Pros Explained

• High-quality term life insurance: Protective Life is one of the few insurers selling 澳洲幸运5开奖号码历史查询:term life insurance policies that last up to 40 years. Its term policies also have affordable quotes, are annually renewable, and can be converted into permanent policies with no medical exam.
• Sells small whole life policies: You can buy a whole life policy with a death benefit as low as $1,000 at Protective Life. Most other insurers require you to buy at least $10,000 or more in coverage.
• Outstanding child term rider: Protective Life has one of the best riders to cover your children. It covers children between the ages of 15 days and 25 years. Your children can take over the term coverage as adults or convert it to a permanent policy.
• Wide product selection for adults: Protective Life sells nearly every type of life insurance, including term, whole, universal, indexed universal, and variable universal.
• Offers an online application and quotes: You can easily collect quotes from Protective’s website. If you’re happy with the price, you can start your application online.

Cons Explained

• Below average customer satisfaction score: Protective Life ranked 18th out of 22 in J.D. Power’s 2023 study of customer satisfaction for U.S. life insurers.
• Whole life policies don’t earn dividends: Protective Life does not pay dividends to its whole life policyholders, so they miss out on a steady source of 澳洲幸运5开奖号码历史查询:cash value growth.
• Most policies require a medical exam: Protective Life typically requires you to take a medical exam as part of its application process. It doesn’t automatically allow healthy applicants to skip this process for all policies like some other insurers do.
• No children’s whole life coverage: You cannot buy an individual whole life policy for a minor child through Protective Life. You can only cover children through a rider on your life insurance policy.
• No guaranteed issue policies: Protective Life does not sell 澳洲幸运5开奖号码历史查询:guaranteed issue policies, which accept all applicants. All of Protective’s policies require medical underwriting and could reject someone with serious pre-existing health conditions.

Financial Stability

Protective Life is a financially stable company. It received an A+ rating from AM Best, an agency that reviews insurers’ ability to meet financial obligations. This is the second-highest possible score, indicating a superior ability to pay claims and other obligations. Only a few insurers, such as MassMutual, State Farm, and Thrivent, received a better score than ꧟Protective. Protective Life is in excellent shape to cover future claims for its policyholders.

Customer Complaints and Satisfaction

Protective Life has mixed results in terms of customer satisfaction. On the one hand, it received fewer complaints than expected for an insurer of its size over the past three years, according to its 澳洲幸运5开奖号码历史查询:NAIC complaint index. The National  Association of Ins🌟urance Comm😼issioners (NAIC) tracks how many compla🃏ints state regulators receive abou🌄t insurers to create this index.

On the other hand, Protective Life performed poorly in the 2023 澳洲幸运5开奖号码历史查询:J.D. Power Individual Life Insurance Study, which measures customer satisfaction for life insurers. Protective Life ranked only 18th out of 22 companies on this list.

Types of Life Insurance Offere🐓d by Protective🧔 Life

Term Life

Term life insurance is temporary coverage. You pick how long you want the insurance to last. Protective has term policies lasting 10 to 40 years. Most insurers limit term coverage to 30 years at most. 澳洲幸运5开奖号码历史查询:Banner Life was the only other company we reviewed that se🃏lls 40-year term ෴policies.

Protective Life’s term policies offer anywhere from $100,000 to $50 million of coverage. Its term policies are 澳洲幸运5开奖号码历史查询:annually renewable. When your policy expires, you can renew for another year without passing a medical exam, though the premium will increase. You can also convert Protective Life term policies into 澳洲幸运5开奖号码历史查询:permanent coverage that lasts yo💝ur entire life without taking a medical exam. 

Whole Life

Protective Life's 澳洲幸运5开奖号码历史查询:whole life insurance lasts your entire life, provided you keep paying the premiums. The premiums are fixed and will not incr♕ease as you get older. Whole life insurance costs more than term life insura⛦nce.

