Protective Life Insurance Company Review

Updated- March 2024

Protective Life Insurance Company Contact Information

2801 U.S Highway 280 S
Birmingham, AL 35223
1-800-866-9933
www.protective.com

When debating between life insurance companies and weighing your options as the consumer, you likely aren’t aware of what you should be looking for and what information is relevant about any given life insurance company.

It’s understandable, and for most consumers, life insurance is a somewhat of an unknown purchase that’s often neglected and put on the backburners for longer than it should be.

Considering you are here and searching for online reviews for specific life insurance companies such as Protective Life Insurance indicates that you are on the right track and beginning the initial research and framework for placing protection around your family and assets.

This is a great way to get started!

Protective Life Insurance Company is one of the life insurance companies currently doing things the right way and offering consumers the opportunity to purchase affordable life insurance while also offering some of the most robust and unique coverage opportunities presently available across the life insurance market.

Anytime you get more bang for your buck is the name of the game.

Especially when purchasing life insurance.

This Protective Life Insurance Company review is going to show you precisely what I’m referring to and get you one step closer to determining if they are the company to choose to fulfill your protection needs or if you need to continue your search even further.

Let’s dive into the details.

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Protective Life Insurance Review: Company History and Overview

For starters, Protective Life is one of the most trusted brands in the life insurance industry purely because it’s been around for so long with a proven track record. Protective Life was founded back in 1907 and hasn’t looked back since.

In 1907, in Birmingham, Alabama Protective Life was founded by William Dorsey Jelks. Coincidentally, William Dorsey Jelks also served as the Governor of Alabama before making his transition into the life insurance industry.

Protective Life has also been known for its acquisitions that have taken place over the companies long and reliable history. The first acquisition took place back in 1927 just a short 20 years after their birth by acquiring Alabama National.

Some time passed, and Protective Life remained somewhat silent on acquiring other companies while they slowly began expanding across the United States and offering products and life insurance solutions in all 50 states.

Protective did not remain quiet for too long, however, and started making more noise and getting back into their acquisitions in 1993 shortly after going public with their IPO under PL on the NYSE (New York Stock Exchange). West Coast Life was the next company Protective Life acquired in 1997 and about 9 years later, Chase Insurance Group was acquired by Protective Life as well. In 2007, Protective also acquired Empire General Life Insurance Company.

A final acquisition took place in 2013 when Protective Life acquired MONY Life Insurance Company of America. All these life insurance companies we have discussed thus far into this post all operate under Protective Life Insurance Companies name.

Additionally, all business that had initially been on the previous company’s ledger is now a responsibility and obligation that Protective Life is responsible for fulfilling.

Other Info About Protective Life Insurance

Protective Life Insurance is a holding company whose subsidiaries provide financial services and insurance services through the production, distribution, and administration of a diverse array of insurance and investment products.

Protective Life operates through six divisions whose principal product lines can be grouped into three general categories: life insurance, specialty insurance, and retirement savings and investment products.

Protective Life provides financial security through insurance and investment products.

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Protective Life Insurance Company’s Financial Strength and BBB Ratings

Currently, Protective Life Insurance Company is one of the highest regarded and most reputable life insurance companies in the industry. Their financial strength ratings do nothing but help support this claim even further.

Currently, Protective Life is being awarded some of the highest financial strength ratings a company can be given by the 4 major credit rating agencies responsible for judging insurance companies liquidity, financial outlook, and potential for insolvency.

Here’s a look at the current financial strength ratings being awarded to Protective Life Insurance Company.

• A.M. Best: A+
• Fitch: A+
• Moody’s: A2
• Standard and Poor’s: AA-
• Comdex Score: 92

All these ratings being awarded to Protective Life are outstanding and places them within a top tier of life insurance companies that you can currently choose from. However, it’s important not to get tunnel vision in these situations.

Although Protective Life Insurance Company looks excellent on paper, doesn’t mean they are the best company you can choose for your life insurance needs.

Everyone is different, and it’s essential to consider this purchase from all angles and understand other unique benefits and features a life insurance company will/can offer to you.

Let’s look at the products offered currently by Protective Life Insurance Company.

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Products Offered by Protective Life Insurance Co.

Protective Life Insurance offers many of the same products you will see with most life insurance companies. A few of the products they currently offer are what really sets them apart. Here’s a look at the primary product lineup presently being provided by Protective.

