Protective Life Insurance Company In-Depth Review for 
The Protective Life Insurance Company is one of the most competitive insurers in the United States. When most people plan to apply for life insurance, they usually ask what life insurance company I recommend. This is an excellent question because you want to secure the lowest rates and connect with the best company for your needs.
You will want to ensure the company you choose is financially stable and will be in business for many years. Protective Life may be an excellent choice for you to consider.
We will closely look at one such company and put them under the microscope with an in-depth review. This company is the Protective Life Insurance Company from Birmingham, Alabama.
Table of Contents
- Did You Know Protective Life Offers Some of the Best Rates?
- How Do Protective Life Term Rates Compare to the Competition?
- The History of the Protective Life Insurance Company
- Protective Universal Life Insurance Rate Comparisons
- Beneficial Riders Available to Protective Policies
- What Should I Do if I Have Any Medical Conditions?
- Can I Apply Over the Telephone to Save Time?
- In Conclusion
Protective Life is one of the best companies for pilots, offering some of the lowest rates and no flat extra fees, which places them in a class of their own.
Finding the lowest term life insurance rates is always the first concern for all consumers. Nobody wants to pay more than they have to for any product or service, and life insurance is no exception to the rule. That is why we use over 40 trusted life insurance companies to ensure we know who will be the correct fit for our applicants. So if you are shopping for affordable term life insurance with excellent rates, Protective Life may be the company for you.
We will use a term life insurance comparison between 15 life insurance companies with a 30-year-old male with a $500,000 face amount for 30 years. We will be using the rate class of Preferred Non-Tobacco.
No life insurance company consistently has the lowest rates, but Protective Life is always one of the most competitive companies.
- Protective Life – $492.95
- Banner Life – $493.18
- Lincoln Financial – $495.00
- Transamerica – $$495.00
- SBLI – $499.00
- AIG American General – $499.00
- United of Omaha – $502.50
- American National – $510.00
- North American Life – $510.00
- Assurity Life – $520.00
- Prudential – $525.00
- Principal National – $526.00
- Fidelity Life – $535.00
- Nationwide – $540.00
- MetLife – $549.00
Protective Life has been in business for more than 115 years.
The Protective Life insurance company was founded in the year 1907. William Dorsey Jelks, the state’s former governor, has closely supervised its operation. The company was later acquired by another life insurance company named Alabama National. It would continue its tremendous growth until it expanded into all 50 states in a few decades.
Protective Life became a public stock company in 1993 under all new leadership and became available under the ticker “PL” on the New York Stock Exchange. There were two more acquisitions made in the year 1997 and 2006. In addition, West Coast Life and the Chase Insurance Group were now under the Protective Life trademark.
Here is the same scenario as we did with the term rates, but in this case, we will use $100,000 for a face amount for universal life insurance.
Protective Life offers Universal Life Insurance with or without a cash value option. Eliminating the cash value option can significantly reduce the premium.
- Principal Life – $445.49
- Protective Life – $499.00
- John Hancock – $516.00
- United of Omaha – $531.10
- North American – $611.16
- Prudential – $616.00
- Nationwide – $629.00
- MetLife – $640.00
- AIG American General – $645.00
- Lincoln National – $758.30
- Banner Life – $825.10
Accidental Death Benefit Rider:
An accidental death benefit rider pays out an additional death benefit to the beneficiary above and beyond the typical policy face amount. For example, suppose you are concerned about possibly having an accidental death from a hazardous occupation and cannot afford a higher face amount. Then, adding this rider may be a beneficial option for you to consider.
Accelerated Death Benefit Rider:
This effective rider will allow you to use all or just a portion of the policy death benefit for various expenses if you are diagnosed with a chronic, critical, or terminal illness, especially if you have been diagnosed with a fatal type of disease or possibly a condition that significantly affects your quality of life.
Protective Life will pay out the benefit before your death. This can be very beneficial if you are terminally ill. Some other insurance companies will restrict the health conditions that qualify for payment under an accelerated death benefit.
Waiver of Premium Riders:
If you become disabled and unable to work, you cannot afford to pay your life insurance premiums. A waiver of premium rider allows you to eliminate paying premiums and continue your policy. This rider is in effect until you can return to work full-time.
Your life insurance policy remains in force with no gaps in coverage. Just the same as if you were paying the premiums yourself. However, you will be required to prove that you are disabled as defined by your Waiver of Premium policy rider.
Disability Income Riders:
As defined under the policy, the disability income rider provides an additional income benefit if you become disabled. The disability income benefit is specified as a percentage of the face amount and is payable monthly. For example, if the face amount of your policy is $100,000. Considering the disability income benefit is one percent, the rider would pay you $1,000 monthly.
Guaranteed Insurability Riders:
Suppose you cannot afford the face amount of life insurance you need. Incorporating this rider allows you to purchase extra life insurance later without proving your insurability. Keep in mind that purchase options can be made only at specified times.
For certain events such as marriage or the birth or adoption of a child. Because you never know how your health could change and if you think you might want to purchase more insurance later. This may be a good option for you to have on your policy.
Term Insurance Riders:
Adding this rider to a Universal Life policy, a term insurance rider can provide a specific amount of term insurance for a designated time. If you have a temporary need for additional life insurance above the current face value of your existing policy and want an affordable way to have coverage. Considering a term life insurance rider might be an excellent solution for you.
Children Term Riders:
The children’s term riders allow you to add term life insurance coverage for all children. You may find this an affordable way to extend the benefits of your policy to all your children. The range is typically available for children 15 days to 18-25.
Protective Life Subsidiaries:
- Protective Life Corporation
- MONY Life Insurance Company
- Lyndon Insurance Group
- West Coast Life Insurance Company
- Protective Life and Annuity
- The Protective Life Insurance Company
Protective Life Financial Ratings:
- M. Best Reporting Agency – (A+)
- Comdex – (90)
- Standard & Poors – (AA-)
- Fitch Reporting Agency – (A)
Protective Life Policy Types:
- Term Life Insurance
- Universal Life Insurance
- Variable Universal Life
- Survivorship Universal Life
Medical conditions are critical when considering the purchase of life insurance. Make sure you know how they will impact your policy before applying.
Remember that medical conditions can affect your rates depending on the medical issue. To solve this problem, we have created a 5-minute medical pre-screen form that you can complete, and we can use this to determine your health classification accurately.
Your health classification is what is going to determines what your premium is going to be. One of the issues you want to eliminate is any surprises while your application is in the underwriting department. This can lead to an increase in rates or even a possible decline. Choosing the right company to apply to is one of the most important steps your life insurance agent will help you with.
Applying for life insurance is now a streamlined and simple process.
Submitting your application over the telephone with our excellent SnapApp system is the only way to apply easily and quickly. The days of the 20-page paper and even online applications are fading away.
Nobody wants to spend any more time applying than they have to. A quick telephone application takes about 15 minutes, and there is virtually no work involved besides answering a few questions.
To summarize this review of the Protective Life insurance company. There is never just one company that is best for all applicants. Life insurance is not a one size fits all type of product. Pre-screening each applicant to review their health history, possible hazardous sports, or dangerous occupations is a must to choose the right company for their specific lifestyle.
Protective Life is a top-rated life insurance company with many advantages over its competition.
All the best,
If you have questions about the Protective Life Insurance Company or anything else, contact us today and let us help you with no cost or obligation. We are brokers and work only for our clients, not insurance companies. Our job is to help you get approved for the best policy with the best possible rates. You can also set up a time at your convenience to talk.