Protective Life Insurance Review 2021 2021

Last modified: September 8, 2021
  • Claims 9
  • Buying 9
  • Transparency 8
  • Coverage Variety 8.5
  • Value For Money 8.5
  • OVERALL RATING 8.6
  • Financial Strength A+
  • BBB Rating A+
  • Coverages 5/5
  • Flexibility Policy customization available
  • Discounts 4/5
  • Support email, phone number
  • Availability All states
  • Pricing Affordable

Protective Life Insurance Company has been providing retirement and life insurance services since 1907. The company offers affordable and flexible universal, whole life, and term life insurance policies. It is also financially strong and provides decent customer service standards,  making it a highly reliable insurance company.  To compare protective life with other providers – make sure to check out our list of the best life insurance providers.

About Company

Protective life insurance’s phone number is +1 205-268-1000, where you can get further information on their policies, depending on your needs. 

We have analyzed multiple Protective Life Insurance reviews, information on their website, prices, and other ratings in this article to help you make an informed decision when choosing a life insurance company. 

How we Reviewed

This review is based on different elements to evaluate different factors, including the company’s website for available policies, additional features, discounts, and the amount of useful information provided. 

We also examined the company’s financial strength, ratings, and customer reviews on different websites to determine reliability and trustworthiness. These factors helped in determining the overall Protective Life insurance ratings. We recommend that you shop around before making the final decision. 

Where is it Available?

The policies and products of this company are available in all states. Protective Life Insurance Company is headquartered in Birmingham, Alabama.

Life Insurance Review

Protective Life offers multiple life insurance products categorized into the following three types:

  • Term Life Insurance 

The company offers 10-year and 40-year policies with coverage between $100,000 and $50 million. You also have an option of converting the term life insurance policy into a permanent one without the need for a medical exam. In some states, it comes with a terminal illness rider that pays out in case of a terminal sickness. 

  • Whole Life Insurance

These policies come with cash value with fixed interest rates and premium payments. 

  • Universal Life Insurance

This insurance policy works as an alternative to term life policy at an affordable rate. After you continue paying a level premium for a specific period (between 10 and 30 years), the price stays constant but with lower coverage. The universal life policy is ideal for individuals who believe their insurance needs would lower as they age but still want some coverage. 

Other Life Insurance Products 

Protective life insurance offers other life insurance products, including:

  • Variable universal life insurance policy allows you to link the account’s cash value to the stock investments. 
  • Indexed universal life insurance provides lifetime coverage that comes with flexible premiums and death benefits. Its cash value grows on the basis of stock market indexes or fixed interest rates.

Available Riders 

Insurance riders help in enhancing or adjusting the coverage, allowing you to customize the policy to fit your needs. Protective life insurance offers the following riders, which might vary from state to state:

  • Accidental Death Benefit Rider: The company pays an additional death benefit if the policyholder’s death is caused by an accident.
  • Child Life Insurance Rider: The insurer offers a death benefit for a covered child’s death. 
  • Disability Income Benefit Rider: The insurance provider credits a specific premium to the policy every month throughout the time you are disabled. 
  • Guaranteed Insurability Rider: This rider gives you the option to enhance your policy’s face value when the designated individual dies or at designated points in time.  
  • Accelerated Death Benefit Rider: This rider can be added to the policy if you suffer from a covered terminal illness. It allows you to access a specific amount of death benefit to cover the expense and care cost of the treatment. 

Life Insurance Pricing

You can get a Protective Life insurance quote via their helpline by speaking to a representative or can get a term life insurance quote online. The overall cost of the insurance depends on several factors, like age, gender, health, and location. The Protective life insurance cost for a $250,000 term policy for non-smoking man and woman on a 20-year term are as follows:

Age Average Rates for Men Average Rates for Women
25 $12.34 $11.53
35 $13.96 $12.81
45 $26.94 $21.86
55 $61.74 $45.51
65 $199.24 $134.96

It is recommended that you get the quote from a representative by discussing your specific needs and budget to get a more accurate policy estimate. Be sure to shop around to determine which insurer provides you with the best deal. 

Life Insurance Discounts

You can make your life insurance policy more affordable by benefiting from the multiple discounts offered by your insurance provider. These discounts vary between each company but most commonly include customer loyalty discounts, group discounts for employees or large families, bundling discounts if you purchase other insurance products from the same insurer, and safety discounts. 

Protective life insurance doesn’t have many discounts highlighted on their website. However, they do claim to offer discounts on the following: 

  • Protective Life and Costco Partner Discount: Since both companies are partners, the Costco membership holders get a 15% discount on average on various policies offered by the insurance company. 
  • Term Life Policy Discount: The website claims to provide the policyholders with various discounts, particularly on term life insurance. According to their website, customers buying term life policy can save around 48% more than the price offered by other national providers. 

 

Customer Satisfaction and Financial Strength Review

Protective life insurance complaints to the state regulators have been fewer than average, with a ratio of 0.36. You can expect better than average customer satisfaction with the company. 

Protective life insurance BBB rating is A+, which reflects its favorable profile and strong performance. S&P gave this insurance company a rating of AA-. It shows that the company is financially strong enough to handle claims and meet the expectations of all customers. 