• Term Life Insurance
• Universal Life Insurance
• Whole Life Insurance
• Children’s Life Insurance
• IUL Life Insurance
• Term/ Universal Hybrid Products

Many professionals would argue that the term life insurance product currently offered by Protective Life is perhaps the best in the industry.

It’s incredibly affordable, and one of the cheapest options consumers can look at. Additionally, it’s a very robust and complete form of coverage.

It even includes living benefits. This means that benefits can be accessed for specific health triggers if they do occur such as heart attacks, strokes, and other qualifying conditions. Protective’s term life insurance products will allow you to accelerate up to 75% of the death benefit if this does occur.

This is already an advantage over other companies offering term life insurance. Especially when you factor in that Protective Life isn’t any more expensive and remains one of the most budget-friendly options you can choose while providing you with complete protection.

About Protective’s Classic Choice Term Life Insurance

This individual life insurance product will be competitively price compared to many life insurance companies. This option is a newer product for Protective that is a pure term life coverage with low premium payments.

The death benefit will be guaranteed throughout the time period you select.

Here are the issue ages below for each term period.

• 10-year plan: 18 – 80 (18- 75 for tobacco)
• 15-year plan: 18 – 75 (18 – 68 for tobacco)
• 20-year plan: 18 – 70 (18 – 62 for tobacco)
• 25-year plan: 18 – 60 (18 – 52 for tobacco)
• 30-year plan: 18 – 58 (18 – 43 for tobacco)
• 35-year plan: 18- 50 (18- 40 for tobacco)
• 40-year plan: 18-45 (18- 40 for tobacco)

As you have noticed above there is now a 35 and 40 year guaranteed term plan available. These plans with the longer initial benefit period are excellent if you need longer guaranteed protection for your family.

Minimum Face Amount: $100,000

Available Riders:

• Accidental Death Benefit Rider
• Children’s Term Life Insurance Rider
• Terminal Illness Accelerated Death Benefit Endorsement

About Protective Life’s Custom Choice UL Term Products (Hybrid Term Life Insurance)

Protective Life Insurance Company makes its name with its custom choice UL/ Term Products. It’s a simple term life insurance policy that could convert over into permanent life insurance coverage exceptionally easily, and at a fraction of the cost, other companies would charge to do so.

With this Custom Choice UL policy clients can benefit at the end of the term compared to other life insurance term products. Most life insurance policies premium skyrockets after the term ends becoming unaffordable. With this term being built on a universal life chassis after the level term period you can keep the same premium but the death benefit will start dropping each year. Letting you keep some coverage if you decide you still need it in place at that point.

We like having this flexibility and more options to continue some coverage in case you can no longer qualify for new coverage based on health conditions that have come up.

This can make the process easy for individuals who wish to carry over additional death benefits into their older age years a breeze at a very low rate and without evidence of insurability. An often overlooked and very beneficial feature to have within your life insurance policy.

Especially when you take care of this at a young age while you are healthy, and your premiums can remain at affordable prices per month.

Competitive Pricing with Protective Life Insurance Is Often Overlooked

As the consumer involved in the life insurance application transaction, this is likely one of the most beneficial and useful pieces of information we can provide to you.

Protective Life Insurance Company, while boasting a top financial strength rating, great reviews and a reliable name in the industry is also offering some of the best pricing currently available to the consumer for a term and UL products.

Their term product pricing is always in the top 3 cheapest and most affordable term life insurance policies you can purchase. This alone is one of the biggest reasons we recommend them so often to individuals we work with or speak to.

If you can get a top-rated product for bottom line pricing that’s affordable to a majority of consumers shopping, it’s tough to steer individuals in a different direction.

Surely, other companies will eventually emerge into the mix, but for now, Protective Life offers some of the “best bang for your buck” in the life insurance marketplace.

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Protective Life Insurance Is A Fantastic Option for Your Life Insurance Needs

At the end of the day, Protective Life Insurance Company is one of the best life insurance companies you can opt to use for your life insurance needs. From affordable pricing to unique and dependable products, they create the perfect storm that can surely place excellent protection around you and your family’s assets.

Many other life insurance companies exist and should be considered but anytime we speak to someone wanting to inquire about Protective Life, we surely have nothing but positive things to relay to consumers as we educate them about their various options when purchasing life insurance.

Always be sure to find the best policy for you and your family at monthly premiums you can afford. Protective Life is simply just one of the many companies that can get this done for you.