Protective Life Insurance Company
Protective Life Corporation, which today offers a broad portfolio of life and specialty insurance and investment products, traces its roots to the Corporation’s flagship company, Protective Life Insurance Company. Throughout our more than 100-year history, we have been a values-driven company.
Protective Life Insurance Company, the parent company of Protective Life and Annuity Insurance Company, helps to provide financial security through insurance and investment products. Our unwavering commitment to treating people the way we would like to be treated has been rewarded with stable, long-term relationships and growth. Today, Protective Life Corporation employees nationwide are dedicated to upholding our collective promise to customers: We protect tomorrow so people can embrace today.
Our mission is to embrace the needs of our customer by providing solutions that are smart and competitive. Our philosophy of doing the right thing for the people we serve has continued to help us remain a leader in the life insurance and annuity businesses for more than 100 years.
Who Is Protective Best For
If youre in the market for affordable, no-frills, long-term term coverage, you should consider Protective. Its top-ranked for cheap term coverage, and offers 40-year-term life insurancewhich is uncommon in the industry. The company has a wide range of universal life policies available as well, including a term-like UL policy that may be suitable if you want the flexibility of a cash value component, or the potential to build one.
However, if a comprehensive suite of living benefits is important to you, such as no-cost accelerated death benefit riders for chronic, critical, and terminal illnesses, consider other companies’ offerings. And if youre looking for a policy that pays dividends or if you have health issues and need a final expense policy, you should look elsewhere.
How Much Protection Can I Expect
The amount of protection you can expect from Protective Life Insurance depends on the type of policy you purchase and the coverage options you select. For example, term life insurance policies protection for a set period, while whole life insurance policies provide permanent coverage. In addition, universal life insurance and indexed universal life insurance policies offer flexible death benefit protection that can be adjusted as your needs change over time.
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Indexed Universal Life Insurance
If youre looking for a permanent policy with more potential growth than whole life, but with less risk/reward potential than a variable UL policy, this might be the right choice for you. Indexed universal life insurance has growth potential and flexibility with premiums and cash value options like other UL policies. However, the cash value is credited an interest rate based on the performance of a stock market index.
Indexed Choice UL
With Protectives IUL policy, the stock market index used is the S& P 500. You also can choose to invest some of the cash value in a fixed account that earns interest at a flat rate.
The rate credited to your cash value will never be negative but is subject to limits. For example, if your policy caps gains at 6%, and the index gained 8%, you would be credited no more than 6%.
Pinnaclequote Life Insurance Specialists National Independent Agent
Above all, you want to make sure when shopping for life insurance that you want to go with an independent agent over a captive agent. Actually, PinnacleQuote is a licensed national independent life insurance agentin 49 states.
At the same time, has relationships with dozens of carriers. In any event, if youre looking for a simple process, then let PinnacleQuote hold you by the hand. Therefore, we will provide you with the best life insurance rates in the industry, thats made possible by the relationships we have accumulated over the years.
Ultimately, with 26 years experience in the Investment/Life insurance industries, PinnacleQuote will provide you the best service to protect your family.
Danny Ray Founder/Independent Agent
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Protective Term Life Insurance
If youre looking for temporary protection, term life insurance from Protective Life is a great option.
- Protective Classic Choice term life insurance policies are available in term periods of ten, fifteen, twenty, thirty years, or forty years. They provide guaranteed level premiums and financial protection for the length of the term.
- At the end of the term, Protective Lifes term life policies will expire, and you will no longer have coverage.
- Applicants can apply for coverage amounts from $100,000 to $50,000,000. A medical exam is required.
- Protective Life policy owners can convert to a permanent policy without a medical exam if their needs change.
- Heirs will inherit a tax-free payout.
- If your state allows for an accelerated death benefit rider, you can add a Terminal Illness rider to your policy, allowing access to paying for expenses.
What Coverage Are Options Available
Protective Life offers a variety of permanent coverage options to meet your needs. Term life insurance policies are available for ten, fifteen, twenty, or thirty years. Unfortunately, Protective Life doesnt offer whole life insurance policies. However, Protective Lifes universal life insurance policies offer flexible premiums and death benefit protection. In addition, indexed universal life insurance policies allow you to earn interest based on changes in selected stock market indexes while still providing an inheritance to your beneficiaries.
Protective Propayer Income Annuity
Minimum Initial Premium
The Protective ProPayer Income Annuity is a single premium immediate annuity. This means that in exchange for a lump sum, you will receive periodic payments right away or you can defer up to 12 months. The size of your payments depends on your premium and age.
With this annuity, you have four payout options: to receive payments for a certain period, to receive payments for life and with a guaranteed period , to receive payments for life with an installment refund or to receive payments for life with a cash refund. If you want to cover a spouse, you can get joint and survivor payments for life and for a certain period.
Premiums can be as low as $50,000 and as high as $1,000,000. The maximum issue age is 99.
Protective Life Company History Timeline
Protective and Protective Life refer to Protective Life Insurance Company and its affiliates, including Protective Life and Annuity Insurance Company . PLICO, founded in 1907, is located in Nashville, TN, and is licensed in all states excluding New York.
In 1927, Protective merged with Alabama National Insurance Company, and Alabama National’s president, Samuel Clabaugh, became the president of the combined companies, which continued to do business as Protective.
In 1937, Clabaugh turned over the leadership of the company to Col.
William J. Rushton, and in 1969, Col.
