Our goal, as a company, is to help you find the best insurance policy for your individual needs. That’s why we recommend the most trustworthy life insurance providers. Here is our thoughtful, straightforward Protective Life Insurance Company review.
They are a renowned company, and have been in the business for over 100 years.
The company offers a wide selection of both life and specialty insurance. While they were modern, they share the same values as their flagship company established in 1907. They’re a top pick in the industry, and they are here to stay.
Let’s explore Protective Insurance together.
Protective Life Insurance Company Overview
Protective Life is headquartered in Birmingham, Alabama. Here’s their contact information.
Protective Life Insurance Financial Ratings
Upon choosing a life insurance company, it is important to get the right type of policy. It is also paramount to know the dollar amount of coverage. You might want to choose a financially strong and dependable insurance carrier.
Looking for a company with a strong industry reputation and a great history? Protective Life is an excellent choice for you.
Protective Life is based in Alabama, and they operate throughout the United States. Even more, the company is always looking for areas of expansion both at home and abroad.
Protective Life consistently ranks as one of the top life insurance firms in the U.S.
They own several insurance subsidiaries, including:
- Protective Life and Annuity Insurance Company, based in New York
- West Coast Life Insurance Company
- MONY Life Insurance Company
- Lyndon Insurance Group, Inc. and Affiliates
A.M. Best, consistently ranks Protective Life with the highest A+ rating. A. M. Best is known for their reports on the financial stability of insurance carriers.
In fact, the company has consistently achieved the A+ rating for the last several years. A.M. Best is acclaimed for their exclusive insurance industry focus. Their ratings are coveted and respected by insurers around the world.
The longevity and consistency of Protective Life’s rating says it all.
They are a trusted and competent provider of insurance. The Protective Life Insurance Company is a parent company. Therefore, it is still the primary company and also the oldest subsidiary. They are offering competitive, customizable insurance solutions to customers nationwide.
The insurance industry is quite one of the most heavily regulated niche in the country.
An insurance commissioner is appointed by each state. This is to oversee life insurance sellers throughout the state.
Additionally, all companies are independently reviewed by a third party. This process aims to determine stability and financial strength.
Protective Life Company History
Protective Life Corporation started in 1907 by a former Alabama state governor. Moreover, this is during the same time that Teddy Roosevelt was starting his seventh year as President.
By the 1930s, the company had grown to $65 million. By the 1950s, had grown to insurance in-force approaching $1 billion.
In the 1980s, the parent company began acquiring subsidiaries. When Protective celebrated its 100th anniversary in 2007, they’ve reached another milestone. They were going strong at over $250 billion.
Three years later in 2010, they had surpassed $425 billion in coverage. In 2015, Protective Life became a wholly owned subsidiary of The Dai-ichi Life Insurance Company, Ltd.
Products Offered by Protective Life Insurance
Protective offers four general products:
- Universal Life Insurance
- Variable Life Insurance
- Fixed and Variable Annuities
- Asset Protection
The company’s flagship product is their guaranteed universal life insurance. The policies have rates that are guaranteed not to change regardless of your choice. Protective offers 10, 15, 20 or 30 years of coverage protection.
In addition, they also offer competitive and affordable universal life options. The company offers its Custom Choice policy as an alternative to term life insurance.
It’s a great option because it is priced lower than their other permanent policies.
Lastly, it also has a level premium for the coverage period you choose (10 to 30 years).
Subsequently, at the end of the policy, you will start to receive less coverage but your premium stays the same. This unique option sets Protective apart from most of its industry competitors.
It is a great option for people 60 and over. During retirement, that age group generally finds that they need less coverage. Hence, the company also offers policies for people past the age of 85 and for more than $50,000 in coverage.
In fact, the company specializes in level policies for guaranteed rates at specific ages: 90, 95, 100 or even 121 (we should all be so lucky to live that long!).
