conditions. This being said they are a #1 choice for clients who have a history of heart disease. They pass the competitors rates by 24-45% who have had a heart attack, heart disease, and bypass surgery. Since they are lenient with their clients who have health problems they also include the ones with low cholesterol or even the clients with diabetes! This is very hard to find because most life insurance companies want a healthy individual with an A1 health history. The real kicker is that they overlook an occasional cigar or two and don’t charge tobacco rates. This is amazing because if you are like me, then one cigar every two months or so shouldn’t put you in the same category as an everyday smoker! I mean it’s about time that a company doesn’t put us in that category!
Products
Since Protective Life has a mission of doing the right thing, serving people, building trust, and simplifying everything, they set themselves out to provide the best product line for their clients.
Term Life
- Term Life offers financial protection for only a specific period of time such as 10-30 years.
- Term Life insurance is less expensive than permanent life insurance.
- This type of insurance doesn’t build cash value.
- Once coverage period ends, premiums can increase.
- This type of insurance is perfect for those looking for income replacement, for children’s education, or even for mortgage payoff.
- Easy to manage and understand.
- Offers fixed, level premiums.
Whole Life Insurance
- A Whole Life policy offers a lifetime death benefit coverage.
- Offers a fixed interest rate.
- Adds cash value and grows tax-deferred.
- Cash value is accessible if you need to pay bills etc, the money is there.
- Whole Life has a fixed interest rate.
- Can add riders and has optional features.
- Life insurance covers your entire lifetime.
Traditional Universal Life Insurance
- Offers lifetime death benefit coverage.
- Minimum guaranteed interest rate provided.
- Universal Life insurance covers your entire lifetime.
- Flexible death benefits.
- Flexible premium payments.
- Accessible cash value to help pay premiums or other bills.
Variable Universal Life Insurance
- Offers lifetime death benefit coverage.
- Offers flexible premiums.
- Adds cash value and grows tax-deferred.
- Cash value is accessible if you need to pay bills or premiums etc.
- Available investment options for your cash value.
Protective Custom Choice UL
- The Protective Custom Choice UL offers low premiums.
- Payments are fixed, for certain time frames like 10, 20, or 30 years.
- Offers flexibility to be able to lock in permanent coverage later, your health won’t penalize you.
- Coverage can last a lifetime as long as the policy is in force.
- Custom Choice UL pays your beneficiaries a non-taxable death benefit.
Indexed Universal Life Insurance
- Indexed universal life insurance offers lifetime death benefit coverage.
- Flexible death benefits.
- Flexible premium payments.
- Adds cash value accumulation based on the performance of S&P 500.
- Can choose if you want a fixed account which offers an interest rate guaranteed 1%.
More About Protective Life
Protective Life is an excellent choice for seniors because they are so lenient with clients and their health problems this is the best wagon to jump on if you suffer from any health condition. However, if you are a stay-at-home spouse then this company will not benefit you because they only offer half of the amount of coverage of the income of the earning spouse.
As of 2014 Protective Life holds over $70 Billion in assets and over $357 Billion of life insurance policies that are in place. On top of that Protective Life is in the top 1% of all insurance carriers in the U.S.
Sample quote is for a preferred plus 35-year old female. Depending on lifestyle and health, quotes can vary
| Face Amount | 10 Year Term | 15 Year Term | 20 Year Term | 25 Year Term |
|---|---|---|---|---|
| $250,000 | $8.95 | $10.41 | $12.27 | $16.84 |
Sample quote is a preferred plus 40-year old male. Depending on lifestyle and health, quotes can vary
| Face Amount | 10 Year Term | 15 Year Term | 20 Year Term | 25 Year Term |
|---|---|---|---|---|
| $250,000 | $11.24 | $12.47 | $17.04 | $25.18 |
Sample quote is for a preferred plus 48-year-old female. Depending on lifestyle and health, quotes can vary
| Face Amount | 10 Year Term | 15 Year Term | 20 Year Term | 25 Year Term |
|---|---|---|---|---|
| $250,000 | $17 | $19.96 | $25.87 | $36.94 |
Sample quote is for a preferred plus 50-year old male. Depending on lifestyle and health, quotes can vary
| Face Amount | 10 Year Term | 15 Year Term | 20 Year Term | 25 Year Term |
|---|---|---|---|---|
| $250,000 | $22.16 | $31.63 | $38.72 | $56.98 |
Sample quote is for a preferred plus 65-year old female. Depending on lifestyle and health, quotes can vary
| Face Amount | 10 Year Term | 15 Year Term | 20 Year Term | 25 Year Term |
|---|---|---|---|---|
| $250,000 | $61.43 | $81.89 | $124.93 | N/A |
Sample quote is for a preferred plus 70-year old male. Depending on lifestyle and health, quotes can vary
| Face Amount | 10 Year Term | 15 Year Term | 20 Year Term | 25 Year Term |
|---|---|---|---|---|
| $250,000 | $165.82 | $239.85 | $367.87 | N/A |
Final Thoughts
In conclusion, Protective Life is an “A” rated company but they are just another one of many other “A” rated companies. At InsureChance we work with only “A” rated companies because we want to provide the best quality products for our clients. When shopping for life insurance we always encourage that you check rates with top carriers and find a plan that best meets your needs. If you’re ready for the next step please use one of our quote engines to get the quotes from all the trusted insurers including Protective Life. You can also call one of our experienced agents at 888.492.1967!
