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In this article, we review Protective Life insurance and why you should consider their policies in the future.

Protective Insurance Review

Protective Life provides a variety of policies, useful online tools like coverage calculators, and different levels of coverage. In turn, Protective Life can be a choice to take into account for individuals looking for protection from a reputable firm specializing in life insurance protection.

Furthermore, there are no guaranteed issue plans available through this company, but it does offer term life, whole life, and universal life insurance. One of Protective Life’s distinguishing qualities is that it provides potentially high coverage limits, something that some other providers don’t.

Online quotations are only available for term life insurance policies from Protective Life, and all of their products call for a medical exam. There are numerous providers who use streamlined underwriting and health questionnaires in place of a regular test if you’re trying to avoid getting a medical exam because of pre-existing diseases.

What does protective life insurance do? 

Protective offers both term and permanent life insurance. Whole life, universal life, indexed variable life, and variable universal life plans are all examples of permanent life insurance. When compared to its term policies, which offer coverage for a certain time period and only feature a death benefit, its permanent life products offer lifetime coverage that also accrues cash value that can be accessed for withdrawal or borrowing. Note that the carrier accepts online applications for term plans, but only through an insurance agent for permanent life insurance.

Furthermore, they offer 10- to 40-year periods, in five-year increments, of protective term life insurance policies. Based on term lengths, the insurer sets age restrictions. For instance, those between the ages of 18 and 40 are eligible to apply for a 40-year term policy, while Protective won’t provide 10-year coverage to those above the age of 80. Depending on the insurance product, perpetual life policies can be issued to people as young as 90 years old.

Additionally, Protective offers a wide variety of riders for all of its life insurance policies. These bring extra protection at different times of life and range from children’s term life riders to terminal illness-accelerated death benefit riders. Retirement annuities are also offered by the business.

What is Protective insurance? 

Protective Insurance specializes in workers’ compensation insurance for companies with a focus on transportation and has a long history of providing insurance for fleet trucking operations. 

They are authorized to offer comprehensive business insurance in all 50 states, the District of Columbia, Puerto Rico, and all the provinces of Canada. A committed Loss Prevention and Safety Services Team, skilled claims management, and first-rate customer service support their products.

What is the Protective life policy? 

Protective life insurance policies

#1. Term life insurance. 

Protective provides $100,000–$50 million in coverage for 10- to 40-year term life insurance plans, with the opportunity to convert to a permanent policy without undergoing a medical exam. The policy might have a terminal illness rider, which provides early death payments if you get a terminal illness, depending on your state.

#2. Whole life insurance. 

Whole life insurance policies from Protective have level premium payments and a growing cash value that grows at a set interest rate.

#3. Universal life insurance.

The Custom Choice universal life insurance policy from Protective gives perpetual protection with the option to adjust the premiums and death benefits. The cash value account that goes along with it grows tax-deferred.

For coverage for a set amount of time, ranging from 10 to 30 years, you pay a set premium. The cost remains the same after this time, but your coverage starts to decrease. The premiums increase when the death benefit reaches $10,000.

  • Variable universal life:

This helps you link underlying stock investments to the cash value account’s growth.

  • Indexed Universal Life:

These policies include adjustable death benefits and premiums, lifelong coverage, and a growing cash value based on stock market indexes or a fixed interest rate.

History of the Protective Insurance Company

In Birmingham, Alabama, Protective was founded in 1907, and two years later, in 1909, it made its first death benefit payment. In 1957, the business celebrated its 50th anniversary with approximately $1 billion worth of active life insurance contracts.

Protective Life has now purchased a number of additional businesses, including United Investors Life, Liberty Life, MONY Life, United States Warranty Corp., and others. Additionally, Dai-ichi Life made it a completely owned subsidiary.

Protective had $991 billion in active life insurance as of January 1, 2021, totaling 12.4 million policies and contracts.

Protective Insurance Company Claims 

#1. Notify us

Contact them by phone at 1-800-424-1592 or online. In addition to the deceased’s name, policy number, Social Security number, dates of birth and death, cause of death, and country of death, they also need information about you.

#2. Filing a claim

Once your claim packet has been received, just fill out the necessary fields. A certified copy of the death certificate and a few beneficiary identification documents are typically included.

#3. Receiving your funds

Within one business day following receipt of the required paperwork and approval of your claim, they will issue your benefit payment. 

Pros of Protective Life Insurance

#1. They offer the cheapest term life insurance.

Protective offers the most affordable term insurance. Across all age categories, Protective had the lowest quotes, or they tied for the lowest word quotes.  

