Protective Life Insurance is a popular provider offering various life insurance policies to meet different needs and budgets. With over 100 years of experience in the insurance industry, Protective Life Insurance has established itself as a reliable and trustworthy provider that prioritizes customer satisfaction. In this article, we will provide a comprehensive review of Protective Life Insurance, including an overview of the company, the types of policies it offers, the coverage provided, the claim process and customer service, the costs and discounts, and additional products and services.
Protective Life Insurance offers a variety of policies, including term life insurance, whole life insurance, universal life insurance, and variable universal life insurance. Each policy has unique features and benefits, and it is important to carefully review each to determine which policy best suits your needs. Protective Life Insurance policies offer competitive rates, flexible coverage options, and customizable features that allow you to tailor your policy to your specific needs.
Overall, Protective Life Insurance is a reputable insurance provider offering various policies to meet different needs and budgets. With its competitive rates, flexible coverage options, and customizable features, Protective Life Insurance is a great choice for anyone looking for reliable life insurance coverage.
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Protective Life Insurance Overview
Protective Life Insurance Company has been a Birmingham-based life insurance provider for over 100 years. The company offers a range of life insurance policies, including term life, whole life, and universal life insurance.
History and Background
Protective Life Insurance was founded in 1907 by former Alabama Governor William Dorsey Jelks. Since then, the company has expanded its operations and has a presence in all 50 states. In 2015, Protective was acquired by Dai-ichi Life, a Japanese insurance company, for $5.7 billion.
Financial Strength and Ratings
Protective Life Insurance Company has a strong financial strength rating from A.M. Best, one of the leading credit rating agencies in the insurance industry. As of 2023, Protective has an A+ (Superior) rating from A.M. Best, indicating that the company can meet its financial obligations.
In addition to its A.M. Best rating, Protective has received high ratings from other credit rating agencies, including Standard & Poor’s and Moody’s. These ratings are a testament to the company’s financial strength and stability.
Overall, Protective Life Insurance Company is a trusted provider of life insurance policies with a long history of serving customers across the United States. Its strong financial strength ratings indicate that the company is well-equipped to meet its financial obligations and provide peace of mind to its policyholders.
Types of Protective Life Insurance Policies
Protective Life Insurance Company offers a variety of life insurance policies to meet the needs of its clients. These policies provide permanent coverage, which means they offer lifelong protection as long as the premiums are paid on time. This section will discuss the different types of Protective Life Insurance policies available.
Term Life Insurance
Term life insurance is a type of life insurance policy that provides coverage for a specific period, typically between 10 and 30 years. Protective Life Insurance offers term life insurance policies with level premiums and death benefits. These policies are designed to provide affordable coverage for a specific period, such as until the children are grown, or a mortgage is paid off. Protective Life Insurance’s term life insurance rates are competitive, making it an attractive option for those who want basic coverage at an affordable price.
Whole Life Insurance
Whole life insurance is a type of life insurance policy that covers the insured’s entire life. Protective Life Insurance offers life insurance policies with level premiums and death benefits. These policies are designed to provide permanent coverage and build cash value over time. Protective Life Insurance’s whole life insurance policies are a good option for lifelong protection and a guaranteed death benefit.
Universal Life Insurance
Universal life insurance is a life insurance policy that provides permanent coverage and flexible premiums. Protective Life Insurance offers universal life insurance policies with flexible premiums and death benefits. These policies are designed to provide permanent coverage and build cash value over time. Protective Life Insurance’s universal life insurance policies are a good option for those who want lifelong protection and the flexibility to adjust their premiums and death benefits.
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Indexed Universal Life Insurance
Indexed universal life insurance is a type of life insurance policy that provides permanent coverage and the opportunity to earn interest based on the performance of an index, such as the S&P 500. Protective Life Insurance offers indexed universal life insurance policies with flexible premiums and death benefits. These policies are designed to provide permanent coverage, build cash value over time, and offer the potential for higher returns than traditional universal life insurance policies.
