For most people, when they think of shopping for life insurance, the monthly premium plays a considerable part in their purchasing decision. Additionally, many consumers will perform some fashion of research on the company they choose, and that’s a good thing. Here, we hope to assist consumers in making their life insurance purchase decision by providing a review of a popular life insurer known as Protective Life Insurance.
Overview of Protective Life Corporation
Protective Life Corporation has been operating in the U.S. for more than 100 years and during that time has increased its footprint substantially in the insurance industry. The company currently has a group of subsidiary companies that are used to offer insurance and investment products to consumers across America:
- Protective Life Insurance Company – As the company’s flagship subsidiary, Protective Life Insurance Company offers very competitive insurance products to consumers nationwide.
- Protective Life and Annuity Insurance Company – This subsidiary of Protective Life Insurance is used to provide Protective’s life insurance and annuities products to consumers in the state of New York only.
- West Coast Life Insurance Company – Protective Life acquired West Coast Life in 1996 and also provides insurance and annuity products to U.S. consumers.
- MONY Life Insurance Company – MONY Life Insurance Company was acquired in 2013. The MONY subsidiary is also a nationwide provider of life insurance products.
- Lyndon Insurance Group – The Lyndon Insurance Group offers specialty products like credit life, disability, and car and boat service contracts. These products are marketed by financial institutions, car dealers, and personal finance companies.
The Protective Life Corporation’s core values have lead the company throughout their expansion and are still boasted today:
- DO THE RIGHT THING
- SERVE PEOPLE
- BUILD TRUST
- SIMPLIFY EVERYTHING
You will even find Protective life insurance being distributed through Costco to their membership base.
Protective Life Insurance Financial Ratings
It’s important that the insurance carrier you select to do business with has a reputation for financial stability. Most life insurance companies today have financial ratings assigned to them by the leading insurance company rating services. The current ratings for Protective Life are:
|Standard & Poor’s|
|Moody’s Investor Services|
5th Highest of 21
It’s critical that the company you select to do business with has strong financial ratings and the ability to pay insurance claims without issue. In many cases, the business relationship that you establish with a life insurer will last a lifetime.
Underwriting from Protective Life Insurance
Living up to the core value of “simplifying everything,” Protective life has managed to separate themselves from the competition with an innovative underwriting process they labeled as “PLUS” which is an acronym for Protective Life Underwriting Solution.
PLUS is an underwriting process that was implemented to automate and speed up the life insurance underwriting process that has become outdated and cumbersome for many of its competitors. This innovative process is offered to applicants age 18 to 45 and up to a $1,000,000 death benefit. Applicants age 46-60 are eligible for up to $500,000 death benefit.
For applicants eligible for the PLUS process, a telephone interview is completed and in most cases, there is no medical exam requirement, therefore the policy can be issued quickly and efficiently. Ineligible applicants will go through traditional underwriting and an insurance medical exam.
Protective Life Insurance Products
Protective Life Insurance offers a comprehensive portfolio of insurance products to meet the needs of the consumer. All of their products are priced competitively and have the financial backing from a financially stable insurance company.
Universal Life Insurance
Universal Life insurance is a flexible multi-use life insurance product and Protective Life offers four selections in this category:
- Protective Custom Choice UL – The Custom Choice UL product is similar to term life insurance but offers the flexibility that UL policies are known for. The applicant can select a level benefit period of 10 to 30 years which is similar to a term product. At the end of the benefit period, your payments remain the same but the face amount will decrease giving you time to make policy decisions. The policyholder can then exchange their policy for permanent coverage and not have to worry about another medical exam. Additionally, the applicant can adjust the death benefit to accommodate their insurance needs.
- Indexed Universal Life (IUL) – This is a permanent life insurance product that accumulates cash value by earning interest on a fixed or indexed basis. Fixed basis means your cash account will earn a fixed interest rate that is stated in the policy contract. Indexed means your policy will earn interest based of the performance of specific indexes like the NASDAQ or S&P 500. The indexed policy is a great solution for policyholders who prefer cash accumulation along with a guaranteed death benefit.
- Variable Universal Life (VUL) – The VUL product uses a portion of your insurance premium and allocates it to various investment options that are typically based on your goals and risk tolerance. A VUL is typically a solid solution for consumers who want a higher return on investment and are comfortable with higher market risk. The policy also has the flexibility to allow the policyholder to move their cash in the policy among various investment options.
- Survivor Universal Life – Protective’s Survivorship product (also called second to die) is typically purchased by married couples or partners with the intention of estate tax planning. It is less expensive than purchase two separate policies and has the flexibility of traditional universal life insurance.
Whole Life Insurance
Protective’s Whole Life insurance provides the guarantees and benefits for consumers who prefer a lifetime insurance benefit along with cash value. The policy Whole Life insurance provides coverage for a lifetime (as long premiums are paid), the premiums remain level and cannot be changed by the company for any reason, and the policy cash value is credited at a fixed interest rate that is specified in the policy contract.
Term Life Insurance
Protective Life’s Term Insurance policy is one of the competitive term products available in the insurance market. The highlights of Protective’s term insurance policies are:
- Policy periods from 10 to 30-year terms
- Face amounts from $100,000 to $50 million
- Conversion privilege built into all policies
- Premiums remain level for the initial policy term selected
- Terminal illness rider that provides for the insured to receive a large portion of the death benefit in advance.
- Several additional riders available for an additional premium
Consumers who want to purchase affordable life insurance from a financially stable insurer who offers a substantial insurance portfolio with fast underwriting should definitely consider Protective Life Insurance Company. As an independent life insurance agency, we consider Protective Life to be one of our “go-to” carriers that offer competitive pricing combined with outstanding customer service and claims service.