Ashlyn Brooks is a finance writer with more than half a decade of experience, known for her knowledge in areas such as taxes, insurance, investing, retirement, finance news, and banking products.
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At a glance
4.5
Rating: 4.5 stars out of 5
Bankrate Score
Score breakdown
Life
Rating: 4.5 stars out of 5
4.5
Cost & ratings
Rating: 4.2 stars out of 5
4.2
Coverage
Rating: 5 stars out of 5
5.0
Support
Rating: 4 stars out of 5
4.0
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
About Bankrate Score
Bankrate's take
Protective Life may be the company of choice for policyholders seeking life insurance policies with relatively high coverage limits.
Offers term life insurance coverage up to $50 million
Provides term, whole and universal life insurance options
Rated A (Excellent) by AM Best for financial strength
Below-average customer satisfaction score in J.D. Power's 2023 study
Online quotes are only available for term life insurance
New
What’s new with Protective Life?
April 9, 2024 – Protective Life Corporation, a subsidiary of Dai-ichi Life Holdings, announced that its principal subsidiary, Protective Life Insurance Company, has agreed to acquire ShelterPoint Group, Inc. ShelterPoint, a leading provider of statutory disability, paid family and medical leave and medical gap insurance, will add a new business line for Protective, diversifying its product mix. The acquisition aims to enhance Protective's portfolio and customer base, leveraging ShelterPoint's expertise and strong customer service reputation. The transaction, expected to close by the end of the year (2024) pending regulatory approvals, marks Protective's 60th acquisition and its seventh since joining Dai-ichi in 2015.
On December 13, 2023, Protective Life Corporation announced it had joined the American Heart Association’s Nation of Lifesavers campaign as a local sponsor of CPR training kits. Protective Life sent more than 30 CPR training kits to local fire stations in Birmingham, Alabama. Over the next three years, community training programs will be held to help educate the average bystander on how to properly perform CPR.
Protective Life insurance review
Protective Life offers multiple policies with varying coverage limits and helpful online resources, like coverage calculators and informational articles. Protective Life could be an option worth considering for those looking for coverage from a longstanding company focusing specifically on life insurance.
This company offers three types of life insurance: term life, whole life and universal life, but there are no guaranteed issue policies available. One of the standout features of Protective Life is that the company offers potentially high coverage limits and longer-than-average term lengths, which some other providers don’t offer.
Before making a final decision on whether this insurance is right for you, it’s important to weigh the pros and cons of Protective Life life insurance. Here is a closer look at the types of life insurance available through Protective Life:
Term life:Term life insurance from Protective Life is available in term lengths of 10 to 40 years. Coverage is available between $100,000 – $50 million, and you have the option to convert your term policy into permanent coverage without taking another medical exam. In addition, every term life policy includes a free terminal illness rider.
Whole life: Protective Life’s permanent life insurance offerings include whole life, which offers lifetime protection as long as your premium is paid (in most cases) and builds cash value. Whole life insurance has level premiums and a guaranteed death benefit (with rare exceptions).
Universal life: Universal life insurance is a different type of permanent insurance policy. Like the whole-life policy, a universal policy builds cash value over time. Universal life policies also have the option for flexible premiums and death benefits. Protective offers three universal life insurance options: Protective Custom Choice UL, Variable Universal Life and Indexed Universal Life.
Protective Custom Choice UL: This type of coverage starts with a 10- to 30- year coverage period of level premium payments, with the option to convert the policy into a traditional permanent policy. There is a charge to extend the policy, but you can change the benefits and don't need another medical exam.
Variable Universal Life: This is similar to traditional permanent life insurance. However, the policyholder controls where a portion of the premium is invested. This is a potential option for people more comfortable with high-risk/high-reward types of investing.
Indexed Universal Life: This type of life insurance allows policyholders to build cash value linked to a market index, like the S&P 500, with protection against market losses through minimum guarantees. While potential gains are capped, the floors ensure the cash value won't decrease, providing a balance of growth potential and safety.
Pros and cons of Protective Life insurance
When considering Protective Life insurance, it's important to weigh the benefits and drawbacks to determine if it's the right fit for your needs. Below are some key pros and cons of Protective Life insurance to help guide your decision.
Pros
Several types of life insurance are available
Potential coverage limits up to $50 million
Numerous riders
Cons
Medical exams are required for most policies
Below-average J.D. Power customer satisfaction rating
Online quotes for term life only
Protective Life insurance riders
Protective Life offers a selection of optional life insurance riders, which can be used to enhance your policy while providing additional protections, including:
Accelerated death benefit rider: This rider enables you to use all or part of your death benefit if you are diagnosed with a chronic or terminal illness.
Accidental death benefit rider: If a policyholder dies due to an accident, the accidental death benefit rider will pay their beneficiary an additional death benefit, in addition to the life insurance policy’s face value.
