A [2024] In-Depth Assessment of the Protective Life Insurance Company
Are you seeking a reliable and trustworthy life insurance company for your new life insurance policy? We recommend that you take a close look at
the Protective Life Insurance Company.
With some of the most competitive rates and an impressive A+ financial rating, Protective Life Insurance is dedicated to safeguarding your future and providing peace of mind for you and your loved ones.
Our comprehensive review of Protective Life will reveal why they stand out as one of the top choices for your new life insurance policy. With a wide range of coverage options and flexible plans, they understand that every individual’s needs are unique.
Find out how you can secure your financial future with Protective Life Insurance. Compare Protective Life insurance quotes on our quote engine and see how they stack up to their competition.
You can protect your loved ones with a life insurance policy from this excellent carrier that has been insuring Americans for well over 100 years.
Table of Contents
Protective Rates Are Among the Lowest
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.
Protective Life has some of the most affordable term life insurance rates when compared to its competitors. Among all the companies, Protective provides rates that are consistently very competitive.
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.
A Comparison of Protective Life Term Rates
As an example, 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 for Preferred Non-Tobacco.
No life insurance company consistently has the lowest rates, but Protective Life is always one of the most competitive companies.
1. Protective Life – $492.95
2. Banner Life – $493.18
3. Lincoln Financial – $495.00
4. Transamerica – $$495.00
5. SBLI – $499.00
6. AIG American General – $499.00
7. United of Omaha – $502.50
8. American National – $510.00
9. North American Life – $510.00
10. Assurity Life – $520.00
11. Prudential – $525.00
12. Principal National – $526.00
13. Fidelity Life – $535.00
14. Nationwide – $540.00
15. MetLife – $549.00
History of the Protective Life Insurance Company
Protective Life has been in business for more than 115 years.
The Protective Life insurance company was founded in 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 will continue its tremendous growth until it expands 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.
Two more acquisitions were made in 1997 and 2006. In addition, West Coast Life and the Chase Insurance Group are now under the Protective Life trademark.
Protective Universal Life Insurance Rate Comparisons
Universal life insurance is a type of permanent coverage that remains active as long as you continue to pay the premiums, whereas term insurance only lasts for a specified length of time.
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.
1. Principal Life – $445.49
2. Protective Life – $499.00
3. John Hancock – $516.00
4. United of Omaha – $531.10
5. North American – $611.16
6. Prudential – $616.00
7. Nationwide – $629.00
8. MetLife – $640.00
9. AIG American General – $645.00
10. Lincoln National – $758.30
11. Banner Life – $825.10
Valuable Riders for Additional Protection:
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.
Also, 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. 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 from a 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, disability income riders provide an additional income benefit if you become disabled. Disability income benefits are specified as a percentage of the face amount and are 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 only be made 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:
By adding this rider to the 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 the term life insurance rider might be an excellent solution for you.
Child Term Riders:
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 from 15 days to 18-25.
Subsidiaries of Protective Life
1. Protective Life Corporation
2. MONY Life Insurance Company
3. Lyndon Insurance Group
4. West Coast Life Insurance Company
5. Protective Life and Annuity
6. Protective Life Insurance Company
Protective Financial Ratings:
1. M. Best Reporting Agency – (A+)
2. Comdex – (90)
3. Standard & Poors – (AA-)
4. Fitch Reporting Agency – (A)
Available Life Policy Types:
1. Term Life Insurance
2. Universal Life Insurance
3. Variable Universal Life
4. Survivorship Universal Life
Life Insurance for Pilots
I am going to drift off the review for a minute to mention how well Protective Life works out so well for pilot life insurance.
Protective Life is our number one choice for life insurance for pilots because they do not apply any extra flat fees, which can add up to hundreds of dollars in savings each year by eliminating extra flat charges. This will apply to private, commercial, and even student pilots.
Most of the pilot life insurance policies we provide people with are underwritten by Protective Life at their excellent low rates.
How to Proceed if Diagnosed With Health Concerns
Health issues play a significant role in the process of obtaining life insurance. Consult with your agent concerning their potential effects on your rates before submitting an application.
Remember that medical conditions can affect your rates depending on the medical issue. To solve this problem, we have
created a 5-minute medical assessment form that you can complete, and we can use this to determine your health classification accurately.
Your health classification is what is going to determine 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 with is one of the most important steps an agent such as ourselves can help you with.
Apply Over the Phone to Save Time
Applying for life insurance over the phone is now a streamlined and straightforward 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 30-page paper and even online applications are becoming obsolete.
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.
Our Final Thoughts
To summarize this Protective Life Insurance Company review, keep one concept in mind. There is never one specific carrier that is best for all applicants all of the time.
This is because there are many variables to take into consideration when an individual applies.
Protective Life is a top-rated life insurance company with many advantages over its competition and is always a top contender in any comparison of life insurance products.
Don’t hesitate to contact us with any questions you may have.
All the best,
Jack Venturi
Should you have any questions or need further assistance, please don’t hesitate to call us at 815-390-7545 for an immediate response. We’re here to help!
