Protective Life Insurance Company Review 2021

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.

What Is Protective Life?

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

Protective Life Review

In our ranking of the 16 Best Life Insurance Companies of 2021, Protective Life comes in No. 13 with a score of 3.7. It scores slightly higher than rivals like Mutual of Omaha and Prudential. However, Protective Life earns fourth place in our rating of the Top 5 Cheapest Companies Overall. As such, one of Protective’s major strengths is its affordable price point — especially for older customers. It is also a worthwhile choice for customers who would like a lot of customization options through riders, as well as some online tools. Still, customers will need to work with agents to purchase many of the policies, which some may find less convenient than purchasing coverage online. You may also need to reach out to a customer service representative for certain information on specific policies, as not all facts and figures are easily accessible on the Protective Life Insurance Company website. Consider the pros and cons below to help you decide if Protective is the right choice for you and your family.

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*Any rates listed are for illustrative purposes only. You should contact the insurance company or insurance agent directly for applicable quotes.

Is Protective Life Right for Me?

Pros

  • Policies are available across all three major types.

  • Online applications are available for term life policies.

  • Riders provide lots of customization options.

Cons

  • Beneficiaries cannot change a lump-sum payout to installments.

Protective Life offers insurance policies that are easily customized through riders. One universal life policy is also available through Costco. Protective Life offers several online services, including a coverage calculator, policy estimates, applications for some policy types and premium payments. The insurance company also offers automatic premium payments.

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What Kinds of Life Insurance Policies Are Available From Protective Life?

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

Available Policy Types

CompanyProtective »
Term Life
Whole Life
Universal Life
Survivorship
CompanyHaven Life »
Term Life
Whole Life
Universal Life
Survivorship
CompanyState Farm »
Term Life
Whole Life
Universal Life
Survivorship
CompanyBanner Life »
Term Life
Whole Life
Universal Life
Survivorship
Protective » Company
Term Life
Whole Life
Universal Life
Survivorship
Haven Life » Company
Term Life
Whole Life
Universal Life
Survivorship
State Farm » Company
Term Life
Whole Life
Universal Life
Survivorship
Banner Life » Company
Term Life
Whole Life
Universal Life
Survivorship
Principal » Company
Term Life
Whole Life
Universal Life
Survivorship
Nationwide » Company
Term Life
Whole Life
Universal Life
Survivorship
Primerica » Company
Term Life
Whole Life
Universal Life
Survivorship
MassMutual » Company
Term Life
Whole Life
Universal Life
Survivorship
Allstate » Company
Term Life
Whole Life
Universal Life
Survivorship
Prudential » Company
Term Life
Whole Life
Universal Life
Survivorship

Term Life Insurance Options From Protective 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.
  • 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 85.
  • 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 that 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.

Whole Life Insurance Options From Protective Life

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.
  • 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.

Universal Life Insurance Options From Protective Life

For universal life policies, Protective Life offers:

  • Custom Choice UL Permanent Universal Life.
  • Indexed Universal Life Insurance Permanent Universal Life.
  • Protective Survivor UL Permanent Universal Life.
  • Variable Universal Life Permanent Variable Universal Life.
  • Member Advantage Life UL.

Protective Life’s universal life insurance policies are:

