Protective Life Insurance: Comprehensive Plans and Review

Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

Protective Life Insurance Quotes

Note: We are an independent licensed insurance agency representing Protective Life Insurance (among 25 other life insurance companies) and provide a non-biased review of the products.

About Protective Life Insurance

Protective Life Insurance Companies are leading providers in the insurance industry, offering some of the best life insurance and annuity products in the United States. Protective life insurance companies offer a broad range of life insurance products, including term life, whole life, universal life, indexed universal life, and variable universal life policies. In addition to these traditional product offerings, Protective also provides annuities, credit insurance, and investment products.

Protective Life Insurance Company has been operating since 1907 and is headquartered in Birmingham, Alabama. The company operates through a network of more than two thousand agents and brokers across the United States. Protective Life Insurance Company is a publicly-traded company with shares listed on the New York Stock Exchange (NYSE). Its family includes MONY life insurance company and West Coast Life Insurance Company.

MONY Life

MONY Life Insurance Company was acquired in 2013 by Protective Life Insurance Company. As a result, MONY’s life insurance policies and annuity contracts will be converted to a new administrative system. For more information about the upcoming changes, visit protective.com/mony.

West Coast Life

West Coast Life Insurance Company was acquired in 1997 by Protective Life Insurance Company. It was a nationwide provider of insurance solutions, including life insurance products and annuities.

Best Whole Life Insurance For Over 50

What Coverage Are Options Available?

Protective Life offers a variety of permanent coverage options to meet your needs. Term life insurance policies are available for ten, fifteen, twenty, or thirty years. Unfortunately, Protective Life doesn’t offer whole life insurance policies. However, Protective Life’s universal life insurance policies offer flexible premiums and death benefit protection. In addition, indexed universal life insurance policies allow you to earn interest based on changes in selected stock market indexes while still providing an inheritance to your beneficiaries.

How Much Protection Can I Expect?

The amount of protection you can expect from Protective Life Insurance depends on the type of policy you purchase and the coverage options you select. For example, term life insurance policies protection for a set period, while whole life insurance policies provide permanent coverage. In addition, universal life insurance and indexed universal life insurance policies offer flexible death benefit protection that can be adjusted as your needs change over time.

More Info: Protective Term Life Insurance

Protective Term Life Insurance

If you’re looking for temporary protection, term life insurance from Protective Life is a great option.

  • Protective Classic Choice term life insurance policies are available in term periods of ten, fifteen, twenty, thirty years, or forty years. They provide guaranteed level premiums and financial protection for the length of the term.
  • At the end of the term, Protective Life’s term life policies will expire, and you will no longer have coverage.
  • Applicants can apply for coverage amounts from $100,000 to $50,000,000. A medical exam is required.
  • Protective Life policy owners can convert to a permanent policy without a medical exam if their needs change.
  • Heirs will inherit a tax-free payout.
  • If your state allows for an accelerated death benefit rider, you can add a Terminal Illness rider to your policy, allowing access to paying for expenses.

Pros And Cons

  • Protective Life’s term life provides financial security for a specific time, often 10 to 40 years.
  • Offers fixed, level payments.
  • This is a good option when you expect your family’s demand for insurance to decrease in the future.
  • Term life coverage is usually less expensive than permanent life insurance.
  • Term life does not build up cash value.
  • If you do not renew your insurance policy, the premiums might increase. You should plan for this and ensure you have enough money to cover the increased costs.
  • When buying Protective Life term life policies, the face amount and coverage length cannot be changed.
Cash Value Life Insurance Rates

Protective Universal Life Insurance

Protective Universal Life Insurance is a good option if you’re looking for flexible protection that can last your whole life.

With this policy, you can adjust your life insurance coverage amount as your needs change. You also have the flexibility to make changes to your premium payments.

Protective Universal Life Insurance policies also have a cash value component, which grows tax-deferred and can be accessed through policy loans and withdrawals.

Policy owners can make changes to their coverage amounts and premium payments. 

Heirs will inherit a tax-free death benefit.

If your state allows accelerated death benefits, you can add a Terminal Illness rider to your policy, allowing access to paying for expenses. 

