Protective Life insurance review 2024
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At a glance
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
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.
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Whole life insurance combines life insurance with an investment component.
- Coverage for life
- Tax-deferred savings benefit if premiums are paid
- 3 variations of permanent insurance: whole life, universal life and variable life include investment component
Term life insurance is precisely what the name implies: an insurance policy that is good for a specific term of time.
- Fixed premium over term
- No savings benefits
- Outliving policy or policy cancellation results in no money back
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Compare Protective Life with other insurers
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.
Learn more: Guardian life insurance review
Protective Life vs. Pacific Life
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.
Learn more: Pacific Life insurance review
Protective Life vs. Banner Life
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.
Learn more: Banner Life insurance review
Our insurance editorial team includes licensed agents with decades of combined experience, and we used our intimate knowledge of the industry to conduct this in-depth Protective Life insurance review.
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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.
*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:
- Sales and Service: 1-844-733-5433 or manage policy online
- Website: Protective.com
- Claims: 1-800-424-1592 or file a claim online
State availability
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