Protective Life's whole life insurance builds cash value, which is like a savings account within the policy that you can withdraw or borrow from. Your cash value grows as you pay premiums and is based on a guaranteed fixed interest rate. However, Protective Life does not pay 澳洲幸运5开奖号码历史查询:dividends to whole life policyholders. Other insurers, such as MassMutual and New York Life, share profiꦑts with policyholders to improve ܫthe cash value return.

Protective Life lets you buy a whole life policy with a 澳洲幸运5开奖号码历史查询:death benefit as low as $1,000, which is tied for the lowest minimum of🧸 the companies♌ we reviewed. There is no limit on the maximum coverage.

Universal Life

澳洲幸运5开奖号码历史查询:Universal life insurance can also be permanent,✨ lifelong coverage. A universal life insurance policy lets you change the premium payment, so you can pay more in some yཧears than others. You must pay enough to cover the underlying insurance cost, which goes up over time.

Universal life cash value also grows based on market intere🌠st rates. Protective Life sells regular universal life policies, with death benefits beginning at $50,000 and no maximum limit.

Protective Life also sells a hybrid universal/term life policy called Custom Choice Universal Life. Like a term policy, you pick a fixed payment length, between 10 to 30 years. During the term, you can convert to a regular permanent policy. Your death benefit🌜 decreases at the end of the term, though your premiums stay the same. When your death benefit falls to $10,000, you can choose to pay higher premiums or end your coverage.

Indexed Universal Life

An 澳洲幸运5开奖号码历史查询:indexed universal life insurance policy operates like a regular universal life polic🐻y, except with a different setup for cash value accumulation. You can tie your cash value to a market index, such as the S&P 500. This is safer than investing outright, but there is less upside because Protective Life sets limits on your gains and losses each year.

Variable Universal Life

A 澳洲幸运5开奖号码历史查询:variable universal life insurance policy lets you invest in subaccounts, which operate like mutual funds. Your cash value growth dep🐻ends on your investments. You can earn more, but if♋ your investments underperform, you could lose money and be forced to pay higher premiums to keep the policy active.

Does Protective Life Require a🎶 Life Insurance Medical Exam?

Protective Life requires a medical exam for most of its life insurance policies. Other insurers, such as Penn Mu❀tual, allow the healthiest applicants to skip the medical exam✅.

Protective Life also does not sell💫 guaranteed-issue policies that accept all applicants. It could 𒉰deny applicants with pre-existing medical conditions.

Available Riders From Protective Life

Riders are extra benefits you can add to a life insurance policy. Insurers include some of these riders fꦕor free. Protective Life has an average selection of riders, and you need to pay for most of them.

• Child term: You can add a rider that gives your minor children life insurance as part of your policy. Protective Life’s child rider can cover your children from when they are 15 days old until they turn 25. As adults, your children can choose to take over the temporary term insurance or convert it to a permanent policy that lasts their entire life.
• Guaranteed insurability: With the guaranteed insurability rider, you can add more death benefit coverage to your policy without going through medical underwriting again.
• Waiver of premium: If you become disabled and have this waiver, Protective Life stops charging your insurance premium until you recover.
• Accidental death: The accidental death rider increases your policy payout if you die in an accident.
• Terminal illness: If you become terminally ill, Protective Life pays out your death benefit before you die, so you have extra money for your bills. Protective Life includes this rider at no charge.
• Chronic illness: If you develop a chronic illness that isn’t terminal, Protective Life also pays out part of your death benefit. However, you need to pay extra to add this rider.

How Much Does Protective Life Insurance Cost?

We collected term life insurance quotes from major insurers to see how they compare. Protective Life’s insurance costs are competitive, according to its🧸 quotes. It quoted som𝔉e of the most affordable premiums from all the insurers we checked. Only a couple of other companies, such as SBLI and State Farm, quoted lower term rates. If you are looking for a low-cost policy, Protective Life could be a good option.

Note that these prices are just quotes. Y♋our actual premium will depe꧂nd on your age, health, location, and the result of your application.

