Protective Life Insurance Review (Updated)

Protective Life Insurance Company provides term and permanent life insurance that are flexible and customizable. Get cheap Protective term life rates as low as $11.97/month.

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Schimri Yoyo is a financial advisor with active life and health insurance licenses in seven states. Born in Haiti. Reared in Brockton, MA. Matured in Philadelphia. Schimri is a proud graduate of Arcadia University, having earned both a Masters in Special Education and an MFA in Creative Writing from the castle-riddled campus in Glenside, PA. By personality and by profession...

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UPDATED: Jul 3, 2020

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Protective Life Insurance Company Overview
Key InfoCompany Specifics
Year Founded1907
Current ExecutivesCEO – Richard Bielan
COO – Mike Temple
Number of Employees2,900
Total Sales / Total Assets$463,000,000 / $121,000,000,000
HQ Address2801 Hwy 280 South
Birmingham, AL 35223
Phone Number1-205-268-1000
Company Websitewww.protective.com
Premiums Written – Individual Life$2,406,628,653
Financial Standing$463,000,000
Best ForUniversal Life Insurance
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Most people shop for insurance by comparing term life insurance quotes from leading providers. This Protective Life Insurance Company review will help you compare the rates and products that make Protective a popular provider.

If you are in the process of shopping around for life insurance, you’ve probably considered the Protective Life Insurance Company. The Protective Life Insurance Company is a top 20 life insurance company that offers a wide selection of plans and policies to help meet the complex insurance needs of its customers.

Arm yourself with a custom term life insurance quote to compare with the rates and plans in this article. Before you begin this Protective Life Insurance review, take a quick minute to use the FREE quote generator at the top of this page and get a custom quote with just a few clicks.

Shopping for Protective Life Insurance Quotes

Many people select a company and policy based on price. Instead, avoid these five mistakes by comparing taking some time to understand your individual insurance needs:

  • Picking the wrong type of insurance policy
  • Purchasing too much or too little insurance
  • Selecting an insurance provider without comparing plans and rates
  • Purchasing life insurance when it’s more expensive
  • Selecting a plan that offers little flexibility to change with your needs

Although some companies allow you to complete a life insurance purchase online, you may want to use a life insurance planning tool to help you get started.

Average Protective Life Insurance Rates by Age

If you used our free rate tool at the top of this page to get a customized quote, you have an idea for how affordable term life insurance can be. If not, take a moment to use our rate tool at the top of this page to help you compare against the Protective Life Insurance rates provided below.

The table below provides rates for different ages for a $500,000 benefit payout on a 10-year term policy.

Protective Term Life Insurance Average Monthly Rates – $500,000/10-Years
Policyholder Age & Tobacco UseAverage Monthly Rates
– Male
Average Monthly Rates
– Female
25-Year-Old Non-Smoker$13.94$11.97
35-Year-Old Non-Smoker$14.26$13.00
45-Year-Old Non-Smoker$28.26$24.65
55-Year-Old Non-Smoker$69.32$51.75
65-Year-Old Non-Smoker$196.38$122.58
25-Year-Old Smoker$76.93$65.45
35-Year-Old Smoker$83.73$70.98
45-Year-Old Smoker$215.05$153.00
55-Year-Old Smoker$436.05$337.88
65-Year-Old Smoker$1,083.75$766.70
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Typical Protective Life insurance rates can range from about $7.00/mo to over $1,000.00/mo. Your individual rate will depend upon how old you are, your health condition, and whether you smoke or use tobacco products.

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Protective Life’s Insurance Policies

Protective Life Insurance offers a diverse selection of term and permanent life insurance products. Term life products are basic insurance plans that provide coverage until a definitive date. Whole life insurance will cover you for your entire life and can provide additional features that allow you to build cash value in the plan as you make premium contributions.

Term life products are easier to qualify for and much more affordable than permanent options.

This video from Protective provides a great overview of the essentials of life insurance in under three minutes.

Is Protective Life Insurance a mutual company? Protective Life is not and so policyholders are not eligible for dividend distributions.

