Protective Life Insurance Review

Fact-checked with HomeInsurance.com

1

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here’s an explanation for

Founded in 1907 in Birmingham, Alabama, Protective Life Insurance company has provided policies for more than a century. The company offers a solid lineup of flexible and affordable life insurance and retirement plans. Protective also receives solid reviews in its customer service and financial strength, making it a reliable choice for life insurance.

Protective life insurance

Protective offers all of the standard policies you’d expect from your life insurance company, including term, whole life and universal life insurance. In addition to the company’s life insurance, it also offers a handful of retirement products.

Types of life insurance policies offered

Term life insurance

Term life insurance is designed to provide your loved ones with a death benefit if you pass away. Protective offers lots of customization in its term life policies. You can choose a term of anywhere from 10 to 40 years, with coverage amounts ranging from $100,000 to $50,000,000. Protective’s term life policies start at $7.30 per month, and they offer online quotes.

Whole life insurance

Whole life insurance is a permanent life insurance policy that combines the standard death benefit with cash value growth. Protective allows you to access your cash value throughout your life, and the company guarantees a fixed growth rate.

Universal life insurance

Like whole life, universal life insurance policies combine death benefit protection and cash value growth into a permanent life insurance policy. These policies include more flexibility than whole life, as you can increase or decrease your death benefit or premiums throughout the life of your plan.

Protective ratings, reviews, customer satisfaction and complaints

Protective has slightly mixed reviews in terms of customer service, though reviews are mostly positive. According to the National Association of Insurance Commissioners, Protective has slightly fewer than average complaints compared with other life insurance companies. Additionally, the Better Business Bureau gives Protective a grade of A+.

When it comes to overall customer satisfaction, Protective falls slightly below average. The company ranked 12th in the industry for overall satisfaction in a 2020 J.D. Power life insurance study, slightly below industry average.

When it comes to financial stability, Protective is in great shape. AM Best gives the company a grade of A+ in financial strength. This is good news for customers, as it means Protective will almost certainly be able to pay out its claims.

Reasons why Protective is a great option

Protective claims to have some of the lowest prices on the market for life insurance. Not only that, but they have some of the most flexible policies you’ll find. For term life insurance, you can get a policy for anywhere from 10-40 years, which is longer than many competitors. Additionally, coverage limits on their term life plans go up to $50,000,000, which is hard to beat.

Protective has slightly mixed reviews in terms of customer service. While the NAIC ranks them slightly better than average for customer complaints, J.D. Power ranks them slightly worse than average for overall customer satisfaction. If the best customer service on the market is what you’re looking for, Protective might not be the best choice.

Additional policies offered by Protective

In addition to the company’s life insurance policies, Protective also offers a handful of retirement products in the form of annuities. With an annuity, the customer pays a fixed premium, and then the insurance company guarantees them a lump sum or series of payments to provide an income later in life. Protective offers the following types of annuities:

  • Fixed annuities: Protective’s fixed annuities come with a fixed premium throughout the life of your policy, followed by a guaranteed income stream during retirement.
  • Immediate annuities: In the case of an immediate annuity, customers will 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 higher risk in exchange for the chance of a higher return.

Frequently asked questions

What is the best life insurance company?

The best life insurance companies offer comprehensive policy options and excellent customer service at an affordable rate. There’s not necessarily one right company for everyone. You’ll have to shop around to find the company whose policy options and prices best suit your needs.

How do I choose the right life insurance policy for me?

When choosing the right policy for you, the biggest question to ask yourself is whether you just want the death benefit or whether you’re interested in a more comprehensive plan that includes the cash value growth.

How much does life insurance cost?

Life insurance costs vary depending on the company and the type of policy you choose. The best rates are usually reserved for young, healthy policyholders. Older individuals or those with preexisting conditions can expect to pay more.

How do you buy life insurance with Protective?

Protective allows for online quotes for its term life policies. But regardless of which type of life insurance you choose, you’ll have to speak directly with a Protective Life Agent to sign up. The sign-up process typically involves an application and a medical exam.