How Much Does൩ Protective Life Insurance Cost for 🔴Older Adults?

We also collected quotes for 65-year-old applicants on a 15-year term life insurance policy. Protective Life quote꧙d some of the lowest premi🐼ums for 65-year-old applicants. Protective Life could be a good option if you are applying as an older adult looking for an affordable policy.

How Does P🌳rotective Life Compare to Other Life Insurance Companies?

How to Buy Life Insurance From Protective Life

You 澳洲幸运5开奖号码历史查询:buy life insurance from Protective Life 🌠over ﷽the phone. You’ll connect with an agent to discuss the different policy options and collect price quotes. If you want term life insurance, you can also get free quotes online.

If you are happy with the Protective Life quote, you can apply online and submit you🎶r documents electronically. You’ll then need to schedule a phone interview and a paramedical exam to complete the underwrit▨ing process. Protective Life takes about four to six weeks to approve a policy. If you’re approved, it will send you the policy contract.

Protective Life does not have in-persoღn loca༺tions or agents you can meet face-to-face. However, other companies and financial advisors could sell its products in person. For example, Allstate sells Protective Life insurance through its agencies.

Customer Service

Protective Life also offers a virtual assistant through its website. However, there isn’t a live chat to talk with a human represꦏentative.

The Bottom Line

If you’re looking for a good rate on term life insurance and want to manage the process on your own, Protective L🧔ife could be a solid choice. You can apply for quotes and policies online and, if you want more human interaction, over the phone. Protective Life also has a wide product selection. Its most competitive product is affordable term life insurance policies that can last up to 40 years with the option to cover your children.

However,🌺 Protective’s customer service record is mixed, with a below-average ranking from J.D. Power’s customer satisfaction study. While it has received relatively few customer complaints, its competitors fare better acco🐲rding to the NAIC index.

Frequently Asked Questions (FAQs)

Is Protective Life a Good Company?

Protective Life is a ▨good company for buying affordable term life insurance. It quotes some of the lowest premiums and sells coverage that lasts up to 40 years. Protective Life also allows you to apply online or over the phone; you don’t need to talk to an agent if you don’t want to. Protective Life could be good for someone who prefers handling things themselve🍸s from home.

Does Protective Life Pay Out?

Yes, Protective Life pays out its insurance claims. It take🎶s about 30 days to review a li𝕴fe insurance claim before paying out. Protective Life uses this time to ensure the policy is in force and the death is covered. If so, Protective Life will pay out.

Who Owns Protective Life Insurance?

Dai-ichi Life owns Protective Life Insurance. Dai-ichi Life is oꦬne of the largest insurance companies in Japan and owns insurers in other countries, including Australia and the United States.

What Is the Rating of Protective Life?

Protective Life has an A+ rating from AM Best. This is the second-highest possible rating. Protective Life has an excellent rating for financial security.

Does Protective Life’s Life Insu⛄rance Build Cash Value?

Yes, many Protective Life insurance𝔍 policies build cash value, including its whole🐠 life, universal life, and variable universal life insurance policies. However, Protective Life’s term life insurance policies do not build cash value. 

How We Review Life Insurance Companies

To compile our list of the best life insurance companies, Investopedia first conducted preliminary research on dozens of life insurance companies and determined that 45 met our minimum standard for financial strength, customer satisfaction, and online transparency. For each of these, we then gathered a total of 70 evaluation criteria, resulting in 3,150 data points altogether. Data was collected between May 20 and July 3, 2024, and sourced from company webpages, media representatiꦜves, expert rating agencies (AM Best, NAIC, and J.D. Power), and customer service calls.

We combined subject matter expertise, consumer survey and company survey data, and industry ﷽research to create a quantitative model that scores each company based on six major categories:

• Application and Online Service Features: 15%
• Policy Types: 22%
• Policy Features and Riders: 35%
• Financial Stability: 6%
• Customer Satisfaction: 10%
• Cost: 12%

For more information, read our full 澳洲幸运5开奖号码历史查询:methodology explanation.