Protective Company Life Insurance Review

Written by Jeff Root

Protective life insurance company provides term life insurance as well as four types of universal life insurance. They have a very low price policy for their term life insurance and they are unique in so far as they have a whole life insurance policy for children and grandparents under the original parental policy.

Protective is based out of Birmingham Alabama and they operate in all 50 states. They have been featured in Fortune 1000 and on the Forbes Global 2000 list since 2012.

The company was founded in 1907 and since then they have remained incredibly competitive within the life insurance field. Most of the time they are the least expensive option and they are ideal for applicants who are over the age of 50.

Before We dive more into Protective’s life insurance products and how they stack up to the competition in depth, let’s take a brief look at some of the highlights of Protective Life Insurance:

Our Protective Life Insurance Review – How Do They Compare?

Protective life insurance is one of the most lenient companies for some health conditions especially for those who have a history of heart disease.

In fact, the rates you pay if you have ever had any type of heart disease, heart attack, or bypass surgery will typically be 25% to 40% lower than the competitors.

Attribute Details
Life Insurance Policies
  • Term life
  • Whole life
  • Universal life
  • Guaranteed acceptance whole life
Financial Rating
  • A.M. Best – A+
  • Moody’s – A1
  • Fitch –  A+
  • S&P – AA-
Pros
  • Some of the best term life insurance rates on the market
  • Great rates for people with health complications or who are smokers
  • Solid guaranteed acceptance life insurance policies
Cons
  • Not as wide a range of products as some other life insurance companies

Overall, it’s hard to say anything bad about a company that consistently provides some of the best life insurance rates to a myriad of health and risk classifications over several different types of policies. Protective is a rock solid life insurance company.

Let’s dive deeper into some of their life insurance policy options.

Protective Life Insurance Policies

Burial Insurance from Protective Life 

Burial insurance offers end of life protection for people in need.  These policies strictly cover the costs of a funeral and other death expenses.  Usually, they run from $5,000 to $50,000, with some companies offering $100,000 in burial insurance coverage.

If you are looking for affordable burial insurance, Protective has a Guaranteed Universal policy. Protective has one of the most competitively priced guaranteed universal life insurance option on the market.

Individuals who are 90 years or older, even if they are considered “fair” for health can still qualify for a guaranteed universal life insurance option that has level coverage. They are perhaps best known for this option. 

Protective Life Term Life Insurance

Protective offers term life insurance policy length between 10 years and 30 years. You can get quotes for coverage ranging between $100,000 and $2,000,000+.

Like most term life insurance options on the market, these are the most affordable life insurance policies that Protective offers and the average term policy is for 20 years, with $500,000 of coverage.

Below is a chart to show some of the average costs of term life insurance from Protective Life.  Not that all applicants are in good health, looking for $500,000 of life insurance coverage.

Age Term Male Female
30 10 Year $13.76/mo. $12.04/mo.
20 Year $20.21/mo. $17.63/mo.
30 Year $32.68/mo. $27.52/mo.
40 10 Year $18.06/mo. $16.34/mo.
20 Year $28.38/mo. $24.94/mo.
30 Year $52.46/mo. $43.00/mo.
50 10 Year $41.71/mo. $32.65/mo.
20 Year $75.68/mo. $55.47/mo.
30 Year $135.45/mo. $97.61/mo.
60 10 Year $112.66/mo. $75.68/mo.
20 Year $205.97/mo. $139.32/mo.

When comparing these rates with some of the other best life insurance companies on the market for term life insurance, Protective Life regularly offers some of the best term life insurance rates on the market.

Protective Life Universal Life Insurance

Universal life insurance policies are permanent life insurance policies, meaning they cover you for your whole life.

Universal policies specifically are designed to help people through the various stages in life, by allowing premiums to fluctuate throughout the life of the policy.  They also have an investment component, that builds cash value over time, which can be borrowed against tax-free.

Protective Life offers a Custom Choice policy which protective markets as an alternative to regular term life insurance. This policy has a lower monthly premium than other permanent policies on the market.

Once that length of time expires your price will stay the same, but your coverage starts to decrease. This is a universal policy that is meant for individuals who currently think that their life insurance requirements are going to get lower as they get older because things like a mortgage have been paid off, kids have graduated college, and no one is living at home.

Advantage Choice

This has coverage for $50,000 or higher.

Take note that by comparison most life insurance companies will not provide values that are less than $100,000 for any type of term coverage so people who don’t need that much money still have to pay higher premiums to get it whereas with protective you can pick a lower policy amount and only pay for what you need.

For these policies, you can apply for coverage as soon as you are 18 years old. You can then extend your coverage to almost any age, quite literally until you are 121 years old. You can lock in a level rate or the same premium until you are 90 years old.

Custom Choice

This has coverage for $100,000 or higher. Otherwise, it is the same as the Advantage Choice burial policy. 

So, these are perfect policies if you need to handle burial expenses, protect your estate from high inheritance taxes or death taxes, or perhaps leave an inheritance.

Other Universal Life Insurance

There is a universal life insurance that offers permanent coverage but has the flexibility to increase or decrease your premiums and increase or decrease your coverage. This is perfect for people who might have changing needs throughout their lifetime.