Variable Universal Life Insurance
Variable universal life insurance is a type of life insurance policy that provides permanent coverage and the opportunity to invest in various investment options, such as mutual funds. Protective Life Insurance offers variable universal life insurance policies with flexible premiums and death benefits. These policies are designed to provide permanent coverage, build cash value over time, and offer the potential for higher returns than traditional universal life insurance policies.
In conclusion, Protective Life Insurance offers a variety of life insurance policies to meet the needs of its clients. These policies provide permanent coverage and offer different features and benefits, such as flexible premiums, death benefits, and the opportunity to earn interest or invest in various investment options. Whether you’re looking for basic coverage or a more comprehensive policy, Protective Life Insurance has a policy that can meet your needs.
Protective Life Insurance Coverage
Protective Life Insurance offers a range of life insurance coverage options to meet the needs of different individuals and families. Here are some of the key aspects of Protective Life Insurance coverage:
Coverage Amounts
Protective Life Insurance offers a variety of coverage amounts, ranging from $100,000 to $50 million. The coverage an individual or family needs will depend on their income, debts, and lifestyle. Protective Life Insurance can help individuals determine the right coverage amount for their needs.
Death Benefits
Protective Life Insurance pays the policyholder’s beneficiaries a death benefit in the event of their death. The death benefit can be used to pay for funeral expenses, debts, and other expenses. Protective Life Insurance offers term and permanent life insurance policies with different death benefit options.
Premiums
Protective Life Insurance offers competitive premiums for its life insurance policies. The exact premium an individual or family will pay will depend on their age, health, and lifestyle. Protective Life Insurance can provide individuals with personalized quote based on their specific needs.
Riders
Protective Life Insurance offers a variety of riders that can enhance the coverage of its life insurance policies. Here are some of the riders that Protective Life Insurance offers:
- Accidental Death Benefit Rider: This rider pays an additional death benefit if the policyholder dies due to an accident.
- Waiver of Premium Rider: This rider waives the premium payments if the policyholder becomes disabled and cannot work.
- Terminal Illness Rider: This rider pays a portion of the death benefit if the policyholder is diagnosed with a terminal illness.
- Children’s Term Life Rider: This rider covers the policyholder’s children.
Coverage Period
Protective Life Insurance offers both term and permanent life insurance policies. Term life insurance policies provide coverage for a specific period of time, such as 10, 20, or 30 years. Permanent life insurance policies provide coverage for the policyholder’s entire life.
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Face Amounts
Protective Life Insurance offers a range of face amounts for its life insurance policies. The face amount is the amount of coverage that the policyholder has purchased. Protective Life Insurance can help individuals determine the right face amount for their needs.
Benefit Payment
Protective Life Insurance pays the death benefit to the policyholder’s beneficiaries in a lump sum payment. The beneficiaries can use the death benefit to pay for funeral expenses, debts, and other expenses.
Overall, Protective Life Insurance offers a range of life insurance coverage options with competitive premiums and a variety of riders to enhance coverage. Individuals and families can work with Protective Life Insurance to determine the right coverage amount, face amount, and rider options for their needs.
Claim Process and Customer Service
When it comes to filing a claim with Protective Life Insurance, the process is relatively straightforward. The company offers several options for filing a claim online, by phone, or by mail. Beneficiaries can also work with a Protective Life representative to file a claim in person.
Filing a Claim
Beneficiaries can visit the Protective Life website to file a claim online and follow the step-by-step instructions. The website also provides helpful information about what to expect during the claims process, including estimated timelines and required documentation.
Beneficiaries can also file a claim by phone by calling Protective Life’s customer service line. The representative will guide them through the process and answer any questions they may have. Alternatively, beneficiaries can download and print a claim form from the Protective Life website and mail it to the company.
