- Written by Lindsey Crossmier
Lindsey Crossmier is an accomplished writer with experience working for The Florida Review and Bookstar PR. As a financial writer, she covers Medicare, life insurance and dental insurance topics for RetireGuide. Research-based data drives her work.Read More
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Licensed Independent Insurance Broker
Eric Estevez is a duly licensed independent insurance broker and a former financial institution auditor with more than a decade of professional experience. He has specialized in federal, state and local compliance for both large and small businesses.Read More
- Published: December 6, 2022
- Updated: January 10, 2023
- 6 min read time
- This page features 10 Cited Research Articles
About Protective Life Insurance
Protective Life Insurance was established over 110 years ago and currently offers policies in all states. You may have difficulty purchasing some policies if you live in New York.
Protective Life currently provides financial products — such as life insurance, annuities and asset protection plans — to over 12 million individuals. There are roughly $1 trillion insurance policies in force, making Protective one of the leading insurers in the U.S.
As of January 2018, Protective Life Insurance purchased the Liberty Mutual Insurance Company, among others in a Master Transaction Agreement. If you try to purchase a life insurance policy from Liberty Mutual, you will be redirected to Protective.Protective Contact Information
- Customer Service
- 1 (800) 866-9933
- 1 (800) 424-1592
Types of Protective Insurance Policies
Protective offers term, whole and universal life insurance policies. There are five types of policies advertised on Protective’s website:
- Protective Classic Choice Term
- Whole Life
- Protective Custom Choice UL
- Variable Universal
- Indexed Universal
Protective offers unique customizable policies compared to other life insurance companies.Protective Policy Features vs. Other Insurers
Protective Policies Other Insurers Offers up to 40 years of coverage for term polices Typically offer up to 30 years of coverage for term policies Coverage caps of $50 million for some policies Coverage caps around $1 million Offers Universal policies with 10- to 30-year coverage periods, along with lifelong options Offer universal policies only with lifelong coverage
You can add-on riders to some of Protective’s life insurance policies. There are some limits to what riders can be added to each policy, along with potential premium increases for each rider added.Protective Life Insurance Riders
- Accidental death benefit rider
- Accelerated death benefit rider
- Waiver of premium rider
- Disability income rider
- Guaranteed insurability rider
- Term insurance rider
- Children’s term rider
Whether or not you need a medical exam for your policy varies, depending on which policy you choose.
Protective Life offers the Classic Choice Term Policy, with coverage periods available from 10- to 40-year term lengths. There is a fixed death benefit and premiums, meaning the costs cannot be altered once you purchase the policy. If needed, you can convert your Protective term policy into a permanent one without taking a medical exam.Protective Term Policy Features
- Term lengths available for: 10, 15, 20, 25, 30, 35 or 40 years
- Coverage limits of $100,000 to $50,000,000
- Fixed death benefit and premiums
- Terminal illness rider available
Protective life offers a whole life policy that offers lifelong coverage with a fixed death benefit and premiums. You also have a cash value component that grows tax-deferred at a fixed interest rate. In some circumstances, such as terminal illness, you can tap into your cash value while you’re still alive.Protective Whole Life Policy Features
- Lifelong coverage
- Cash value component
- Coverage limit information not available
- Fixed death benefit and premiums
- Loans available once your policy reaches a minimum value
Most of Protective’s universal policies offer lifelong coverage with a flexible death benefit and premiums, meaning you can adjust the amounts while your policy is active. You have a cash value component that grows tax deferred. You can tap into or access your cash value in specific situations.Protective Universal Life Policy Features
- Protective Custom Choice UL
- This universal policy is unique — offering coverage periods of 10-, 20- or 30-years with fixed premiums. Even when your initial level benefit period ends, you’ll still retain some benefits and coverage. You can convert the policy to a traditional universal policy, with lifelong coverage, if needed.
- Variable Universal Life Insurance
- Protective’s variable life insurance offers lifelong coverage, with your premium payments allocated among multiple investment options to accumulate greater cash value.
- Indexed Universal Life Insurance
- Protective’s indexed universal life insurance offers potential cash value accumulation based on the performance of one or multiple stock market indices. Your earnings are better protected when compared to variable life insurance risks.
Average Costs of Protective Life Insurance
Protective Life has affordable average costs for high amounts of coverage. For example, a healthy 50-year-old woman can get a 10-year term policy with $250,000 of coverage for only $21.59 a month.