Plans Available

  • With Protective Custom Choice Universal Life Insurance, applicants can apply for coverage amounts starting at $100,000. Coverage lengths are between ten and thirty years and vary by an applicant’s risk class. Policyowners can customize a guaranteed coverage period and keep level premiums after the period ends, with a declining death benefit as needs may change. There is no cash accumulation potential.
  • Protective’s Lifetime Assurance Universal Life Insurance policies are for applicants between the ages of 18 to 85 with a minimum face of $50,000 in coverage. No maximum policy amount. Life Assurance has a return of premium rider that allows policy owners to get 25% of the premiums paid back to them after the 10th anniversary. There is no cash accumulation potential.
  • The Protective Advantage Choice Universal Life policies offer lifetime protection with flexibility. Plus, you may be able to accumulate cash value over time. Applicants can be between 18 and 85 with a minimum face of $50,000 in coverage. No maximum coverage amount. Tax-deferred growth on the cash value. The Advantage Choice UL has a return of premium rider that allows policy owners to get 25% of the premiums paid back to them after the 10th anniversary. So there is cash accumulation potential.
  • Protective Executive universal life policies are critical person life insurance designed for employers to offer their executive employees additional benefits to compensate and incentivize key employees that are easy to administer, cost-effective, and portable. Applicants can be between 18 and 85 with a minimum face amount of $100,000.

Pros And Cons:

  • Protective life offers lifetime coverage with flexible death benefits and premium payment options.
  • The cash value accumulation component grows tax-deferred.
  • Protective Life policy owners can change their coverage as their needs change over time.
  • Universal life policies are usually more expensive than term life insurance.
  • The cash value component can be accessed through policy loans and withdrawals, which may reduce the life insurance policy payout.
  • If you do not make the required premium payments to the insurance company, your policy might lapse, and you will no longer have coverage.

Protective Indexed Universal Life Insurance

Protective Indexed Universal Life Insurance is a good option if you’re looking for a life insurance policy with potential cash value growth.

The Protective Indexed Choice Indexed Universal Life policy offers the financial protection of a universal life insurance policy with the potential for cash value growth through participation in the stock market (subject to a cap) or a fixed account. Applicants can be between a newborn to age 80 with built-in lapse protection. This policy has cash accumulation potential.

The cash value component grows tax-deferred and can be accessed through policy loans and withdrawals, which is great for retirement income.

Applicants can apply for coverage amounts from $100,000.

Protective Life policy owners can make changes to their death benefits and payments.

Heirs will inherit a tax-free death benefit.

If your state allows for accelerated death benefits, you can add a chronic illness rider to your policy, allowing access to paying for expenses.

Pros And Cons:

  • The cash value accumulation component has the potential to grow through participation in the stock market.
  • Grows tax-deferred and can be accessed through policy loans and withdrawals.
  • Policy owners can make changes to their death benefits and payments.
  • This type of life insurance is usually more expensive than term life insurance.
  • The cash value component can be accessed through policy loans and withdrawals, which may reduce the death benefit.
  • All of their policies require medical underwriting.
  • They do not offer final expense insurance.
  • Does not offer guaranteed issue life insurance.
  • If you do not make the required premium payments, your policy might lapse, and you will no longer have coverage.
  • Protective life insurance company doesn’t offer an accidental death benefit rider or whole life as an option.

Compare Protective With Other Life Insurance Companies

Protective Life Insurance products offer coverage for individuals, couples, and families. Whether you’re looking for protection for yourself or your loved ones, Protective Life Insurance has the policy to fit your needs. Get a quote from Protective Life Insurance today if you’re ready to start shopping for life insurance!

Requesting a quote from Protective Life Insurance is easy and only takes a few minutes. You can get started by running a quote here.

Now that you know all about Protective Life Insurance, it’s time to decide if it’s the right choice for you. Consider your needs and compare quotes from multiple life insurance companies to find the best coverage at the best price. Get started today and protect your tomorrow!

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Protective Life FAQ

What is the Protective Life Insurance phone number?

The customer service number for Protective Life is 1-800-866-9933.

What is Protective Life Insurance rating with A.M. Best?

Protective Life’s financial strength ratings are A+ with A.M. Best, AA- with Standard and Poor’s, AA- with Fitch, and A1 with Moody’s.

Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

Shawn Plummer is a Chartered Retirement Planning Counselor, insurance agent, and annuity broker with over 14 years of first-hand experience with annuities and insurance. Since beginning his journey in 2009, he has been pivotal in selling and educating about annuities and insurance products. Still, he has also played an instrumental role in training financial advisors for a prestigious Fortune Global 500 insurance company, Allianz. His insights and expertise have made him a sought-after voice in the industry, leading to features in renowned publications such as Time Magazine, Bloomberg, Entrepreneur, Yahoo! Finance, MSN, SmartAsset, The Simple Dollar, U.S. News and World Report, Women’s Health Magazine, and many more. Shawn’s driving ambition? To simplify retirement planning, he ensures his clients understand their choices and secure the best insurance coverage at unbeatable rates.

The Annuity Expert is an independent online insurance agency servicing consumers across the United States. The goal is to help you take the guesswork out of retirement planning and find the best insurance coverage at the cheapest rates

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