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Protective Life Insurance Company Review

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Ron Attias, a licensed insurance broker. He had no particular loyalty to any one insurance company, so he was able to shop all major insurance carriers. This means that you always get the BEST plan at the LOWEST price. Each plan can be customized to fit your specific healthcare...

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UPDATED: Jul 9, 2019

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It’s all about you. We want to help you make the right coverage choices.

Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We partner with top insurance providers. This doesn't influence our content. Our opinions are our own.

Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance related. We update our site regularly, and all content is reviewed by life insurance experts.

This post is a review of Protective Life Insurance Company’s products and services. We know that life insurance is baffling, so we try to make it easy for you to understand, starting with whether or not Protective Life will be the best company for you. While reading a review about an insurance company is a good start, you can’t just click and buy a policy online right there.

With life insurance, you must qualify for the policy by going through underwriting. This is where a broker can help to match you with the right company for your situation. We at Effortless Insurance proudly represent Protective Life along with over 50 other from which to choose.

In this post, I will review Protective’s pricing and underwriting, and compare them against the best in our industry. Let’s find out if Protective Life is an excellent choice for you or not.

Protective Life Company History

Protective Life insurance Company was established in 1907 by former Alabama governor, William Dorsey Jelks. Protective has over 100 years of experience and financial strength to serve their clients better than most others companies. Their goal is to strive to deliver a comprehensive solution that is not only easy to get and understand but is affordable as well. Protective Life sells life insurance products in all 50 states.  The corporation has over 2,700 employees, annual revenues of $4.48 billion, and assets of $75 billion.

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Protective Life Financial Ratings

  • A.M. Best – A+ (Superior)
  • Standard & Poor’s – AA (Very strong)
  • Fitch – A (Strong)
  • Moody’s – A2 (Good)

Products Offered by Protective Life

Protective offers primary life insurance, such as term and whole life, to more specialty types like universal life, indexed universal life, and variable universal life. They also offer fixed, indexed, and immediate annuities; however, this review will be solely related to the life insurance products.

Protective Classic Choice Term

Term life insurance is a coverage that doesn’t break your bank. You can get the most benefits for the lowest premium when compared to whole life. It’s cheaper because you only buy “pure insurance” (without the saving or investment component whole life offers).

You pay for protection for a length of 10-30 years. The premium and the coverage stay the same for your chosen term. At the end of your initial term, you can either convert the policy to whole life, renew it on an annual basis (ART), or drop it.

Protective Classic Choice Term Highlights

  • Minimum face amount $100,000
  • 10-year term: ages 18–75
  • 15-year term: ages: 18–70 (18–68 for tobacco user)
  • 20-year term: ages: 18–65 (18–62 for tobacco user)
  • 25-year term: ages: 18–55 (18–52 for tobacco user)
  • 30-year term: ages: 18–52 (18–43 for tobacco user)
  • Renewable to a maximum age of 90
  • Conversion options: for a 10-year plan, up to 8 years; 15-year plan, up to 13 years: 20-, 25-, and 30-year plans, up to 18 years

Optional Riders

  • Accidental death
  • Children’s rider
  • Accelerated death benefit is added at no extra cost
  • Waiver of premium

Related: What are life insurance riders?

Protective One-Year Term

Protective Life also offers a one-year term life insurance for those who need a short-term insurance, such as for people who are in between jobs. This policy is non-renewable and non-convertible term life insurance. The minimum face amount is $100,000, and the maximum allowed is $1 million.

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Universal Life Products

Universal life insurance – or UL – is all about flexibility. It’s another type of whole life that offers a cash saving component and guaranteed death benefit. As your life changes, so should your policy.

For instance, you may not need the same death benefit amount you bought 20 years ago, so you have the option to decrease it as you see suitable to your current lifestyle and needs. You can also adjust your premium payments to adjust them up or down, provided there is enough cash value to the policy.

Protective Advantage Choice UL

This is guaranteed universal life coverage that lets you choose your coverage based on a specific age rather than length. With guaranteed universal life, you can buy coverage up to age 90, 95, 100, 105, 110 or 121 years old. Your premium is leveled for the chosen period; however, you do have the option of premium flexibility subject to the policy’s cash value.

Protective will allow you to decrease the face amount after three years should you need to do so. It comes with lapse protection included to guarantee the death benefit based on the paid premium (if you only pay the minimum payment). It’s worth noting that the policy has a full surrender fee within the first year after being in force; the surrender fee will decline in the first nine years of the policy.