  • Offered with lifetime coverage periods for Indexed Universal Life, Protective Survivor UL and Variable Universal Life policies; in 10- and 20-year terms for the Member Advantage Life UL policy; and in 10-, 20- and 30-year terms for the Custom Choice UL policy.
  • Guaranteed to have monthly level premiums for the Member Advantage Life UL and Custom Choice UL policies, and available with flexible premiums for the Indexed Universal Life, Protective Survivor UL and Variable Universal Life policies.
  • Available with coverage up to $50 million.
  • Available through agents; the Member Advantage Life UL policy is also available with an online application and through Costco.
  • There is one variable policy type available: Variable Universal Life.
  • Age limits vary by term and product, with a maximum age of 85.
  • The Indexed Universal Life plan offers different interest crediting options, and 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, Protective Survivor UL and Variable Universal Life policies accumulate 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, Protective Survivor UL and Variable Universal Life policies have a lifetime premium payment term, while the Custom Choice UL and Member Advantage Life UL policies have 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.
  • The Protective Survivor UL policy offers riders for split option endorsement, estate protection endorsement and lifetime lapse protection. The Member Advantage Life UL policy offers riders for children’s term life insurance, terminal illness accelerated death benefit endorsement, income provider option endorsement, disability benefit and accidental death benefit.
  • Online tools include a coverage calculator, estimates, customer service, document processing and an application for the Member Advantage Life UL policy.
  • Financial benefits include a tax-free death benefit, 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 two interest accounts: 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 Protective Survivor UL policy covers two partners with one policy, with benefits paying out when the second individual dies. This policy also offers death benefit coverage flexibility.
  • 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.
  • The Member Advantage Life UL policy offers the following additional features: the term policy can be converted to permanent with no fee and no medical exam; the initial term can be 10 or 20 years; premiums are level for the initial coverage period; death benefit amounts are flexible and can be changed later; the premium slightly increases after half of the term period, plus initial coverage of 10 or 20 years that can be later extended with a higher premium; and exclusive benefits are offered for Costco members (executive member card and Gold Star member card).

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How Much Does Life Insurance from Protective Life Cost?

Examples of Protective Life’s term life insurance monthly base costs for a policyholder in excellent health, residing in Virginia, for a policy with $250,000 in coverage and a 10-year term, are:

Protective – Protective® Classic Choice

For a 25/35/45-Year-Old Healthy Virginia Female/Male

CompanyProtective »
Age 25 Female $8.92
Age 25 Male $9.77
Age 35 Female $8.93
Age 35 Male $9.77
Age 45 Female $15.30
Age 45 Male $17.19

Company

Age 25 Female

Age 25 Male

Age 35 Female

Age 35 Male

Age 45 Female

Age 45 Male

Protective » $8.92 $9.77 $8.93 $9.77 $15.30 $17.19

* Any rates listed are for illustrative purposes only. You should contact the insurance company or insurance agent directly for applicable quotes.

Any rates listed are for illustrative purposes only. You should contact the insurance company or insurance agent directly for applicable quotes.

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 2021.

How to Buy Life Insurance from Protective Life

You can purchase Protective Life’s Classic Choice term life insurance policy and Member Advantage Life universal life policy through an online application, and the Member Advantage Life policy is also available through Costco. 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.

Frequently Asked Questions About Protective Life

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

Protective Life’s life insurance products are available in every state.

What does Protective Life’s life insurance 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 benefits do Protective Life life insurance policies include?

Protective Life’s term insurance policy provides tax-free death benefits and can be converted to a permanent policy with no fee and no medical exam. Protective Life’s whole life insurance policy provides a tax-free death benefit, a tax-deferred cash value that can be accessed during the insured’s lifetime and a fixed interest rate for cash-value accumulation. Protective Life’s various universal life policies offer a variety of financial benefits, though not all benefits are available with every policy. These include tax-free death benefits, 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.

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

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 Protective Life life insurance policy?

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

Do all Protective Life life insurance policies 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 suicidal death?

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 Protective Life life insurance 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 Protective Life life insurance 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.

Find the best life insurance for you

Get free quotes and compare life insurance policies without your contact information.

Other Life Insurance Companies

Learn More

For more information about life insurance, see the following guides:

For more information on other types of insurance, see the following guides:

Methodology

We explain what our research has determined matters most to consumers, experts and professional reviewers when it comes to life insurance. Then we provide an unbiased evaluation of the life insurance companies our research determined consumers, experts and professional reviewers searched for most frequently. Our goal is to empower consumers with information and tools to help them make informed decisions. More information about our 360 Reviews methodology for evaluating life insurance companies is here.

All life insurance information was accurate as of August 19, 2020.

U.S. News 360 Reviews takes an unbiased approach to our recommendations. When you use our links to buy products, we may earn a commission but that in no way affects our editorial independence.

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