Protective Life Insurance Company Review

In our experience, Protective Life Insurance Company is an innovative provider of high-quality life insurance and annuity products, and is a carrier of choice for many independent agents and brokers. 

This article highlights Protective Life Insurance Company, providing information related to the company’s financial data, industry financial ratings, insurance product offerings, premium rates, and other considers.

Protective is a go-to life underwriter for many independent agents serving individual and business markets. The organization’s beginnings date back to 1907 as the “flagship” company for the overarching Protective Life Corporation and encompass more than 100 years of “value-driven” service to policyholders and consumers. In recent decades, Protective has grown significantly through acquisitions which have included Chase Insurance Group, United Investors Life, MONY Life Insurance, Liberty Life, and others. As of 2018, Protective's financials reflected $862 billion of life insurance in force and 8.3 million policyholders worldwide.

                                                                Source: Protective

Protective Life Insurance Company currently holds an “A+” (Superior) rating with A.M. Best, as well as high ratings with Standard & Poor’s, Moody’s, and Fitch. Protective's industry ratings by various rating services have been provided below for review.

                                                                Source: Protective (2018)

Term life insurance provides protection for a specified period, often being used for income protection, mortgage protection, college funding, or other temporary needs for coverage. Protective Life’s term products offer coverage for periods ranging from 10 to 30 years and death benefits ranging from $100,000 to $50 million. These plans provide guaranteed level premiums, a tax-free death benefit, and a terminal illness rider subject to state availability.

Term Life Highlights

Universal life insurance offers permanent coverage with maximum flexibility, allowing policyholders to adjust premiums and/or death benefits as their individual needs change. Protective’s universal life products offer lifetime coverage, affordability and flexibility, cash value accumulation, a decreasing coverage benefit, and other valuable features. It is important to note that with universal life insurance, adequate premiums must be paid in order to maintain active coverage.

Universal Life Highlights

Indexed universal life insurance, like traditional universal life, offers permanent coverage and flexible premiums. However, with this type of policy, cash value accumulation is based on the performance of a market index. This crediting method offers interest based on a stock market index, but also provides protection from downside risk. Protective Life’s indexed universal life product offers permanent coverage, premium flexibility, cash value growth, downside protection, and other features. It is important to note that with indexed universal life insurance, adequate premiums must be paid to maintain active coverage.

Indexed Universal Life Highlights

Variable universal life insurance, like traditional universal life, provides long-term coverage with flexible premiums. However, it differs in that premiums can be allocated to investment subaccounts offering potentially greater cash value accumulation, along with potentially greater risks. It is important to understand that a variable universal life policy’s cash value will fluctuate with the underlying investments and is not guaranteed.

Variable Universal Life Highlights

Whole life insurance is a form of permanent life insurance offering a lifetime death benefit, guaranteed level premiums, and a guaranteed cash value component. Protective’s whole life insurance provides lifetime coverage, fixed interest rates, optional policy riders, and other benefits. Given the guarantees associated with whole life insurance, it is traditionally more expensive than other types of life insurance coverage.

Whole Life Insurance Highlights

The following chart provides an overview of features and benefits offered by different types of life insurance policies available through Protective Life Insurance Company.

In comparing the cost of life insurance among highly-rated insurers, there are a few companies that are routinely on the shortlist based on value. Protective Life is not only highly-rated, but also offers extremely affordable life insurance coverage. In fact, when comparing rates from popular term life companies, Protective is consistently among the most affordable. In selecting a life insurance company, affordable rates and superior ratings are often a winning combination. The sample rates below have been provided as an example of Protective Life Insurance Company's term life premiums.