Consider Protective Term Life Insurance if you want streamlined, inexpensive protection for a specific period of time with an easy-to-understand policy. Extended Term Insurance Coverage is available for 10, 15, 20, 25, and 30-year periods.
The death benefit is guaranteed for that time period and your premium will remain the same throughout your selected term period. If you decide to keep your Protective Life Insurance policy after the initial term period ends, the policy premiums will increase annually but the death benefit amount will remain guaranteed.
PROTECTIVE LIFE INSURANCE ESSENTIALS
Issue Ages & Underwriting Classes
Select Preferred, Preferred, Non-Tobacco, Tobacco
- 10-year plan: 18 – 75
- 15-year plan: 18 – 70 (18 – 68 for tobacco)
- 20-year plan: 18 – 65 (18 – 62 for tobacco)
- 25-year plan: 18 – 55 (18 – 52 for tobacco)
- 30-year plan: 18 – 52 (18 – 43 for tobacco)
Minimum Face Amount
$100,000
Face Amount Bands
The rate per $1,000 of face amount decreases as you purchase greater amounts of life insurance.
- Band 1: $100,000 – $249,999
- Band 2: $250,000 – $499,999
- Band 3: $500,000 – $999,999
- Band 4: $1,000,000+
Expiry Age
You may renew your policy to a maximum age of 90.
Conversion Options
You will be able to convert your Protective life insurance policy during years 1 – 5 to the following products:
- Protective Advantage Choice Universal Life
- Protective Indexed Choice Universal Life
- Protective Investors Choice Variable Universal Life
- Protective ProClassic II Universal Life
- Protective Non-Par Whole Life
- Protective Strategic Objectives Variable Universal Life
You will have the following conversion options after year 5:
- ProClassic Legacy
- Protective Non-Par Whole Life
(for the 10-year term: up to 8 years to convert; 15-year term: up to 13 years; and 20, 25 and 30-year terms: up to 18 years)
Protective Life Insurance Company’s product availability may vary at the time of conversion.
POLICY LAPSES
Grace Period
If you are unable to pay your premium on time, your policy will remain in-force (valid) for a grace period of 31 days. However, if the premium payment is not received by the end of the grace period, the policy will lapse. The life insurance policy may be reinstated following the grace period but evidence of insurability is required. All overdue payments must be paid with interest from their due dates to the reinstatement date.
OPTIONS TO CUSTOMIZE COVERAGE
Accidental Death Benefit Rider
- Provides coverage that pays an additional death benefit, if your death results from an accident.
- Applicants ages 18 – 60 are eligible for the rider, with coverage and premiums ending at age 65. Your additional coverage can range from $1,000 to $250,000. Coverage expires at age 65.
- Maximum substandard rating: Table 4
Children’s Term Life Insurance Rider
- Provides death benefit protection for all-natural, adopted, and stepchildren with ages ranging from as young as 15 days old through 18 years old—rather than purchasing individual policies for each child. The rider also covers future children, as young as 15 days old or the adoption date through age 18. Underwriting is required for each child at the time the rider is added to the policy.
- After the covered children reach age 25, they can maintain life insurance coverage with an evidence-free conversion to a permanent life insurance policy from Protective Life for up to five times the amount of the Children’s Term Life Insurance Rider coverage.
- Applicants ages 18 – 64 are eligible for the rider for their children. Coverage expires at the base insured’s age of 75.
- Maximum substandard rating: Table 4 (base insured), Table 2 (child)
Income Provider Option Endorsement
- Allows you to select a guaranteed monthly or annual income stream for the death benefit payout, of up to 30 years.
- The initial lump-sum payment is also available to help cover immediate expenses.
- Initial lump-sum and installment amounts will be adjusted when policy changes are made.
- Available only at policy issue and at no additional cost.
Terminal Illness Accelerated Death Benefit Endorsement
- Included in your policy at no extra charge, this benefit can accelerate up to 60% of the policy’s death benefit, or $1 million, whichever is less when death is expected within six months.
- While there is no cost for this benefit, your death benefit is reduced by the amount paid plus accumulated interest at a rate specified in the endorsement. In addition, there is an administrative charge at the time a claim is made.
Waiver of Premium Rider
- Waives premiums if you become disabled. There is a six-month waiting period before the waiver benefit takes effect.
- Applicants ages 18 – 55 (not to exceed the issue age of base insured) are eligible for the rider. Coverage expires at age 65.
- Maximum face amount: $3 Million Life Insurance Policy
- Maximum substandard rating: Table 4
Run a life insurance quote and apply in 5 minutes. Shop, compare and apply for Protective Life Insurance.
COVID-19 Updates
Protective continues to monitor the changing COVID-19 environment, and we are committed to keeping you informed. Here are key updates on Protective’s response:
- Protective is here to help your customers who are impacted by COVID-19. We will extend the grace period for premium due dates for customers who have been impacted by COVID-19.
- Effective July 21, we have simplified the underwriting guidelines we introduced on April 15. The revised limitations simplify the assessment for all ages. Note that these temporary changes apply to fully underwritten life insurance applications and do not apply to applicants who are approved for the instant issue of simplified issue life insurance, including single payment whole life or Executive Benefit life products approved on a guaranteed basis.
- Effective April 15, 2020, all fully underwritten coverage approved on any applicant, regardless of age or face amount, will require a Statement of Health to be signed on delivery. This includes applicants who are not approved for the instant issue of simplified issue life insurance or single payment whole life.
