Protective Life Insurance Company Overview

For peace of mind that your loved ones will be taken care of after you pass away, consider purchasing life insurance. Protective Life Insurance Company offers customers various term life, whole life, and universal life insurance options. To help you learn more about Protective Life’s coverage, U.S. News created this comprehensive review.

About

Protective Life Insurance Company was founded in 1907 and focuses on providing life insurance and retirement services. Protective Life is based in Birmingham, Alabama.

 

 

Fast Facts:

  • Term life and permanent life policies available

  • Numerous riders available for all policy types

  • Term life policies starting at $100,000 in coverage, permanent life policies starting at $50,000

  • Guaranteed level premiums on all term life policies, guaranteed level or flexible premiums available on permanent life policies

 

Protective sells permanent and term life insurance policies. Permanent life policies include whole life, universal life, indexed variable life, and variable universal life coverages. Protective’s term life policies provide coverage for a specific period and only offer a death benefit, but its permanent life products provide lifetime coverage that builds a cash value that you can borrow against or withdraw. While you can only apply for permanent life coverage through an insurance agent, Protective accepts online applications for term life policies.

Protective term life policies feature 10 to 40-year terms in increments of five. The insurer applies age limits based on term lengths. For instance, individuals ages 18 to 40 can apply for a 40-year term policy, but Protective won’t issue 10-year coverage to people more than 80 years old. Issuance restrictions for permanent life policies range from newborn to 90 years old, depending on the insurance product.

Protective offers numerous riders for all its life insurance products, ranging from children’s term life riders to terminal illness accelerated death benefit riders, which provide added protection at various life stages.

 

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The following sample Protective monthly rates are based on non-smoking applicants, with average health, who fit into a standard-plus risk class.

The cost of life insurance is based on many factors, which may include your:

  • Age
  • Dangerous hobbies
  • Driving record
  • Drug or tobacco use
  • Location
  • Pre-existing conditions
  • Overall health

Typically, no single factor determines the cost of life insurance. For example, you may be in good health but enjoy weekend skydiving or rock climbing, which could land you in a higher risk class. As part of the underwriting process, insurers require medical exams for some types of policies, and they usually request access to your medical records. Health issues such as cancer, diabetes, or heart disease often disqualify life insurance applicants or require them to pay higher rates.

Behaviors such as illegal drug use or smoking usually increase your insurance rates. Smokers who quit may qualify for better rates five years after kicking the habit.

Buying life insurance while you are relatively young and healthy can ensure the most affordable rate. If you buy term life insurance, your premium will increase when it is time to renew your policy and can rise substantially as you age. Permanent life policies usually cost more than term life coverage, but their premiums do not increase.

For information on the cost of term insurance policies visit our guide to Life Insurance Quotes. Protective Life Insurance Company does not offer multipolicy discounts for life insurance. For more information on obtaining inexpensive life insurance policies, visit our page Cheapest Life Insurance Companies of 2022.

How Much Does Life Insurance From Protective Life Cost for Seniors?

Protective issues 10-year term life policies up to age 80. The sample monthly rates below are based on applicants who meet the criteria for the standard risk class, which means they might have a few health problems, but still have a normal life expectancy and don’t smoke. Protective requires all term life applicants to complete a medical exam.

 

 

How Much Does Life Insurance From Protective Life Cost for Smokers?

Generally, smokers pay more for life insurance than non-smokers. The rates below are for Protective’s preferred smoker risk class, which is available to people who only smoke occasionally. Even so, a 35-year-old female smoker might pay nearly $152 more per month for a $1 million policy than a nonsmoker the same age. 35-year-old male smokers pay even higher rates for Protective’s term policies – over $190 per month more than their nonsmoking counterparts.

 

 

Protective Life has five main life insurance products across three types: term, whole life, and universal life.