Protective life insurance AM Best rating is A+. AM Best is a credit rating company that specializes in the insurance industry. The rating again indicates that the company has a superior financial ability to manage its obligations towards customers. 

Consumer Affairs and TrustPilot allow the customers to rate and review the companies directly. Protective life insurance doesn’t have any ratings on both.

Platform Rating
BBB Rating A+
Consumer Affairs N/A
TrustPilot N/A

Customer Support

Protective life insurance customer service can be reached through multiple methods. Here are some important contact details to get more information:

Protective life insurance customer service phone number: 1-844-733-5433

Protective life insurance customer service email: [email protected]

You can also get answers to your questions and learn about their main policies through the 24/7 virtual assistant on their website. 

If you are a policyholder, you can create an online account to manage your policies, review information, update contact details, add beneficiaries, and file a claim. 

The website carries plenty of content and information to educate you about the policies. There is also an online calculator available to determine how much insurance you might need to fit your requirement. There is also a free online quote tool for term life insurance. For the other insurance products, you have to call the helpline to get more information or to purchase a policy.

Ease of Buying and Claims Handling

The process of buying a policy or filing a claim is straightforward. 

You can use the Protective life insurance forms to apply and purchase universal life and classic choice term insurance policies. After filling the form and the application policy, the representative will get in touch to explain the next steps. The member advantage universal life insurance policy can also be purchased through Costco. 

The remaining life insurance products are not available for online purchase. You have to get in touch with an agent or representative to get more information on the policies and purchase them. You can select the agent of your choice as the majority of Protective life insurance’s products are sold through general agents instead of agents specifically working for the company. 

The agent will examine numerous factors, including your lifestyle, health, and age, to determine the coverage that fits your needs. 

Once the policy has been activated, you can manage it using the online portal. If you want to make any changes in the beneficiaries, you can download the Protective life insurance beneficiary change form from their website and submit it through your account. 

You can file the claim online or by calling an agent. You would have to complete the death form and submit the following information:

  • Name of the deceased
  • Social security number or policy number
  • Date of birth 
  • Date of death
  • Country of death
  • Manner and cause of death 

You will have to attach a copy of the deceased’s death certificate with the form. The Protective life insurance claim status can easily be checked by logging in to the online account. 

Protective Life gives the policyholders the option to get their documents electronically delivered to reduce the paper clutter. 

Comparison with Competitors

To give you a better idea of the life insurance provider you should choose, we compared Protective Life Insurance with State Farm life insurance, Amica life insurance, and Transamerica life insurance. Let’s have a look:

Protective Life Insurance vs State Farm

State Farm insurance is one of the leading insurance providers in the country with an outstanding reputation. It offers a wide range of coverage options at affordable rates, and you can purchase lifelong policy coverage with short-term protection and permanent insurance through term insurance. State Farm offers more options for policy customization and discounts. 

Protective Life Insurance vs Amica Mutual

Amica Mutual life insurance offers whole life and term life insurance coverage in all states, except for Hawaii. The term policy is available in 10, 15, 20, and 30-year terms, which can later be changed to a whole life policy no matter the health changes you might have experienced. 

There is no need for a medical exam for applicants to qualify for any insurance policy. The whole life coverage also comes with a terminal illness rider without any additional charges. 

Protective Life Insurance vs Transamerica

Transamerica also provides multiple life insurance products. For young applicants, there is no requirement for a medical exam when they are purchasing term life coverage. The insurer has strong customer satisfaction and financial stability ratings.

Pros & Cons

The Pros

  • It offers all three major policies in every state
  • You can apply for term life coverage through an online application
  • It offers more affordable costs and premiums compared to other providers
  • It allows policyholders to manage their accounts online
  • It offers you rate reconsideration after the completion of one year
  • The range of riders lets you customize your policy
  • It offers all three major policies in every state

The Cons

  • There is no option for beneficiaries to alter the lump-sum payout into installments
  • It has a rather slow application approval rate on average
  • You have to call the helpline to cancel the policy
  • The insurance coverage is not suitable for smokers
  • The premiums are expensive for individuals with pre-existing conditions
  • There are no policies available without medical exam
  • There is no option for beneficiaries to alter the lump-sum payout into installments

Final Verdict

Protective life insurance is ideal for non-smoking individuals looking for a reliable and affordable option. It offers a number of options to choose from, and the policies can further be customized by adding riders, depending on your preferences.

There are numerous online resources and tools available on their website. However, most of the policies must be purchased by calling an agent. Moreover, there aren’t many discount options available. 

FAQs

What does Protective Life’s insurance policy cover?

There are various life insurance plans offered by Protective Life that give you coverage for a lifetime or for predetermined terms of up to 40 years. To find out more about the policies and ratings, you can check Protective Life Insurance reviews. 

How much can you borrow from your Protective Life insurance policy?

Protective Life allows you to borrow a maximum amount of about 95% of your policy’s cash value. 

Do all Protective Life insurance policies pay dividends?

Since the company isn’t a mutual company, its policies do not pay any dividends. 

Is Protective Life the same as West Coast Life Insurance?

West Coast Life Insurance was acquired in 1997 and is a subsidiary of Protective Life Insurance Company. It offers insurance solutions across the nation, including annuities and life insurance products.