Additional purchase option rider: If you plan to get married or have a child in the future, this rider enables you to buy more insurance later, without having to take another medical examination.
Child term rider: This rider enables you to add term life coverage on your children, providing coverage until age 25 at which time they can choose to convert the rider to a permanent policy without providing evidence of insurability.
Disability income rider: If you sustain a total disability, the disability income rider provides you with a monthly payment, typically based on a percentage of your policy’s face value.
Term insurance rider: With this rider, universal and whole life policyholders who need more coverage for a specific period can get the additional protection of a term life policy.
Waiver of premium: If a policyholder sustains a total disability and can no longer work, this rider enables them to retain their life insurance coverage until they can return to full-time employment.
Protective Life customer satisfaction
Finding the cheapest life insurance isn't always the most important factor. Reviewing customer satisfaction ratings from multiple insurance companies can help you understand the type of service current policyholders are receiving. Protective received a rather low score from J.D.Power, which grades insurance companies on a 1,000-point scale. To be exact, the company scored 768 compared to the industry average of 790.
AM Best grades insurance providers based on financial stability on a traditional letter scale, A through D. While customers may be underwhelmed with Protective’s customer service, according to AM Best, the company received a financial sound A (Excellent), meaning it is credit worthy and should be able to meet claims obligations.
Protective Life insurance customer complaints
The amount of customer complaints a company receives is also a good indicator of the kind of service you may receive. The National Association of Insurance Commissioners (NAIC) produces an annual complaint index report to track just this. The index uses a baseline of 1.0. Scores below 1.0 indicate that a provider had fewer complaints than expected for a company its size and vice versa. Protective Life has fewer complaints than average over the past three years suggesting customers are generally satisfied with their experience.
NAIC Complaint Index life insurance product
Line chart with 3 data points.
The chart has 1 X axis displaying Year. Data ranges from 2021-01-01 00:00:00 to 2023-01-01 00:00:00.
The chart has 1 Y axis displaying Score. Data ranges from 0.22 to 0.51.
End of interactive chart.
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If you are comparing life insurance companies, Protective Life Insurance reviews may leave you curious about your other coverage options. Bankrate's insurance editorial team identified a few similar companies that may be a better fit:
Protective Life vs. Guardian Life
Guardian Life offers term, whole and universal life insurance, with more than a dozen riders for added protection. Like Protective, Guardian Life sells annuities, and Guardian Life’s portfolio includes more insurance products than Protective’s, including accident, critical illness, dental, disability, hospital indemnity and vision insurance.
Pacific Life sells robust life insurance policies, including a policy that combines life insurance and long-term care insurance. Pacific Life also offers more retirement solutions than Protective.
Like Protective, Banner Life offers term life insurance with a 40-year term. Banner Life also provides universal life insurance, making it a versatile choice for long-term coverage. However, Banner Life has fewer rider options compared to Protective Life, which might limit customization. Protective Life could be a better fit for those seeking a wider variety of riders and a more robust set of life insurance products.
The insurance market can be complicated, but Bankrate's insurance editorial team used our unique perspective to bring readers the information they need to make educated decisions when shopping for a policy.
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Is Protective Life a good insurance company?
Protective Life offers multiple life insurance policies and helpful online resources, like coverage calculators and varying amounts of coverage. It's important to note that while Protective Life does have a traditional medical exam route for underwriting, it also offers an expedited process through the Protective Life Underwriting Solution (PLUS) program. This program can bypass medical exams for eligible applicants, making it a more convenient option for many. Online quotes are available primarily for term life policies. If avoiding a medical exam is a priority due to pre-existing conditions or personal preference, Protective Life’s PLUS program might be a viable solution.
With its broad offerings of insurance products, including the potential for no-exam and a hard-to-find 40-year term option, Protective Life may be worth considering. It’s also been focused on life insurance products for over 100 years. Using Bankrate's life insurance guide and the life insurance calculator may help you discover what you need from a life insurance company, which can aid in the decision-making process.
What are real-life customers saying about Protective Life?
To better understand the customer experience with Protective Life, we looked at reviews from Reddit and Trustpilot. While these are not traditional review sites, the personal experiences people share can provide valuable insights into what it's like to deal with various companies.
On Reddit, feedback ranged from complaints about policy cash value issues to positive comments on favorable underwriting and conversion options. Trustpilot reviews similarly reflected a mix of experiences: some customers appreciated the quick payout process and minimal hassle, while others reported difficulties with policy reinstatements and communication. Overall, these varied perspectives highlight both the strengths and potential pitfalls of dealing with Protective Life.
Reddit User 1*
Apr 7, 2024
Negative experience with policy cash value
“Protective Life is a thieving scam and should be avoided at all costs. They took over my whole life insurance policy a few years ago and are trying to steal the cash value. Stay away! Read the Better Business Bureau reviews about how they are not paying death benefits.”
