Protective Life Insurance Review | Complete Guide For 2020
Our Protective life insurance review complete guide for 2020 covers just how is Protective life insurance rated, who owns Protective Life, and more. With an A.M. Best Protective life insurance rating of an A+, the company offers competitively priced life insurance and good customer service among other features. Before applying with Protective, or any carrier for that matter, determine how much coverage you need and partner up with an independent agent.
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UPDATED: Oct 12, 2020
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Table Of Contents
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Protective Overview
Protective Life Insurance Company, a carrier with over 100 years of experience, began in 1907 in Birmingham, Alabama.
Two years later, in 1909, the first death claim was paid.
By the time Protective reached 50 years old, they had amassed almost $1 billion of in-force life insurance.
Today, Protective is gigantic with multiple acquisitions over the decades. They are a subsidiary of The Dai-ichi Life Insurance Company.
Key Features
- Competitively priced life insurance
- Good customer service
- Superior financial rating (A.M. Best A+)
Protective Life Insurance
In total, Protective offers six different types of life insurance.Life insurance from Protective can help provide financial security for your loved ones when they may need it most. – ProtectiveEach type of coverage offers unique features, so you’ll want to do some comparing and contrasting.
Quick Navigation Guide
Important – product details and availability are subject to change.Protective Term Life Insurance
Term coverage provides life insurance protection for a certain period of time – for instance, 20 years. Term life insurance from Protective is highly affordable.Classic Choice Term
Term life insurance with level premium payments for the initial term.Essential facts
- Term lengths of 10, 15, 20, 25, and 30 years
- Issue ages of 18 – 75
- Face amounts: $100,000 – $50,000,000
- Renewable up to age 90 after initial term
- Select Preferred, Preferred, Non-Tobacco, and Tobacco health classes
Conversion Options
You have the ability to convert your term policy into a number of permanent products during policy years 1 – 5.- Custom Choice Universal Life
- Indexed Universal Life
- Variable Universal Life
- Non-participating Whole Life (conversion only)
- Custom Choice Universal Life
- Non-participating Whole Life (conversion only)
Riders and Benefits
Riders are contractual provisions that provide helpful options to a life insurance policy, in addition to the death benefit. Protective offers the following riders and benefits:- Accidental Death Benefit – pays an additional death benefit if death occurs as a result of a qualifying accident
- Children’s Term – provides life insurance protection to insured’s children, up to age 18
- Terminal Illness Accelerated Death Benefit – option to accelerate up to 60% of the policy’s death benefit, up to $1 million, if death is expected within six months
- Waiver of Premium – waives premium payments if you become disabled for at least a six month period
Is term life insurance right for me?
Term is a popular form of life insurance. Why? Term life insurance is a form of cheap life insurance that provides protection during the years you need it most. Further, you have the option to convert your term policy into a permanent product should your needs change down the road. Consider a term policy under the following conditions:- Large face amount desired
- Coverage needs are for a certain period of time
- No interest in cash-value or policy loans
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Protective Universal Life Insurance
Generally-speaking, universal life insurance is a permanent product that provides some flexibility.Custom Choice UL
Protective’s Custom Choice Universal Life insurance provides coverage similar to term, but with some permanent life insurance protection options.Essential Facts
- Affordable premiums
- Level premium payments for an extended period of time
- 10, 15, 20, 25, or 30 years
- Minimum face amount: $100,000
- Issue ages: 18 – 75
- The choice to lock-in permanent life insurance protection with a premium adjustment
- Policy flexibility
Income Provider Option
Protective Custom Choice UL offers income protection via the no-cost Income Provider Option. How it works – select a guaranteed monthly or annual income stream for up to 30 years for the death benefit payment. Further, an initial lump-sum payment is available to cover immediate costs. Note – the Income Provider Option (IPO) is also available under Protective’s variable life insurance policy and indexed life insurance policy.Lapse Protection
Protective includes a built-in policy lapse protection endorsement. The insured’s death benefit coverage is guaranteed, based on the premiums paid and the formulas used.Riders and Benefits
Protective’s Custom Choice UL offers the following riders and benefits:- Accidental Death Benefit – pays an additional death benefit if death occurs as a result of a qualifying accident
- Children’s Term – provides life insurance protection to insured’s children, up to age 18
- Disability Benefit – a monthly benefit paid if insured faces total disability
- Income Provider Option – optional endorsement allowing death benefit to be paid in monthly or yearly installments
- Terminal Illness Accelerated Death Benefit – option to accelerate up to 60% of the policy’s death benefit, up to $1 million, if death is expected within six months
Is universal life insurance right for me?
Universal life insurance offers flexible premiums and typically lifelong protection. Consider Custom Choice UL through Protective if you would prefer the policy is built on a framework similar to term.Protective Variable Universal Life Insurance
Variable universal life insurance offers permanent life insurance protection, policy flexibility, and a cash-value component that is subject to market performance. Protective offers variable universal life insurance to applicants who are comfortable with market risk and want permanent death benefit coverage, and tax-deferred cash-value growth.Essential Facts
- Flexible premiums
- Minimum face amount: $100,000
- Issue ages: 0 – 80
- Flexible death benefit options
- Cash-value component, subject to variable and fixed accounts
- Policy loans available
- Fixed – a specified fixed interest rate that’s typically modest, but not less than 1%.