Protective Life’s term life insurance policy, Protective Classic Choice, is:

  • Offered in term periods from 10 to 40 years
  • Guaranteed to have level monthly premiums
  • Available with coverage between $100,000 and $50 million
  • Available through agents or an online application

In addition:

  • The term insurance policy can be converted to a permanent policy with no fee and no medical exam.
  • Age limits vary by term and product, with a maximum age of 80.
  • Death benefits typically are paid in a lump sum, although the money can be left in an account and accessed by the beneficiary like a checking account. Protective Life also allows the benefit to be paid out in installments, although this option must be chosen by the client when the policy is first set up.
  • A terminal illness rider is offered.
  • Online tools include a coverage calculator, quote estimate, application, customer service, and document processing.
  • The financial benefit is a tax-free death benefit.
  • Other features include an option for renewal, depending on the terms of your specific contract.

 

Protective Life’s whole life insurance policy is:

  • Offered in lifetime coverage periods
  • Guaranteed to have level monthly premiums
  • Available with coverage up to $5 million
  • Available through agents

In addition:

  • Cash value accumulation is guaranteed and builds at a fixed interest rate.
  • Age limits vary by term and product, with a maximum age of 85.
  • Premiums are not flexible.
  • If a whole life insurance policy is canceled or surrendered, the payout depends on the policy’s current cash value.
  • Cash value can be accessed via loan after a minimum policy value is reached.
  • Premiums have a lifetime payment term period.
  • Death benefits typically are paid in a lump sum, although the money can be left in an account and accessed by the beneficiary like a checking account. Protective Life also has an option for the benefit to be paid out in installments, although this option must be chosen by the client when the insurance policy is first set up.
  • Waiver of premium and terminal illness accelerated death benefit endorsement riders are available.
  • Online tools include a coverage calculator, estimates, customer service, and document processing.
  • Financial benefits include a tax-free death benefit, tax-deferred cash value that can be accessed during the insured’s lifetime, and a fixed interest rate for cash-value accumulation.

For universal life policies, Protective Life offers:

  • Custom Choice UL Permanent Universal Life
  • Indexed Universal Life Insurance Permanent Universal Life
  • Variable Universal Life Permanent Variable Universal Life

Protective Life’s universal life insurance policies are:

  • Offered with lifetime coverage periods for Indexed Universal Life and Variable Universal Life policies
  • Custom Choice UL policy offers coverage for 10 to 30 years, in increments of five years
  • Guaranteed to have monthly level premiums for the Custom Choice UL policy, and available with flexible premiums for the Indexed Universal Life and Variable Universal Life policies
  • Available with coverage up to $50 million

In addition:

  • There is one-variable policy type available: Variable Universal Life
  • Age limits vary by term and product, with a maximum age of 80.
  • The Indexed Universal Life plan offers different interest crediting options.
  • The Variable Universal Life plan offers different investment options.
  • Protective Life’s permanent universal life policies are guaranteed, except for the Variable Universal Life policy.
  • The Indexed Universal Life policy offers flexible death benefits and premium payments.
  • The Indexed Universal Life and Variable Universal Life policies accumulate a tax-deferred cash value that can be accessed during the insured’s lifetime.
  • If a policy is canceled or surrendered, the payout depends on the policy’s cash value at the time.
  • The Indexed Universal Life and Variable Universal Life policies have a lifetime premium payment term, while the Custom Choice policy has custom premium payment terms.
  • Death benefits typically are paid in a lump sum, although the money can be left in an account and accessed by the beneficiary like a checking account. Protective Life also has an option for the benefit to be paid out in installments, though this option must be chosen by the client when the policy is first set up.
  • Financial benefits include a tax-free death benefit, a tax-deferred cash value that can be accessed during the insured’s lifetime, different interest crediting options, different investment options, and estate tax protection, although not all benefits are available with every policy.