  • Issue ages: 18–85
  • Minimum face amount: $50,000
  • Guaranteed interest rate: 2.5%
  • Any interest earned is on a tax-deferred basis

Protective Custom Choice UL

This is a UL policy married with a term policy, with a decreasing death benefit. When you buy this protection, you can choose the initial term period between 10–30 years, which lets you keep the death benefit and premium the same. After that initial term is over, the death benefit will start to decrease every year, but your premium will stay the same.

Once the death benefit level reaches $10,000 (the face amount), your premium will begin to increase. This is the same product Protective Life sells through Costco.

  • Minimum face amount $100,000
  • 10-year term: ages 18–75
  • 15-year term: ages: 18–70 (18–68 for tobacco user)
  • 20-year term: ages: 18–65 (18–63 for tobacco user)
  • 25-year term: ages: 18–55 (18–52 for tobacco user)
  • 30-year term: ages: 18–52 (18–43 for tobacco user)

protective life custom ul

ProClassic II UL

If you are looking for the ultimate flexibility, this is the policy for you. You can decrease or increase coverage within the plan limits without buying a new policy. If you want to increase the coverage, it will be subject to evidence of insurability and the policy must be in force for at least one year.

The most significant advantage of this policy is that it comes with two distinct death benefit options from which to select:

Level death benefit – Your beneficiaries will collect the purchased death benefit when you first bought the policy.

Increasing death benefit – Your beneficiaries will collect the purchased death benefit, plus the policy cash value. So any growth the policy had through the time it was in force will be added to the death benefit.

  • Issue ages: 18–85
  • Minimum face amount: $50,000 (ages 50+)
  • Minimum face amount: $100,000 (ages 0–49)

Indexed Universal Life

Indexed universal life has the exact flexibility the regular UL has but offers a more significant value accumulation potential because it’s tied to the performance of a market index.

Protective Indexed Choice UL

Protective allows you to increase or decrease your death benefit amount without having to buy a separate, new policy. When it comes to where you park your money, you have two options: the fixed account where your interest rate is guaranteed never to be lower than 1%, or the indexed account which is subject to the S&P 500 performance, has a guaranteed cap rate of 3%, and a floor rate of 0%.

  • Issue ages: 18–75
  • Minimum face amount: $100,000
  • Guaranteed rate: 1%

Variable Universal Life

The highest potential for tax-deferred growth with the same flexibilities UL offers. The variable account is tied to a variety of top fund managers to gain the maximum cash growth. Keep in mind that the higher the potential for growth is, the higher the potential for loss. There is an option for a fixed account, and it’s decided by Protective Life at the time of the application.

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Protective Life’s Underwriting Strengths

Every life insurance company has its own rules and regulations when it comes to the risks they are willing to take when insuring a potential client. A broker’s job is to match you with the best insurance company for your health issues.

So if you are overweight or have high cholesterol, there are companies out there that will give you a standard rate while others will place you at table 2. When it comes to Protective, they have a few health risks toward which they are more friendly.

  • Nicotine – to qualify for preferred plus, you will need to be a non-smoker for five years. To be eligible for preferred, you only need two years. Similar companies like AIG will require you have three smoke-free years.
  • Blood pressure – To be eligible for a preferred plus, your average reading cannot exceed 135/85, whether on medication or not.
  • Cholesterol – Total cholesterol not higher than 275 and ratio 4.5, will get you preferred best.
  • Hazardous Sports – Prefered best rates for recreational scuba diving, up to depths of 75 feet.
  • Driving – to be eligible for preferred rates, you cannot have had a DUI in the last five years. Companies like Assurity will require seven years.

Plus: Protective Life Underwriting Solution

This is no-exam life insurance by Protective Life, offered to a select few that are in excellent health. It is available for the choice term, or a custom choice UL for 10– to 30-year term periods. You may not need to go through an invasive exam if you can meet specific requirements.

During the phone interview, the underwriter will collect all the required information from the client, and at the end of the interview, you can expect one of two of the following outcomes:

  • Accelerated underwriting – No need for an exam, the policy is ready to get issued.
  • Traditional underwriting – You will go through an exam, and once it’s completed it will be sent back to the underwriter for further evaluation.