#2. Protective offers term life insurance for 40 years:

Protective is a wonderful option if you want coverage that lasts for more than 30 years but don’t require permanent insurance or don’t want to pay the higher premium for it. 

#3. Numerous available policy kinds:

Among the different insurance types offered by Protective are term, universal life (UL), variable UL, indexed UL, and whole life. Only two other businesses out of the 91 we examined provided a larger selection of insurance.

#4. No-medical-exam life insurance up to $1 million:

Protective offers life insurance coverage of up to $1 million without requiring a medical exam. No-medical-exam life insurance applicants can escape the inconvenience of having to go through an exam when they apply, which also means that coverage can be granted more quickly than with policies that call for an exam, especially if Protective allows you to apply online for some policies.

Cons of Proitective Life Omsurance

#1. No final expense coverage: 

This kind of insurance, which is also known as burial insurance or funeral insurance, is designed to provide a very small sum that can cover final costs after death. Since there is no need for a medical exam, it is ideal for those who may have health conditions that prevent them from being eligible for other types of coverage. Despite low coverage levels, premiums are typically costly per dollar of death benefit. 

#2. Scored poorly for customer satisfaction:

Protective scored significantly worse than market competitors. In a study of 21 significant life insurance companies, it came in at number 15.

St. Paul Protective Insurance Company

St. Paul Protective Insurance Company is a renowned insurance provider with a lengthy history and a focus on client protection. The business provides a vast array of insurance services and products, such as business, home, and vehicle insurance. Rates from St. Paul Protective Insurance Company are reasonable and change based on the kind and quantity of coverage needed. 

Additionally, customers are qualified for a number of reductions that can lower the cost of their premiums. The business receives few complaints and offers top-notch customer support. The history and financial viability of the company, however, are not widely known. 

Overall, St. Paul Protective Insurance Company is a reputable insurer that provides thorough coverage alternatives to satisfy the individual demands of its consumers.

Who owns protective life insurance? 

The parent firm of Protective Life and Annuity Insurance is Protective Life Insurance Company.

What is the revenue of Protective insurance? 

$468.7 million in annual revenue for Protective Insurance. Following thorough investigation and analysis, the data science team at Zippia discovered the following significant financial metrics for Protective Insurance.

Is Protective a good life insurance company? 

Protective Life provides a variety of life insurance products as well as practical online tools like coverage calculators and various levels of coverage. As a result, if you’re seeking coverage from a company that has spent more than 100 years concentrating on life insurance products, the company can be worth taking into account.

Who are protective insurance competitors? 

#1. PNB MetLife:

is a provider of financial services. In addition to wealth, child, investment, and savings insurance, it also provides coverage for life, protection, serious illness, accidental death, employee benefits, and retirement. The business sells its goods directly, through agencies, and through bancassurance. The largest owners of PNB MetLife are MetLife and Punjab National Bank (PNB).

#2. AG Insurance:

This company focuses on insurance. Along with other services, it provides health, life, commercial, and liability insurance.

#3. Brighthouse Financial:

Brighthouse Financial is a supplier of life insurance and annuities. The business is divided into the Annuities, Life, and Run-off sectors. 

  • The variable, fixed, index-linked, and income annuities offered by the Annuities sector are created to meet the demands of contract holders for protected wealth creation on a tax-deferred basis, wealth transfer, and income security. 
  • The Life division of Brighthouse Financial provides term, whole, universal, and variable life policies that can be supplied on a tax-advantaged basis to meet policyholders’ needs for financial security and protected wealth transfer. 
  • Structured settlements, pension risk transfer contracts, some company-owned life insurance policies, financing agreements, and universal life with secondary guarantees are among the goods that are included in the Run-off sector of the company’s business that are no longer actively offered but are still separately maintained.

#4. Assurant:

Assurant (formerly known as Fortis) is a corporation that offers support services for businesses and policyholders. For consumer electronics and appliances, the Global Lifestyle sector provides mobile device solutions, extended service products, and related services. Additionally, the business’ housing division offers manufactured housing, flood insurance, and lender-placed homeowner insurance.

Do insurance companies make a profit? 

Although investment income is a secondary source of income for insurance firms, they do invest the accumulated premiums in financial instruments to do so. They also receive income from sources including commissions from working with agents and brokers and fees for policy services.

How do you calculate the profit of an insurance company?

The total yearly revenue of the insurance company less the total annual costs results in the annualized profit margin. A percentage is then calculated by dividing this sum by the total revenue and multiplying the result by 100.

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