Customer Service and Complaints
Protective Life Insurance has a strong reputation for customer service, with a large network of independent insurance agents and a dedicated customer service team. The company has an “A+” rating from the Better Business Bureau (BBB) and an “A+” rating from AM Best, indicating superior financial strength.
However, like any insurance company, Protective Life does receive customer complaints from time to time. According to National Association of Insurance Commissioners (NAIC) data, the company’s complaint index is slightly higher than the national median. However, it’s worth noting that Protective Life’s complaint index has been steadily decreasing in recent years.
J.D. Power and Customer Satisfaction Ratings
J.D. Power has not rated Protective Life Insurance for customer satisfaction. However, the company has received high marks from other rating agencies. For example, Protective Life has received a 4.5 out of 5-star rating from Consumer Affairs based on over 300 customer reviews.
Protective Life Insurance offers a straightforward claims process and strong customer service. While the company receives some customer complaints, its high ratings from independent rating agencies suggest that customers generally consider it well.
Protective Life Insurance Costs and Discounts
Premiums and Price
Protective Life Insurance offers a variety of life insurance policies that come at competitive prices. Several factors, including age, gender, health, and lifestyle, determine the cost of premiums. Customers can use Protective Life’s online quote tool to get an estimate of the cost of their policy.
Term life insurance policies from Protective Life Insurance are generally less expensive than permanent life insurance policies. Term policies cover a specific period, while permanent policies cover the policyholder’s entire life. The cost of permanent policies is higher because the policy provides coverage for the policyholder’s entire life.
Discounts
Protective Life Insurance offers several discounts to help customers save money on their policies. Discounts are available for customers who:
- Purchase multiple policies from Protective Life
- Are in excellent health
- Have a high credit score
- Are members of certain organizations or associations
Additionally, Protective Life Insurance offers a “Healthy Living” program that rewards policyholders who maintain a healthy lifestyle with lower premiums. The program discounts activities such as exercising regularly, eating healthy, and quitting smoking.
Overall, Protective Life Insurance offers competitive premiums and a range of discounts to help customers save money on their policies. Customers should compare quotes from multiple insurers to ensure they get the best coverage price.
Underwriting Process and Medical Exams
When applying for Protective Life Insurance, applicants must undergo an underwriting process, including a medical exam. The underwriting process is designed to help the company determine the applicant’s risk and offer the appropriate coverage. Here are some key things about the underwriting process and medical exams.
Medical Exam
Protective Life Insurance requires a medical exam as part of the underwriting process. The applicant’s height, weight, blood pressure, and other vital signs will be taken during the exam. Blood and urine samples will also be collected to screen for any negative health concerns. The exam results will be sent to the life insurance underwriter to help determine the applicant’s risk class.
Risk Classification
The underwriting process for most life insurance policies includes a medical exam, which might collect height, weight, blood pressure, and a blood and urine sample. This information will be used to assess the applicant’s risk class. Protective Life Insurance uses several tools to help determine an applicant’s risk class, including the medical exam, medical history, and lifestyle factors. The risk class will be used to determine the applicant’s premium rate.
Online Quotes
Protective Life Insurance offers online quotes for life insurance policies. The online quote process is simple and easy to use. Applicants must provide basic information, such as their name, age, and social security number, to receive a quote. The quote will be based on the applicant’s risk class, which is determined by the underwriting process.
In conclusion, the underwriting process and medical exams are an important part of the life insurance application process. Protective Life Insurance uses these tools to help determine the applicant’s risk and offer the appropriate coverage. The online quote process allows applicants to get a quick estimate of their premium rate.
Additional Protective Life Insurance Products and Services
Protective Life Insurance offers a range of additional products and services that policyholders can add to their life insurance policies to enhance coverage and better meet their individual needs. Here are some of the most popular options:
Accidental Death Benefit
The Accidental Death Benefit is an optional rider that provides additional coverage if the policyholder dies due to an accident. This rider pays out an additional benefit on top of the policy’s death benefit if the policyholder’s death is caused by an accident, such as a car crash or a fall. The amount of the additional benefit varies depending on the policy.