“Protective and Principal have favorable underwriting, while AIG is on more an algorithmic underwriting model with no appeal to underwriting class if approved other than applied for. Protective has good conversion options too but conversion has to be elected early to get full product portfolio. Later conversion election will give you slim conversion options that are not great.”
“My mom had Protective Life ins. she paid on for 40 years which was automatically taken out of her bank account. She was in the hospital the month they sent a letter saying she needed to put $60 dollars on the account so it was in grace. However, they wouldn’t let me pay the money, they made her reinstate it and then denied her. She has nothing now to help with her funeral cost.”
*The quotes and citations included on this page have been verified by our editorial team and are accurate as of the posting date. Outlinked content may contain views and opinions that do not reflect the views and opinions of Bankrate.
Protective Life company details
Here are a few ways to get in touch with Protective Life:
Protective Life is available in 49 states and D.C. under Protective Life Insurance Company (PLICO). In New York, it is available under the name Protective Life and Annuity Insurance Company (PLAIC).
Protective Life tools and benefits
Protective Life does not offer other types of insurance, but it does provide a handful of retirement products in the form of annuities as well as products for distribution partners and businesses. With an annuity, the customer pays a fixed premium, and the insurance company guarantees them a lump sum or series of payments to provide an income later in life.
Protective Life offers the following types of annuities:
Fixed annuities: Protective Life’s fixed annuities come with a fixed premium throughout the policy’s life, followed by a guaranteed income stream during retirement.
Immediate annuities: In the case of an immediate annuity, customers begin receiving their payments shortly after purchasing the plan.
Indexed annuities: This type of annuity tracks a specific market index but limits your risk by guaranteeing a minimum interest rate return.
Variable annuities: Unlike indexed annuities, variable annuities come with a wide variety of investment options. They come with a higher risk in exchange for the chance of a higher return.
Asset Protection: Protective offers additional products for auto, boat, RV and powersports owners. These products include coverage, mechanical breakdown insurance service contracts, ancillary products and more.
Frequently asked questions about Protective Life
You can start a claim on the Protective Life website or by calling 800-424-1592. When filing a claim, the beneficiary will need to supply certain information, including the deceased’s name, policy number, Social Security Number and dates of birth and death. After receiving all required information, Protective sends a claim packet for the beneficiary to complete and return. Once Protective approves the claim it will send the benefit payment.
Protective Life demonstrates a strong commitment to corporate sustainability and community service through its Protective Life Foundation. In 2023, the foundation continued its tradition of supporting various impactful organizations and causes. Here are some key highlights:
Total grants paid: $4.5 million
Scholarships awarded to children of Protective teammates: 50+
Nonprofits supported: 193
Cumulative giving over the past 28 years: Over $89.3 million
Employees engaged in serving the community: 3,000+
These efforts reflect Protective Life's dedication to solving social issues and enriching the culture of its neighborhoods, showcasing the company's commitment to doing the right thing and serving its communities effectively.
For a simple claim, the payout time is usually within 30 days of the policyholder's death. Every claim is different, however. If there are complexities or the claim is contested, it may take longer. A Protective Life agent can answer your questions if you are concerned about the payout timeline.
Yes, Protective Life Insurance Company is a legitimate company. Founded in Birmingham, Alabama, in 1907, Protective Life has a long history of providing insurance services. The company offers various policies to meet its users' diverse needs and operates in all 50 states. Protective Life covers more than 14 million people across the United States. As of the end of 2023, Protective controlled over $118.4 billion in total assets, highlighting its financial stability and capacity to meet policyholder obligations.
We make every effort to rate each company we review. However, assigning a Bankrate Score to every insurer is not always possible. Various factors, such as the diversity of policy offerings and individual underwriting processes, make applying a uniform rating system challenging. Life insurance rates are highly individualized, depending on personal health and lifestyle, which further complicates the ability to determine affordability and value across the board. Therefore, some companies, including Protective Life, may not have a Bankrate Score. It's important for consumers to explore the specifics of each policy and insurer to find the best fit for their unique needs and circumstances.
Ashlyn Brooks is a finance writer with more than half a decade of experience, known for her knowledge in areas such as taxes, insurance, investing, retirement, finance news, and banking products.
Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions.
Key Principles
We value your trust. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers.
Editorial Independence
Bankrate’s editorial team writes on behalf of YOU — the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information.
How we make money
You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey.
Bankrate follows a strict
editorial policy, so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers.
We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money.
Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range, can also impact how and where products appear on this site. While we strive to provide a wide range of offers, Bankrate does not include information about every financial or credit product or service.
Insurance Disclosure
This content is powered by HomeInsurance.com, a licensed insurance producer (NPN: 8781838) and a corporate affiliate of Bankrate.com. HomeInsurance.com LLC services are only available in states where it is licensed and insurance coverage through HomeInsurance.com may not be available in all states. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
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