You need life insurance to ensure your loved ones’ financial security. But you may feel stuck between the desire to protect them for life and the reality of needing to stick to a budget.
At Protective Life Insurance Company, we understand that some people need straightforward, predictable protection — without all the bells and whistles. That’s why we’re proud to offer Protective Lifetime Assurance UL, a universal life insurance policy that pairs guaranteed lifetime coverage with stable, predictable payments, so you always know what to expect out of your policy, both now and later down the road.
Protective Life Insurance
Life insurance is about protection. It helps provide security for your loved ones when they need it most. Providing them with this protection can help ensure they do not face the added burden of financial pressures should something happen to you.
Shop, compare and apply for Protective Life Insurance.
Death Benefit Coverage
The death benefit from your Protective UL policy can be paid directly to your beneficiaries to help them replace your income and maintain their standard of living. It may also help cover things like burial, final expenses, and recurring or future expenses.
With Protective Universal Life Insurance, you also have the option of decreasing your death benefit amount without having to buy a new, separate policy if your needs change.
Your death benefit coverage can even be guaranteed up to your lifetime, meaning your policy will not lapse as long as your planned premiums are paid.
About Protective Lifetime Assurance UL
When you apply for a Protective life insurance policy, you will be classified in an underwriting category. This classification will be based on your current health and insurance risk factors to determine your policy rates.
The minimum policy face amount (death benefit) is $50,000 for applicants rated in the Non-Tobacco and Tobacco classes and $100,000 for all other classes. There is no maximum face amount.
Cash value accumulation is unlikely. However, in certain scenarios, the Protective Lifetime Assurance UL policy earns a guaranteed annual effective interest rate of 2.5%. The current credited rate could be higher and will be determined periodically by Protective Life.
If you need to access your policy’s cash value, all withdrawals are charged a $25 fee and may reduce your policy’s death benefit amount, subject to minimums. Withdrawals will also impact lapse protection and surrender charges may apply. Loans are available after the first policy year and interest will be charged at 5% in arrears for all policy years. Keep in mind loans and withdrawals may impact the policy. If you decide to fully surrender your policy during the first nine years, there will be a charge that varies by age, gender, and underwriting class.
Return of Premium Endorsement
In the case that you choose to cancel your policy, the Return of Premium Endorsement returns a portion of your paid premiums back into your pocket.
On or after the 10th policy anniversary, the Return of Premium Endorsement will pay you 25% of all premiums paid to date if you choose to cancel your coverage.
Policyholders are eligible for the Return of Premium Endorsement regardless of issue age. The endorsement is available to those who fall within the Non-Tobacco, Preferred, or Select Preferred underwriting classes, as well as to those with table ratings up to and including Table 4 and policyholders with a flat extra premium up to and including $5 per thousand. Applicants are not eligible for this endorsement if they fall within the Tobacco underwriting class.
What Happens Next?
If you decide a Protective Lifetime Assurance UL policy is right for you, the application process begins. You will sign some forms and might need to ask a few medical questions. This is also when you will complete the application and select your face amount and any optional benefits or riders.
In most cases, a medical professional will then contact you to schedule a life insurance physical examination, usually completed in your own home.
At this point, your application will be sent to Protective Life for the underwriting process. This is where we review the information on your application and the results of your physical examination. Depending on your medical history and exam results, medical records or additional underwriting requirements may be required to determine your health risk and qualification for the policy. This process generally takes a few weeks.
If approved, you will receive a copy of your policy. You should file this with your other important documents and also notify your beneficiaries. To retain the guarantee of coverage, you should pay your premiums according to the amount and schedule you set.
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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.