The plans below cover insurance products, but you might also be wondering: What is a Protective Life Insurance policy, and what is a Protective annuity? An annuity works similar to a life insurance policy. You make a series of periodic payments for an extended period of time. Annuities are traditionally intended to save for retirement.

Term Life Insurance

What is promise term life insurance?

Protective Life offers its Protective® Classic Choice Term life product for people looking for its most affordable plan. Like most term life insurance plans, the customer can choose from different available term periods that range from a 10-year term up to a 30-year term.

Protective plans offer benefit payouts ranging from a minimum of $100,000 to a maximum of $50 million. The more benefit you require, the higher your premium will be, but premiums are guaranteed to remain level.

There are two important features that are included in the Protective® Classic Choice Term plan:

  • Option to convert to a permanent plan
  • Terminal Illness Accelerated Death Benefit

Both of these options are included in the base policy at no additional cost.

Whole Life Insurance

With the assistance of a Protective life insurance agent, you can purchase a whole life insurance plan. These plans will be guaranteed death benefit for a premium payment that will never change. A component of your premium will be reserved to build cash value which you can access anytime or can use to service the policy premiums later in life.

Remember, if you stop making the payments and do not have sufficient cash value in the account to service the premiums, you will surrender the policy and could end up with no coverage, tax implications, and surrender charges.

Universal Life Insurance

Universal Life insurance is a good option for anyone who requires flexibility in their plan. With universal life insurance, you can adjust your premiums and benefits over time in line with your changing lifestyle needs.

Universal Life Policy Types by ROI Risk Aversion

Protective Life offers three options for universal life.

Custom Choice UL plan

Custom Choice UL is a universal life insurance policy with an initially planned premium that is almost as affordable as traditional term life insurance. With Custom Choice UL, the customer can choose a period of time that death benefits will be guaranteed. At the end of the term, the death benefit coverage can be extended, but premiums would be adjusted higher.

Custom Choice UL plans are available for periods of 10,15, 20, 25, and 30 years.

Custom Choice UL acts very much like a term insurance plan, except that it allows you to build cash value.

Variable Universal Life Insurance

Protective Life offers a variable universal life insurance (VUL) product for customers with a higher risk tolerance that might be looking to maximize the amount of cash value in their policy over time. Premium and benefit amounts are adjustable during the life of the policy. A component of the premium remains reserved to build cash value in the plan.

The VUL plan offers an option for customers to allocate their cash value against various investment options. The performance of these underlying investments can allow the cash value in your policy to grow at a faster rate than it would at a predefined interest rate. However, the underlying investments can also underperform and you could lose value in your policy.

VUL can carry higher expenses for management and investment expenses.

Indexed Universal Life

Very much like a variable universal life plan, Protective Life’s indexed universal life plan offers that policyholder the capability to invest the cash value component of the policy. Protective Life allows the policyholder to choose from particular stock market indexes like the S&P 500 or the Nasdaq 2000.

Unlike variable universal life funds, you won’t be in danger of losing money if the indexes turn negative.

Protective’s IUL plans offer negative risk protection. However, higher expenses and fees are applicable to these plans.

Life Insurance Riders

You may want or need additional protection for your insurance policy. Common insurance riders are available for any Protective Life Insurance policy.
8 Common Life Insurance Riders
Here are some of the most popular insurance riders available in addition to the included terminal illness accelerated death benefit rider:

  • Accidental Death Benefit Rider – This rider will provide a higher benefit payout in the event the policyholder dies as a result of an accident. If you do not have accidental death insurance this might be something to consider.
  • Children’s Term Life Insurance Rider – This rider extends insurance coverage to your child or children in addition to the base policy’s coverage for yourself.
  • Disability Benefit Rider – The Disability Benefit Rider can help you be even more prepared and ensure your policy premiums are paid if you become disabled and are unable to work.

Other popular riders like Waiver of Premium and Guaranteed Insurability are available. Before considering any riders, you should discuss the costs and consider your individual needs.

How to Get a Quote Online with Protective Life Insurance

The best way to get life insurance quotes for Protective term life insurance is to visit the Protective website at protective.com.

