When most people are planning on applying for low cost Term life insurance, the first question I am usually asked is what life insurance company do you recommend. This is a very good question because not only do you want to secure the lowest rates, you will want to make sure the company you choose is financially stable and will be in business for many years to come.
We are going to take a close 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.
Protective Life is consistently one of the companies with the lowest Term life insurance rates.
Finding the lowest Term life insurance rates is always the number one concern with life insurance shoppers. Nobody wants to pay any more than they have to for any kind of product or service. Life insurance is no exception to the rule, that is why we use over 40 trusted life insurance companies to make sure we know who will be the correct fit for our perspective applicants.
Below you will find a Term life insurance rate comparison between Protective Life and several other competitive carriers.
We will use a Term life insurance rate showdown between 17 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.
- 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
- Minnesota Life – $580.00
- Foresters – $660.00
There is the comparison of 17 highly rated life insurance companies all doing business in the United States and their perspective Term life insurance rates.
Let’s take a close look at the company history of Protective Life and how it first came to be.
The Protective Life insurance company was founded in the year 1907. William Dorsey Jelks, the former governor of the state has closely supervised its operation for many years. The company was later acquired by another life insurance company by the name of Alabama National. It would continue its tremendous growth until it expanded into all 50 states in a few later decades.
Protective Life became public stock company in 1993 under all new leadership and became available on the under the ticker “PL” on the New York Stock Exchange. Two more acquisitions were made in the year 1997 and 2006. West Coast Life and the Chase Insurance Group were now under the Protective Life trademark.
Let’s take a look at how competitive Protective Life is with their Universal Life products.
We will use the same scenario as we did with the Term life rates but in this case, we will use $100,000 for a face amount.
- Principal Life – $445.49
- North American – $499.00
- John Hancock – $516.00
- United of Omaha – $531.10
- Protective Life – $611.16
- Prudential – $616.00
- Nationwide – $629.00
- MetLife – $640.00
- AIG American General – $645.00
- Lincoln National – $758.30
- Banner Life – $825.10
Universal Life Insurance has quite a few variations in plan designs so it is not as easy to compare as Term life insurance is.
Here are some of the riders available on Protective Life policies and the descriptions of what they do.
Accidental Death Benefit rider:
An accident death benefit rider pays out an additional death benefit to the beneficiary which is above and beyond that of the normal policy face amount. If you’re concerned about an accidental death or you possibly work in a hazardous occupation and can’t afford a higher face amount, adding this rider may be a much more affordable option for you to take.
Accelerated Death Benefit rider:
This is a very simple but effective rider that will allow you to use all or just a portion of the policy death benefit for various expenses in the event you are diagnosed with a chronic, critical, or terminal illness. If you’ve been diagnosed with a fatal type disease or possibly an illness that significantly affects the quality of your life and you need money, Protective Life will pay out the benefit prior to your death. Please note that the insurance company will place restrictions regarding the health conditions that qualify for payment under an accelerated death benefit.
Waiver of Premium rider:
If you become totally disabled, unable to work and therefore you cannot afford to pay your life insurance premiums, a waiver of premium rider allows you to eliminate paying premiums and still continue your policy until you are able to 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. You will be required to prove that you are totally disabled as defined by your Waiver of Premium policy rider.
Disability Income Rider:
The disability income rider provides an additional income benefit if you were to become totally disabled, as defined under the policy. Typically, the disability income benefit is specified as a percentage of the face amount, and is payable monthly. Just for example, if the face amount of your policy is $100,000 and the disability income benefit is set at one percent, the rider would pay you $1,000 per month.
Guaranteed Insurability rider:
If you are unable to afford the face amount of life insurance you actually need, incorporating this rider allows you to purchase extra life insurance at a later date without having to prove 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 at a later date, this may be a good option have on your policy.
Term Insurance Rider:
Added this rider to a Universal Life policy, a term insurance rider can provide a specific amount of term insurance for a designated period of 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’s Term rider:
The children’s term rider allows you to add term life insurance coverage on all children. You may find this to be an affordable way to extend the benefits of your policy to all your children. Coverage is typically available for children 15 days of age all the way to 18-25 years of age.
Protective Life has a number of subsidiaries you may have heard of such as:
- Protective Life Corporation
- MONY Life Insurance Company
- Lyndon Insurance Group
- West Coast Life Insurance Company
- Protective Life and Annuity
- 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
Protectives Home Office Location:
- 2801 U.S. 280
- Birmingham, Alabama 35223
- Telephone: (205) 268-1000
- Website – http://www.protective.com/
To summarize this review of the Protective Life insurance company, there is no 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 happens to be a very popular life insurance company today with many advantages over their competition
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