Protective Accelerated Death Benefit
Some of the policies even offer an option for collecting benefits. This applies while you’re still alive but terminally ill.
Universal policies of this nature are designed for people who determine that as they grow older they will need less life insurance. But, you still want some coverage, so this type of policy is ideal. Just note that you cannot build meaningful cash value with this policy.
Protective does offer other universal policies that are flexible. This allows you to raise or lower your premiums and coverage as your needs change.
Even better, the accumulated cash value is tax-deferred. Protective offers a variable universal life option. This lets you to make stock market investments and grow your cash value.
Furthermore, they offer a joint survivorship (second-to-die) life insurance policy. This is designed to cover spouses under one policy. This makes it less expensive than buying two policies to cover each individual. Most people use these for estate planning. The policy pays out when the surviving partner dies. Most people pay it out to their children.
Speaking of children, Protective does offer life insurance policies for children.
They have a great whole-life policy called Protect My Child. This is for children 14 days to 17 years old, and ranging from $10,000 to $100,000 of coverage.
It’s great because there is no medical exam required. Finally, when the child turns 18 the coverage will double (a medical exam is then required upon turning 18).
Protective Life Customer Service
Most business transactions can be done online. Protective have offices in several states if you need an in-person visit.
Locations? Alabama, California, Illinois, Minnesota, Missouri, Nebraska, New York, Ohio, South Carolina, and Tennessee.
The best part of their customer service is their speedy underwriting process
While most companies take four to eight weeks, Protective can get it done in three to six weeks. This is after your free medical exam completion, which is needed for policy approval.
BBB Ratings for Protective Life
There’s no higher Better Business Bureau (BBB) rating than A+. This is the rating Protective Life has consistently maintained. BBB doesn’t endorse a company or its products. Rather, they hold the company to a commitment to resolve consumer complaints.
The BBB scale runs from A+ and F, but what does this scale mean? What exactly is a company graded on? Here are the BBB criteria.
- Trust: Establish and maintain a positive track record in the marketplace.
- Honesty: Adhere to established standards of advertising and selling. Honestly represent products and services. Including clear and adequate disclosures of all material terms.
- Transparency: Openly identify the nature, location, and ownership of the business. Clearly disclose all policies, guarantees and procedures that bear on a customer’s decision to buy.
- Honor Promises: Abide by all written agreements and verbal representations.
- Responsiveness: Address marketplace disputes quickly, professionally, and in good faith.
- Safeguard Privacy: Protect any data collected against mishandling and fraud. Collect personal information only as needed. Respect the preferences of customers regarding the use of their information.
- Integrity: Approach all business dealings, marketplace transactions and commitments with integrity.
Match the BBB values with the Protective company values listed below. With that, you’ll see why they are rated highly.
- Do the Right Thing: Do what is right always. Live with integrity and honesty. Say what you mean. Do what you say and stand behind what you do.
- Serve People: Have a servant’s heart. Serve by leading people to the right solutions. Always treat others as you would like to be treated. Improve the quality of life for those we serve.
- Build Trust: Build relationships in trust. Listen. Understand what people need. Care. Earn trust. View each customer as a friend for life.
- Simplify Everything: Life is complex. Our business shouldn’t be. Tear down the walls of complexity. Use common sense. Communicate clearly. Streamline, clarify and simplify everything we do.
Their Mission is Their Name
Protective’s name illustrates the company’s goals and values well. They are a company that strives to be a trusted insurance provider today, and for the past one hundred years. People nationwide rely on Protective Life insurance for their unique individual needs.
The company doesn’t always have the most competitive rates. However, they provide more security and ethical process. Consequently, this makes them better than some of the less expensive competing companies.
Their policies for several medical conditions or lifestyle conditions may not be found as affordable as other policies provided by other companies. These include DUI record, smokers, obesity, and some mental health disorders (depression, anxiety or PTSD).
They also might not be the most economical choice for active military, non-US residents, frequent travelers abroad or high net worth individuals.