If you are looking to get a quick Protective term life insurance quote, visit the website. From the home page, you can click on the “Term Life Quote” button.

Protective Life Insurance Website Home Page

From there you will need to put in some information on the form page. Once you’ve submitted your information, you will get a quote estimate.

Protective Life Insurance Website Quote Results

You will also be able to access other Protective Life Insurance forms including an online Protective Life Insurance application.

Canceling Your Life Insurance Policy

It’s important to answer why you are canceling your insurance policy before you answer how you can cancel your life insurance policy. To cancel my Protective Life Insurance 20-year term policy, it was as easy as stopping payments on the policy.

How to Cancel

Before stopping any payments, I would recommend that you review your policy and see if there are any early termination fees or surrender fees especially if you have a permanent life insurance plan.

For these plans, you should always send a letter to Protective Life Insurance Birmingham, AL, and keep a copy for yourself.

Before you’ve executed your Protective Life Insurance cancellation, you should have a plan to replace your coverage.

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How to Make a Claim with Protective Life

Protective Insurance company is one of the few companies that provide an online claims center on its website. It also allows you to start the claim process by completing the initial Protective Life Insurance forms through a web form.

Protective Life Insurance Website Online Claims

To complete the claim, you will need an original copy of the insurance policy, the policy number, and a death certificate for the deceased.

Once the claim is approved, you will be able to set up a Protective Life Insurance immediate benefit account where your funds can easily be accessed. This is the fastest and easiest way to receive your Protective life insurance payout.

Protective Life’s Customer Experience

The NAIC tracks customer complaints for insurance companies around the US. According to the NAIC, there were 28 customer complaints filed against Protective Life. The worst customer experience reviews were logged against unresponsiveness and delays in claim handling.

However, Protective Life does feature numerous positive reviews and are not inclusive of Protective auto insurance reviews. The best customer experience reviews are featured on the page and overall Protective Life maintains a high customer rating of 4.5 out of 5 stars.

Protective Life’s Programs

Most of us are familiar with the discount member superstore, Costco. Costco & Protective Life Insurance are exclusive partners, meaning Costco members can enjoy discounts on Protective Life Insurance policies. The video below features Costco promoting Protective Life.

Costco members can use the Costco & Protective Life Insurance program to save as much as 15 percent off life insurance.

Design of Website/App

Protective Life has a very useful website. The site features a quote provider, a life insurance calculator, and the Protective Life Learning Center.

Protective Life Insurance Website Learning Center

Customers can also get access to support via chat messaging for quicker responsiveness.

We weren’t able to locate an Android or Apple Store Protective Life app at this time.

About Protective Life Insurance

Protective Life Corporation, which today offers a broad portfolio of life and specialty insurance and investment products, traces its roots to the Corporation’s flagship company, Protective Life Insurance Company.

  • 1907 – Governor William Dorsey Jelks founds Protective Life Insurance Company, as Theodore Roosevelt begins his seventh year as U.S. President.
  • 1997 – West Coast Life is acquired, solidifying Protective’s national presence.
  • 2006 – Chase Insurance Group is acquired, representing Protective’s largest acquisition to date.
  • 2011 – The combined United Investors Life and Liberty Life acquisitions increase policies in-force by 50 percent.
  • 2013 – Protective acquires MONY Life Insurance Company, representing its 47th and largest acquisition in its history.

Who bought Protective Life? Dai-ichi Life Holdings Inc, who owns Protective Life Insurance, is the third-largest insurer in Japan. By completing the purchase, Dai-ichi made a significant move to enter the U.S. market and is now the parent company of Protective Life.

Protective Life’s Ratings

Is Protective Life Insurance a good company? What is the rating for Protective Life Insurance Company?

When you are shopping for life insurance, you want to make sure the company you select will be around in the future when your beneficiaries want to file a claim. The image below provides a summary of Protective Life’s financial strength ratings.

Protective Life Insurance Company Financial Ratings (2019)
Ratings AgenciesProtective Life Insurance Company Ratings
A.M. BestA+
Standard & Poor'sAA-
FitchA+
Moody'sA1
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Protective Life enjoys top ratings from some of the leading rating providers including A.M. Best, the only insurance company rating service.

