Protective Life Insurance

Protective Life Insurance was established over 110 years ago and currently offers policies in all states. You may have difficulty purchasing some policies if you live in New York.

Protective Life currently provides financial products — such as life insurance, annuities and asset protection plans — to over 12 million individuals. There are roughly $1 trillion insurance policies in force, making Protective one of the leading insurers in the U.S.

As of January 2018, Protective Life Insurance purchased the Liberty Mutual Insurance Company, among others in a Master Transaction Agreement. If you try to purchase a life insurance policy from Liberty Mutual, you will be redirected to Protective.

Protective offers term, whole and universal life insurance policies. There are five types of policies advertised on Protective’s website:

Protective offers unique customizable policies compared to other life insurance companies.

You can add-on riders to some of Protective’s life insurance policies. There are some limits to what riders can be added to each policy, along with potential premium increases for each rider added.

Whether or not you need a medical exam for your policy varies, depending on which policy you choose.

Protective Life offers the Classic Choice Term Policy, with coverage periods available from 10- to 40-year term lengths. There is a fixed death benefit and premiums, meaning the costs cannot be altered once you purchase the policy. If needed, you can convert your Protective term policy into a permanent one without taking a medical exam.

Protective life offers a whole life policy that offers lifelong coverage with a fixed death benefit and premiums. You also have a cash value component that grows tax-deferred at a fixed interest rate. In some circumstances, such as terminal illness, you can tap into your cash value while you’re still alive.

Most of Protective’s universal policies offer lifelong coverage with a flexible death benefit and premiums, meaning you can adjust the amounts while your policy is active. You have a cash value component that grows tax deferred. You can tap into or access your cash value in specific situations.

Protective Life has affordable average costs for high amounts of coverage. For example, a healthy 50-year-old woman can get a 10-year term policy with $250,000 of coverage for only $21.59 a month.

Keep in mind that many factors — such as your age, health, sex and policy details — will affect your life insurance quotes. The younger and healthier you are, the more affordable your quotes will be. If you need a higher death benefit, or longer coverage, this will also be reflected in your quote.

Let’s say you’re looking for $1 million of coverage for a 20-year term policy, and you’re 30 years old. Even though you want more coverage for a longer-term length, your age will still bring down the cost. With Protective, your monthly cost would be $24.63.

When comparing average costs to other leading insurers, Protective had the most affordable quote.

Make sure to always compare multiple quotes from different insurers before making a purchase. According to the Farm Bureau Financial Services, your age is the most important factor in influencing your life insurance costs.

The chart below breaks down average costs by age from Protective. Feel free to use it to confirm if you’re being quoted an average rate from other insurers.

Protective Life Insurance’s main pros are their affordability and wide variety of policies available. If you’re interested in purchasing a term policy, there is ample information available, along with a calculator to receive personalized quotes.

However, if you’re interested in a whole or universal policy, you’ll have a different experience. One large con is the lack of information about whole and universal policies online. You’ll need to contact a representative for information about costs and coverage limits.

Protective life has high financial strength ratings from two leading credit rating agencies — AM Best and Fitch Ratings. An insurer’s financial strength ranks their ability to meet financial obligations, such as paying out your policy.

If you purchase a life insurance policy from an insurer with a poor financial strength rating, you could risk difficulties in getting your claim. Luckily, with Protective Life, this shouldn’t be a concern.