- Variable – interest rate fluctuates based on the performance of the investments. You may select a portfolio based on your risk tolerance:
- Conservative Growth
- Moderate Growth
- Growth and Income
- Aggressive Growth
- Customized portfolio
Riders and Endorsements
Protective’s variable universal life insurance offers the following riders and endorsements:- Accidental Death Benefit – pays an additional death benefit if death occurs as a result of a qualifying accident
- Children’s Term – provides life insurance protection to insured’s children, up to age 18
- Extended Care – provided one or more accelerated death benefit payments during a 12-month period with a qualifying chronic illness
- Income Provider Option – optional endorsement allowing death benefit to be paid in monthly or yearly installments
- Overloan Protection Endorsement – following supplemental retirement income disbursement (LIRP strategy), safeguards policy from lapsing and maintains minimum death benefit
- Protected Insurability Benefit – the opportunity to increase face amount at specified future dates without the need to demonstrate insurability
- Terminal Illness Accelerated Death Benefit – option to accelerate up to 60% of the policy’s death benefit, up to $1 million, if death is expected within six months
- Waiver of Specified Premium – a monthly premium amount can be credited to the policy if the insured faces total disability for six months or more
Is variable universal life insurance right for me?
Individuals who purchase variable universal life insurance want permanent death benefit protection, policy loan and cash-value features, and are comfortable with market fluctuations. Further, they are interested in policy flexibility, such as increasing or decreasing the policy’s death benefit.Free Life Insurance Comparison
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Protective Indexed Universal Life Insurance
Indexed universal life insurance features the option of permanent death benefit coverage, cash-value accumulation based on the performance of fixed and indexed accounts, and policy flexibility. Protective offers indexed universal life insurance to applicants interested in many of the features of variable life insurance, but with safety features in place for the cash-value accounts.Essential Facts
- Flexible premiums
- Minimum face amount: $100,000
- Issue ages: 0 – 75
- Level death benefit
- Cash-value component, subject to fixed and indexed accounts
- Policy loans available
- Fixed – a specified fixed interest rate that is typically modest, but not less than 1%
- Indexed – interest rate based on the performance of accounts invested in the S&P 500. The rate is influenced by:
- Indexed segments – created on the 15th of each month
- Indexed crediting strategy – annual point-to-point
- Credited interest rate calculation
- Participation rate – 100%
- Cap rate – 3%
- Floor rate – 0%
- Total indexed value
Riders and Endorsements
Protective’s indexed universal life insurance policy offers the following riders and endorsements:- Accidental Death Benefit – pays an additional death benefit if death occurs as a result of a qualifying accident
- Benefit Guard Endorsement – the policy will not lapse and the death benefit will be at least $10,000 under specific conditions
- Children’s Term – provides life insurance protection to insured’s children, up to age 18
- Disability Benefit – monthly benefit to be credited to the policy if insured experiences total disability
- Income Provider Option – optional endorsement allowing death benefit to be paid in monthly or yearly installments
- Terminal Illness Accelerated Death Benefit – option to accelerate up to 60% of the policy’s death benefit, up to $1 million, if death is expected within six months
Is indexed universal life right for me?
Consider purchasing indexed universal life insurance if you are interested in permanent death benefit protection, policy flexibility, and the ability to accumulate cash-value via fixed and indexed accounts.Protective Survivor Life Insurance
Survivor universal life insurance offers flexible premiums and death benefit protection for two insureds, payable upon the death of the second insured. The policy typically costs less than purchasing two separate policies. Survivorship coverage is designed for estate planning purposes and can help individuals secure coverage if they are unable to demonstrate insurability on their own.Essential Facts
- Referred to as second-to-die insurance
- Covers two people, usually spouses, under one policy
- Flexible policy premiums and death benefit
- Death benefit is paid upon the death of the last surviving insured
Frequently Asked Questions
Questions often asked about Protective and their answers.Is Protective life insurance good?
Yes. Protective has affordable rates and positive customer reviews and strong financial ratings (A.M. Best gives them an A+). They offer a variety of life insurance products, including term, whole, and varying types of universal. Further, Protective’s turnaround time – referred to as underwriting – for policy issuance tends to be faster than other carriers.Should I buy a Protective life insurance policy?
You should purchase a policy from the carrier that best fits your needs. It could be Protective, but it’s always in your best interest to compare and contrast policy features and rates of a number of companies. In order to determine the best life insurance company to apply with, you will want to determine:- Your income
- Any debts you carry
- Purpose of the policy
- Long-term financial needs of beneficiaries
- Charitable giving
What type of policy should I buy?
First, determine the purpose of the policy in order to decide the type of policy you should purchase. For example, are you looking for a policy for you or for someone else, like your parents? Determine if the coverage needs are temporary or indefinite, and calculate an appropriate face amount based on the financial picture. Further, analyze if your age or health will be a factor in qualifying for coverage. For example, if you are a senior, your policy options may look different. Or, serious health concerns, like type 2 diabetes, can affect the type of coverage you are able to purchase.Enter your ZIP code below to compare cheap life insurance rates.
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Next Steps
There are two important things you need to do before applying with Protective, or any carrier for that matter.1. Analyze your needs
Determine how much coverage you need and for how long. Ask yourself:- Who is the life insurance for?
- How much coverage do the beneficiaries need?
- Is the need for coverage temporary or permanent?
- Will financial needs change over time?