Protective Life’s Market Share

In 2019 the NAIC released its annual market share report which ranked Protective Life in the 20th spot. It’s important to note that in the 2019 report Protective appears under its parent organizational entity, Dai-Ichi Holdings. In the 2018 report, prior to the acquisition by Dai-Ichi Holdings, Protective appeared in the 18th spot.

Top 10 Life Insurance Companies by Market Share & Protective Life Market Share
RankCompaniesDirect Premiums WrittenMarket Share
1MetLife$10,877,337,0006.7%
2Northwestern Mutual$10,550,806,0006.5%
3New York Life$9,385,843,0005.8%
4Prudential$9,170,883,0005.6%
5Lincoln National$8,825,314,0005.4%
6MassMutual$6,874,972,0004.2%
7Transamerica$4,867,311,0003.0%
8John Hancock$4,657,312,0002.9%
9State Farm$4,636,147,0002.9%
10Securian$4,426,864,0002.7%
20DAI-ICHI Life Holdings Inc Grp (Protective Life)$2,450,639,1101.41%
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Protective garners about 1.5 percent of the life insurance market share today.

Protective Life’s Online Presence

Protective Life is one of the top insurance companies using social media to help deliver its message. Life insurance company social media campaigns have become a useful way to bring awareness to financial products and financial planning tools that are offered today.

In addition to social media, Protective Life supports online tools for its customers and agents with its myaccount.protective.com customer portal and a separate site for agents. Customers will be required to set up their own Protective Life insurance login.

Protective Life’s Commercials

Protective Life has an active presence in national television markets. Check out their most recent campaign below.

As far as life insurance TV commercials go, Protective Life does a good job mixing humor with information.

Protective Life in the Community

Protective Life is one of the better-known insurance companies that do good for the community. Through the Protective Life Foundation, Protective Life leadership and team members work to support community welfare and improve quality of life.

Recently reported in the Birmingham Business Journal, Protective Life recently pledged $1 million to support COVID-19 relief efforts.

Protective Life’s Employees

Protective Life was recently named a Birmingham Business Journal Best Place to Work and was awarded a Top Workspace by the Cincinnati Enquirer.

Protective Life Insurance Company employee reviews on Glassdoor rate the company with a 3.2-out-of-5-star rating and strongly approve the company’s CEO with a 93 percent approval rating.

Employees indicate that Protective Life Insurance Company employee benefits are a major feature of employment and have provided reviews indicating Protective Life is one of the best life insurance companies to work for.

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Pros & Cons of Protective Life Insurance

What is the most reliable life insurance company? Well, there are pros and cons of every life insurance company. The list below features pros and cons for Protective Life.

Pros of Protective Life Insurance

  • Offers a wide selection of products with choices for term and permanent insurance.
  • Has a wide array of online support to assist customers.
  • Has competitive pricing and is a Costco partner offering greater discounts to members.

Cons of Protective Life Insurance

  • Protective Life Insurance has received complaints on the delays for claim handling
  • Many tools provided by Protective Life are self-service and may not appeal to people who aren’t comfortable using technology
  • Policyholders are not eligible for dividend distributions.

Protective Life Insurance: The Bottom Line

Protective Life is one of the bigger insurance companies in the nation. They provide a wide array of products and have an overall positive rating from customers.

After reading this review of Protective Life and its products, what questions do you still have? Are you concerned that purchasing life insurance is a complex and difficult process? Are you still trying to determine what are the best term life insurance companies?

The easiest way to understand life insurance is to read reviews like this Protective Life Insurance review to get an idea of what’s on offer and compare rates. Get a headstart on the process by using our FREE quote tool at the top of this page to get an instant quote in minutes.

References:

  1. https://content.naic.org/article/news_release_naic_releases_2019_market_share_data.htm
  2. https://www.naic.org/cis_refined_results.htm?TABLEAU=CIS_CODE&COCO
  3. https://www.bizjournals.com/birmingham/news/2020/04/15/protective-life-foundation-commits-1m-to-covid-19.html

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