Ages and Face Amounts

  • Ages 18–45: $100,000–$1,000,000
  • Ages 46–60: $100,000–$500,000

Protective Life vs. Other Carriers’ Sample Monthly Rates

Male 20-year Term $250,000

 CompanyAge 30Age 40Age 50Age 60
 Protective $13.12 $17.85 $41.50 $111.59
 Banner $13.33 $19.26 $40.85 $111.13
 AIG $13.54 $19.38 $42.73 $114.74
 Foresters $13.56 $18.81 $42.66 $114.84
 Lincoln$13.56 $18.38 $46.55 $190.53
 Mutual of Omaha $13.56 $20.08 $46.55 $134.05
 Principal $14.66 $19.03 $42.61 $110.03
 SBLI $14.79 $21.67 $51.68 $147.70
 Transamerica $20.34 $26.45 $51.17 $135.88
 Prudential $20.34 $24.50 $45.50 $128.84

Female 20-year Term $250,000

 CompanyAge 30Age 40Age 50Age 60
 Protective $11.83 $15.27 $31.18 $77.61
 Banner $11.74 $15.67 $31.17 $78.83
 AIG $11.81 $18.51 $35.59 $89.66
 Foresters $12.47 $16.63 $31.94 $85.97
 Lincoln$12.08 $16.14 $32.77 $160.13
 Mutual of Omaha $12.64 $19.21 $36.05 $94.02
 Principal $13.13 $16.63 $32.90 $77.92
 SBLI $13.31 $18.99 $36.46 $90.37
 Transamerica $13.98 $21.72 $40.64 $110.51
 Prudential $17.28 $22.53 $40.03 $89.25

Male 20-year Term $500,000

 CompanyAge 30Age 40Age 50Age 60
 Protective $20.21 $28.38 $75.68 $205.97
 Banner $20.12 $32.68 $74.39 $205.97
 AIG $20.24 $30.62 $77.76 $213.57
 Foresters $21.00 $31.50 $79.19 $223.56
 Lincoln$21.00 $30.28 $78.71 $214.33
 Mutual of Omaha $21.61 $33.42 $85.05 $249.55
 Principal $22.75 $31.50 $78.66 $213.50
 SBLI $21.32 $36.92 $96.06 $286.85
 Transamerica $23.65 $43.00 $95.46 $253.70
 Prudential $33.25 $41.56 $83.56 $250.25

Female 20-year Term $500,000

 CompanyAge 30Age 40Age 50Age 60
 Protective $17.63 $24.94 $55.47 $139.32
 Banner $17.11 $25.49 $55.47 $145.00
 AIG $17.21 $27.16 $63.06 $163.40
 Foresters $18.81 $27.13 $57.75 $165.81
 Lincoln$18.16 $26.16 $58.41 $148.05
 Mutual of Omaha $18.99 $28.61 $64.05 $169.93
 Principal $19.69 $26.69 $59.24 $149.27
 SBLI $19.14 $29.67 $65.87 $173.03
 Transamerica $19.78 $34.83 $73.10 $204.68
 Prudential $27.13 $37.63 $72.63 $171.06

Male 20-year Term $1,000,000

 CompanyAge 30Age 40Age 50Age 60
 Protective $33.97 $51.17 $142.33 $396.03
 Banner $37.84 $58.48 $140.61 $406.63
 AIG $34.95 $53.98 $144.80 $418.14
 Foresters $34.13 $56.00 $150.50 $438.38
 Lincoln$49.00 $70.00 $147.70 $418.78
 Mutual of Omaha $37.80 $59.68 $161.18 $481.43
 Principal $38.50 $55.56 $147.88 $418.78
 SBLI $35.24 $56.03 $147.73 $457.62
 Transamerica $39.56 $80.84 $178.02 $483.32
 Prudential $48.56 $70.44 $157.94 $467.69

Female 20-year Term $1,000,000

 CompanyAge 30Age 40Age 50Age 60
 Protective $28.81 $43.43 $101.91 $267.03
 Banner $28.72 $50.09 $110.51 $294.55
 AIG $28.89 $47.92 $117.12 $309.15
 Foresters $29.75 $47.25 $107.63 $322.88
 Lincoln$38.50 $53.38 $108.50 $283.33
 Mutual of Omaha $31.68 $50.93 $119.18 $324.80
 Principal $32.16 $46.81 $108.94 $283.50
 SBLI $29.67 $44.28 $104.57 $272.92
 Transamerica $32.68 $65.36 $139.32 $388.72
 Prudential $37.19 $59.94 $124.69 $319.81

*All rates quoted on this page are for a super-preferred healthy individual who does not use tobacco. Monthly rates are updated as of Feb 2018 and are subject to underwriting approval.*

Last Word

Protective Life is probably one of the best insurers in the country. Their rates are one of the lowest you can find provided you can qualify for the prices. They are a top-rated company with over 100 years in selling life insurance products.

They are mostly geared toward individuals who are looking for term life insurance or universal life and don’t cater to those who need final expense or burial insurance.

Choosing the best life insurance for you will take a little more than just reading a review and deciding that this would be a good fit on your own. Protective Life is only one of many other companies we represent. You can run the quotes yourself on this page to compare Protective Life with the rest.

FREE Life Insurance Comparison

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