Keep in mind that many factors — such as your age, health, sex and policy details — will affect your life insurance quotes. The younger and healthier you are, the more affordable your quotes will be. If you need a higher death benefit, or longer coverage, this will also be reflected in your quote.
Let’s say you’re looking for $1 million of coverage for a 20-year term policy, and you’re 30 years old. Even though you want more coverage for a longer-term length, your age will still bring down the cost. With Protective, your monthly cost would be $24.63.
When comparing average costs to other leading insurers, Protective had the most affordable quote.Average Cost for 10-Year Term Policy with $250,000 of Coverage
Life Insurance Company Average Cost Protective Life $21.59 Ameritas $24.02 Progressive $29.36 AIG $22Source: *Rates were determined for a healthy 50-year-old woman
Make sure to always compare multiple quotes from different insurers before making a purchase. According to the Farm Bureau Financial Services, your age is the most important factor in influencing your life insurance costs.
The chart below breaks down average costs by age from Protective. Feel free to use it to confirm if you’re being quoted an average rate from other insurers.Protective Monthly Premium Quote for 10-Year Term Policy with $500,000 in coverage
Age Cost 30 $12.24 40 $16.96 50 $35.21 60 $79.58 70 $226.44Source: *Quotes were based on a healthy woman looking for coverage
Pros and Cons of Protective Life Insurance
Protective Life Insurance’s main pros are their affordability and wide variety of policies available. If you’re interested in purchasing a term policy, there is ample information available, along with a calculator to receive personalized quotes.
However, if you’re interested in a whole or universal policy, you’ll have a different experience. One large con is the lack of information about whole and universal policies online. You’ll need to contact a representative for information about costs and coverage limits.Pros
- Affordable costs
- High coverage limits
- Longer term lengths available (10 to 40 years)
- Variety of policies available
- Unique features on universal policies
- Riders available
- Option to purchase policy online
- Online quote tool available
- 100% response rate on the Better Business Bureau website
- Costs and coverage limits for whole or universal policies not listed online
- Some policies not available in New York
Average Rating of Protective Life Insurance
Protective life has high financial strength ratings from two leading credit rating agencies — AM Best and Fitch Ratings. An insurer’s financial strength ranks their ability to meet financial obligations, such as paying out your policy.
If you purchase a life insurance policy from an insurer with a poor financial strength rating, you could risk difficulties in getting your claim. Luckily, with Protective Life, this shouldn’t be a concern.Last Modified: January 10, 2023
10 Cited Research Articles
- Fitch Ratings. (2022, July 14). Protective Life Insurance Company. Retrieved from https://www.fitchratings.com/entity/protective-life-insurance-company-80091134
- AM Best. (2022, May 18). AM Best Affirms Credit Ratings of Protective Life Corporation and Its Key Life Subsidiaries. Retrieved from https://news.ambest.com/presscontent.aspx?altsrc=3&RefNum=32059&URatingId=-1
- Better Business Bureau. (2022). Protective Life Insurance Company. Retrieved from https://www.bbb.org/us/al/birmingham/profile/life-insurance/protective-life-insurance-company-0463-1311
- AIG Direct. (2022). Life Insurance Rates and Quotes. Retrieved from https://www.aigdirect.com/life-insurance-basics/life-insurance-rates
- Securities and Exchange Commission. (2021, March 12). Protective Life Insurance Company. Retrieved from https://www.sec.gov/Archives/edgar/data/310826/000110465921035478/a21-2792_1posam.htm
- Farm Bureau Financial Services. (2021, February 5). How Does Age Affect Life Insurance? Retrieved from https://www.fbfs.com/learning-center/age-factor-into-life-insurance
- Progressive Casualty Insurance Company. (n.d.). How Much Does Life Insurance Cost? Retrieved from https://www.progressive.com/answers/how-much-is-life-insurance/
- Ameritas. (n.d.). Value Plus Term Life Calculator. Retrieved from https://www.ameritasdirect.com/calculators/term-life/
- Protective Life Corporation. (n.d.). Get a Free Term Life Insurance Quote from Protective. Retrieved from https://d2c.protective.com/OnlineAcquisitions/Quote/Inputs
- Protective Life Corporation. (n.d.). Who We Are. Retrieved from https://investor.protective.com/home/default.aspx
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