Accelerated Death Benefit
The Accelerated Death Benefit is another optional rider that allows policyholders to access a portion of their death benefit while they are still alive if they are diagnosed with a terminal illness. This benefit can help pay for medical expenses or other costs associated with the illness. The accelerated benefit amount is subtracted from the policy’s death benefit.
Waiver of Premium
The Waiver of Premium rider is designed to help policyholders who become disabled and cannot work. This rider waives the policy’s premiums for a specified period of time while the policyholder is disabled, ensuring that the policy remains in force even if the policyholder is unable to pay the premiums.
Disability Income Rider
The Disability Income Rider is another option for policyholders who become disabled and cannot work. This rider provides a monthly income to the policyholder while they are disabled, helping to cover living expenses and other costs. The monthly income is based on a percentage of the policy’s death benefit.
Cash Value Accumulation
Many of Protective Life’s life insurance policies build cash value over time, which can provide additional financial security or help pay for future expenses. The cash value can be accessed through loans or withdrawals and used for any purpose.
Flexible Premiums
Protective Life’s life insurance policies offer flexible premium options, allowing policyholders to adjust the amount and frequency of their premium payments to better fit their budget and financial goals. This can help ensure the policy remains in force even during financial hardship.
Conclusion
In summary, Protective Life Insurance offers a range of policies to meet various financial needs. The company has received high ratings from reputable sources like Bankrate and Forbes Advisor, which underscores its financial stability and transparency in its offerings.
Protective Classic Choice is a popular term life insurance policy offering low rates, making it an excellent option for those seeking affordable coverage. Protective Custom Choice UL and Protective Indexed Choice UL offer flexibility and customization options for policyholders seeking permanent coverage.
For those interested in investment options, Protective Strategic Objectives II VUL offers investment opportunities with growth potential. Policyholders can also benefit from the Terminal Illness Accelerated Death Benefit Endorsement, which provides a lump sum payment if the policyholder is diagnosed with a terminal illness.
It is worth noting that, like any insurance company, Protective Life Insurance has received complaints to the National Association of Insurance Commissioners (NAIC). However, the number of complaints is relatively low compared to its size, indicating that Protective Life Insurance has taken steps to address customer concerns.
Overall, Protective Life Insurance is a reputable insurance company that provides a range of policies to meet various financial needs. It is always recommended that individuals consult with an insurance agent to make informed financial decisions and understand the terms and conditions of the policy, including the surrender value.
Frequently Asked Questions
Is Protective Life Insurance a reputable company?
Protective Life Insurance is a reputable company in business for over 100 years. They have a strong financial standing and are known for their competitive rates and excellent customer service.
What is the BBB rating for Protective Life Insurance?
Protective Life Insurance has an A+ rating with the Better Business Bureau (BBB). This rating is based on complaint history, transparency, and business practices.
What is the AM Best rating for Protective Life Insurance?
Protective Life Insurance has an A+ (Superior) rating from AM Best, a global credit rating agency specializing in insurance companies. This rating indicates that Protective Life Insurance has a strong financial standing and can meet its financial obligations.
Does Protective Life Insurance offer annuities?
Yes, Protective Life Insurance offers annuities. Annuities are insurance products that provide a guaranteed income stream for a fixed period of time or the rest of your life.
Who owns Protective Life Insurance?
Dai-ichi Life Holdings, Inc., a Japanese insurance company, owns Protective Life Insurance. However, Protective Life Insurance operates as a separate entity and maintains its own management team and operations.
What are the reviews for Protective Life Insurance payouts?
Protective Life Insurance has generally positive reviews for its payouts. Customers report that the claims process is straightforward and that payouts are made promptly. However, as with any insurance company, there may be occasional complaints or issues with the claims process.