Protective Life offers some of the most affordable life insurance rates. Here’s our protective life insurance company review and why you should consider them. If you’re looking for term life insurance and you don’t want to pay a lot for coverage, Protective Life should definitely be one of your top choices. The company has been in existence for more than 100 years and through several acquisitions, has become a major competitor in the life insurance industry.
Why You Need To Consider Protective For Your Life Insurance Coverage
Our review of Protective Life reveals that they offer some of the most competitive term life rates in the industry. In fact, they are usually one of the least expensive options available for healthy people over the age of 50.
The company is also extremely easy-going with several major health conditions, making them competitive if you have a history of heart disease, diabetes or high blood pressure. Protective’s rates are usually 20-30% less than most of their competitors.
If you are a senior over the age of 65 looking for coverage, Protective can also be an excellent choice because they offer a Guaranteed Universal Life policy with pricing that is comparable to term insurance. So, if you are over age 65 and in good health, the GUL policy could be a better option than 20-year term insurance. Guaranteed Universal Life offers level rates to age 90 or longer.
Is Protective Life Financially Stable?
Yes, the company is very financially stable and maintains a good reputation for claims paying ability. Protective Life has more than $763 billion of life insurance in force and more than 7.8 billion contract holders. It has received some of the highest financial ratings from the insurer rating agencies.
- A.M. Best: gives Protective Life a high rating, A+ (Superior, and the second highest out of 15 total possible ratings).
- Standard & Poors: AA- (Very Strong, and the fourth highest out of 21 total ratings)
- Fitch: rates the company, A (Strong, and the sixth highest out of 22 total ratings)
- Moody’s: views Protective as, A2 (Good, and the sixth highest out of a total 21 possible ratings)
What Are My Policy Options With Protective Life?
Term Life Insurance Coverage
Term life is Protective’s “flagship” product and is available in increments of 10, 15, 20, 25 or 30 years. This is temporary coverage and once the term has expired, the insured will need to re-apply for a policy at his or her current age and health condition. Typically, the rates will be much higher at this time because the insured is older and possibly less healthy.
Universal Life Insurance Coverage
Universal life insurance is a permanent policy that is designed to last throughout the entire lifetime of the insured. Protective offers a very unique form of Universal Life called “Custom Choice” which is very appropriate for people who see their insurance needs as long term.
With a Protective Custom Choice UL policy, the insured selects the amount of coverage and the length of term from 10 to 30 years. But after the term ends, the policy automatically converts into a reducing permanent policy for the same price. This gives the insured the option to maintain coverage without another medical exam, or adjust the death benefit.
Whole Life Insurance
Whole life offers the benefit of permanent protection as long as you pay your premiums. This type of policy is more expensive than term and universal life but earns cash value at a set, fixed rate.
The cash value account grows or earns interest on a tax deferred basis. This means that there is no tax due on the growth of the account until the funds are withdrawn. The policyholder can use these funds for any reason; supplementing retirement income, repayment of debt or any other reason they see fit.
Variable Universal Life (VUL)
VUL is another form of permanent insurance with the exception that a portion of the premiums and the cash value account are allocated to investment options offered through the policy.
The main difference between variable universal life and other types of universal life is essentially the ability to choose investment options and the potential for cash value growth based on your investment goals. Please note: Accounts are not guaranteed and can lose value.
How Can I Purchase A Policy From Protective Life?
Protective policies are mostly offered through independent life insurance agents (like us) throughout the United States. Policies can also be purchased directly from the company but we would highly recommend that you buy from an agent that is familiar with your needs and goals.
We are an independent agency that works with more than 30 of the best life insurance companies in the industry. We offer unbiased advice and we do not push one particular company over another. Our goal is to find the best company at the best price for your unique situation.
For a free life insurance consultation and for free quotes from Protective Life as well as dozens of other life insurance companies, please call us today: 914-633-1717
About Protective Life
Protective Life is headquartered in Birmingham, Alabama. The company was founded back in 1907 while Teddy Roosevelt was president by retired Governor William Dorsey Jelks. In less than 2 years, Protective Life had already paid out its very first life insurance claim.
Throughout the years, Protective Life would acquire several major insurance companies such as; West Coast Life, Mutual of New York (MONY) and Chase Insurance Group, making Protective Life one of the largest life insurance companies in the United States today. In 2015 Protective Life Corporation was acquired by The Dai-ichi Life Insurance Company, Ltd.