You might want increase coverage while you are paying off your mortgage but once you pay that off you might be able to pay more money on your premiums because you have more disposable income, but you also might need to reduce the coverage you have because you no longer have to prepare for leaving the remaining Mortgage Debt to your loved ones.

This is a tactic that you can use throughout the duration of your policy and you get cash value for this life insurance. It is tax-deferred cash value.

Variable Universal Life Insurance from Protective Life

The variable universal life insurance policy they offer allows you to tie your cash value growth to an underlying stock. You can choose the stock investment and as they improve in their performance so does the cash value of your policy.

Likewise, as these companies may take a bad turn so will the cash value in your policy. If you prefer investing simultaneously with having a life insurance policy this would be a good option.

On the contrary, if you do not like the risk inherent in this design and the possibility of losing all of your cupboards this would not be the best option.

Protective Life’s Survivorship Universal Life Insurance

If you have a spouse and you wish to cover your spouse under the same policy, they have a survivorship universal policy. This is called The Joint survivorship and sometimes referred to as the second to die life insurance policy.

Understand that most life insurance companies will give you a rate for your coverage and premiums in increments of $1,000. So, as you add more coverage the total amount you pay is contingent upon how many increments of $1,000 you have added and then, of course, that amount is based upon other factors like your age and your health.

So, it is cheaper for you and your spouse to find a joint survivorship policy rather than purchase two separate policies. This is a wonderful estate planning tool and the policy will pay out when the surviving partner passes away. The coverage again is going to be less expensive compared to buying two separate policies.

Protective Life’s Protect My Child Life Insurance Policy

Coverage for children is available through the whole life policy called Protect My Child.  any child who is between 14 days old and 17 years old can have coverage between $10,000 and $100,000.

Once they turn 18 the coverage amount doubles. Until your children turn 18 they do not have to undergo a medical exam in order to qualify for coverage.

Protective Life Insurance for Smokers and Diabetics 

Additionally, protective is incredibly lenient with your overall cholesterol levels and they will focus more heavily on having a ratio of good cholesterol to bad cholesterol even if your total cholesterol number is up to 275.

If you are disqualified from the preferred class rate because of blood pressure, cholesterol, or your BMI you can receive extra consideration to improve the rate you are charged if you apply for it.Protective does not penalize applicants for tobacco use on rare occasion. Anyone who uses cigars from time to time will still fall under the non-smoker category and therefore get better rates and class options.

Anyone diagnosed with diabetes or suffering from high blood sugar will still receive competitive rates from protective where other companies will not offer affordable policies.

How Does Health Impact Life Insurance Rates?

Consider that your health plays a big factor in premiums, most of the time.

Below is a sample for a male from Oregon. Said male is 50 years old, 5’ 7”, 160 pounds.

He has no tobacco use, no problems with the license being revoked or suspended, no familial health issues.

However, said individual has been treated for high blood pressure with a systolic/diastolic rate of 140/90. They were last treated in 2017 and are this year no longer on medication.

Protective Life 20 Year Term Life Insurance Rates for Males with High blood pressure: 

Company Monthly Premium
Banner Life $89.15/mo. 
Pacific Life $89.16/mo.
Protective $89.87/mo.
Mutual of Omaha $91.22/mo.
Lincoln Financial $92.66/mo.
Prudential $123.81/mo.
SBLI $131.28/mo.

Protective Life 15 Year Term Life Insurance Rates for Males with High blood pressure: 

Company Monthly Premium
Banner Life $70.89/mo.
Pacific Life $70.90/mo.
Protective $71.81/mo.
Lincoln Financial $73.02/mo.
Mutual of Omaha $73.28/mo.
Prudential $92.75/mo.
SBLI $97.59/mo.
AIG $112.36/mo.
Transamerica $120.83/mo.

Now, let’s look at a male from Oregon who is 50 years old, 5’ 7”, 160 pounds. He has no tobacco use, no problems with the license being revoked or suspended, no familial health issues.

However, said individual has been treated for high blood pressure with a systolic/diastolic rate of 140/90. They were last treated in 2017 and are this year no longer on medication.

Protective Life 30 Year Term Life Insurance Rates for Males with High blood pressure: 

Company Monthly Premium
Banner Life $160.98/mo.
Pacific Life $160.99/mo.
Protective $161.25/mo.
Mutual of Omaha $165.16/mo.
Lincoln Financial $166.86/mo.
Prudential $213.06/mo.
SBLI $136.12/mo.
AIG $266.77/mo.
Transamerica $259.29/mo.

If that same male sought a whole life policy for $500,000 in coverage, a whole life insurance policy would, by comparison, cost $511.00 per month.

Finding the Right Life Insurance Policy for You

Overall, Protective Life has many advantages for those who have health problems like heart diseases, diabetes or are smokers. Obviously, health and overall age play a large factor in which policy options you have, which lengths, and what premiums you pay.

Protective Life offers some of the best life insurance rates on the market for term life and guaranteed issue life insurance.  They are highly respected in the industry and have the customer satisfaction and financial rating to back this up with.

When searching for life insurance, it is always best to compare rates and shop around your policy options.  Compare rates with our online quoting engine, or give us a call to speak with one of our independent life insurance agents who can help you find the right life insurance policy for you and your family today.

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