The following additional features are available:

  • The Custom Choice UL policy offers the following additional features: the term policy can be exchanged for permanent coverage within the first 20 years up to age 70 without going through another medical exam; 10-, 20- or 30-year initial term coverage can be extended; and after the initial benefit period ends, premium payments remain the same while the coverage amount begins to adjust down, allowing time to maintain some coverage while assessing needs.
  • The Indexed Universal Life Insurance policy offers the following additional features: flexible death benefits and premium payments; the possibility of market-linked cash value growth based on the performance of one or more market indices, subject to caps and floors; and a choice of a fixed account where any premium allocated to the account earns interest at a specific rate, or an indexed account where interest is credited based on the positive performance of a specific index, subject to caps and floors.
  • The Variable Universal Life policy offers a minimum guaranteed death benefit that won’t decrease as long as the required premium payments are met and any outstanding loan balances are repaid.

 

You can purchase Protective Life’s Classic Choice term life insurance policy through an online application. However, Protective Life’s remaining life insurance plans are available only through Protective Life Insurance Company agents.

Customers are free to choose their agent. Most of Protective Life’s policies are sold through general life insurance agents rather than agents who work specifically for Protective Life Insurance Company.

When working with an agent to determine your coverage needs, many factors are considered. These include the applicant’s health and lifestyle.

For customers looking to cut down on paper clutter, Protective Life provides the option for policyholders to receive their documents electronically.

 

What life insurance product types and riders are available from Protective Life in my state?

Protective Life’s life insurance products are available in every state. Five insurance policy options as mentioned in this overview, are available. The life insurance policy you choose will determine your rider options.

What does life insurance from Protective Life cover?

Protective Life’s various life insurance plans offer options for lifetime coverage or coverage for predetermined terms of up to 40 years. These insurance policies provide benefits after the death of the policyholder to cover various financial needs and obligations.

What riders are available from Protective Life?

Available riders vary by life insurance product. Protective offers accidental death, children’s term life, income provider option, terminal illness, and waiver-of-premium riders for most of its term life and permanent life policies. You can also add an ExtendCare chronic illness, overloan (lapse) protection, and return of premium, to some Protective permanent life policies.

Some riders may have age limits. For example, Protective only offers the accidental death benefit rider for universal life policies to policyholders aged 18 to 60.

Protective writes life insurance policies through four subsidiary companies and offers New York customers coverage through two reinsurance companies. Insurance products and riders may vary by state.

How long do you have to file a life insurance claim with Protective Life?

Generally, life insurance companies are bound by adherence to state laws regarding how long you have to claim insurance benefits. Contact Protective Life or an insurance agent directly for more information.

How much can you borrow from your life insurance policy with Protective Life?

The maximum loan amount is 95% of the cash-surrender value.

Do all life insurance policies with Protective Life pay dividends?

Protective Life Insurance Company is not a mutual company, and therefore policyholders are not eligible for dividends.

What is the maximum amount of life insurance coverage I can currently apply for with Protective Life?

Protective Life does not have a maximum amount of life insurance coverage. The amount varies based on underwriting approval.

Does Protective Life’s life insurance pay for death by suicide?

In general, life insurance companies are bound by state laws regarding payment for suicidal death. Policyholders who have held policies for more than two years are generally eligible for a claim. However, Protective Life’s policy may vary by policy type and state, so you should contact the company or an insurance agent directly for more information.

If you are contemplating suicide, help is available. Call any time of day for free, confidential support from the National Suicide Prevention Line at 800-273-8255. The organization also operates more than 150 crisis centers that offer encouragement and local resources. Please reach out to them if you are in crisis.

Can you get life insurance from Protective Life if you have cancer?

Many factors are considered in Protective Life’s underwriting process, and it is unlikely that any one factor, including a history of cancer, would impact a consumer’s ability to access coverage.

Does life insurance from Protective Life cover a drug overdose?

In general, life insurance companies are bound by state laws regarding payment for a drug overdose. Policyholders who have held policies for more than two years are generally eligible for a claim. However, Protective Life’s policy may vary by policy type and state, so you should contact the company or an insurance agent directly for more information.

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