In 1997, Protective Life acquired West Coast Life.
Nabers retired in 2002 and Harvard Business School graduate John D. Johns was then named president and CEO of Protective Life.
He became vice chairman and chief financial officer in 2007.
In 2013, Protective’s principal subsidiary, Protective Life Insurance Company, completed the acquisition of MONY Life Insurance Company and reinsured certain policies of MONY Life Insurance Company of America.
Protective Life Corporation was acquired by The Dai-ichi Life Insurance Company, Limited on February 15, 2015.
In January 2016, Bielen was named president and chief operating officer.
On July 1, 2017, Rich Bielen became Protective’s 7th president and chief executive officer.
How Do Customers Feel About Protective Life
It is challenging to find Protective Life insurance customer reviews online. However, the National Association of Insurance Commissioners rates companies based on customers complaints. Protective Life Insurance Company has an NAIC complaint index of 0.33, indicating that Protective Life receives only 33% of the customer complaints expected for a company of its size.
The Protective Life Insurance BBB rating is A+. However, it has a 1.13/5 star rating.
The Protective Life Insurance A.M. Best rating is also A+, which means it has a superior ability to meet its financial obligations, such as paying claims.
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Protective Life Insurance Customer And Claims Satisfaction
During our Protective Life insurance review, we found that customer ratings are mixed. According to the National Association of Insurance Commissioners , Protective Life has fewer than average complaints for individual life insurance. Protective Life received a complaint index of .21, which is lower than the industry average rating of 1.0.
When it comes to overall customer satisfaction, however, Protective Life falls below average. The company was ranked 16th out of 21 providers for overall customer satisfaction in J.D. Powers U.S. Life Insurance Study.
On the positive side, AM Best gives Protective Life a grade of A+ for financial strength. This rating should give policyholders confidence that Protective Life has a history of honoring its claims based on their history of financial stability.
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Other Protective Life Perks Worth Considering
Protective Life does not offer other types of insurance, but it does provide a handful of retirement products in the form of annuities. 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 Lifes fixed annuities come with a fixed premium throughout the policys 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.
Protecting What’s Most Important
Weve grown from a small mutual auto insurance company, owned by policyholders who spent their days farming in Ohio, to one of the largest insurance and financial services companies in the world.
Today we still answer to our members, but we protect more than just cars and Ohio farmers. Were a Fortune 100 company that offers a full range of insurance and financial services across the country. Including car, motorcycle, homeowners, pet, farm, life and commercial insurance. As well as annuities, mutual funds, retirement plans and specialty health services.
Weve served generations. Protecting whats most important. Let us do the same for you.
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Protective Online Customer Service
See below. Protective makes things simple for you so you can go on living your life and spending time doing what is important ~ Your Family!
Just enter your Protective life insurance login information and you will be good to go! You can do a few things via the online login, such as:
- Review your life policy
- Find Protective insurance company claims phone number
- Check on your Protective annuities
With that being said, we do realize that sometimes it can be frustrating going through automated phone lines and not getting a human on the phone or even having technical difficulties online.
Here at PinnacleQuote, Danny Ray is the Owner/Independent Agent. You get one on one quality service. If you ever have a question that is not answered directly by the company, feel free to contact Danny anytime! 380-3300.
Survivor Universal Life Insurance Coverage
Universal life policies will cover two people with one plan. The death benefits are paid out to the other insured person upon death. It provides accidental death benefit rider protection, plus cash value build-up opportunities. This cash, like with different kinds of life insurance options, can accumulate on a tax-deferred level.
As you can see, Protective Life has several kinds of life insurance plans to choose from. Its important to put a lot of consideration into your choices. After all, picking a life insurance policy is one of the most important financial decisions you can make.
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Protective Life Insurance Coverage Types
Protective Life offers three types of life insuranceterm life, whole life and universal life. There are no guaranteed issue policies available. Every policy requires a medical exam, and online quotes are only available for term life policies.
However, one of the standout features of Protective Life is that the company offers potentially high coverage limits, which some other providers dont offer. The company also has many riders, including a childs term rider, guaranteed insurability rider, waiver of premium rider and accidental death benefit rider.
Here is a closer look at the types of life insurance available through Protective Life:
Youre Our First Priorityevery Time
We believe everyone should be able to make financial decisions with confidence. And while our site doesnt feature every company or financial product available on the market, were proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward and free.
So how do we make money? Our partners compensate us. This may influence which products we review and write about , but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Our partners cannot pay us to guarantee favorable reviews of their products or services.Here is a list of our partners.
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Protective Life Insurance Pros And Cons
Offers a range of term, whole and universal life insurance, including term life policies extending as long as 40 years.
Scored below the industry average in J.D. Powers U.S. Life Insurance Study for overall customer satisfaction.
The Custom Choice universal life policy is priced to rival term life policies.
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Protective Classic Choice Term
The Protective Classic Choice Term product is a great solution for individuals and families looking to replace the income of a breadwinner. With low-cost term insurance, applicants can apply for substantial face amounts with policy terms of up to 30 years.
Classic Choice Term policies are convertible and the company offers various riders that can broaden your coverage and provide living benefits for the insured.
Here are actual rates for a $500,000 20-year term policy for a male and female non-smoker with very good health:
For an accurate quote for your actual age, please fill out the instant quote form on the right side of this page.
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Protective Life Insurance Review 2022
- Medical exams required
- Numerous riders available
Protective Life Insurance has been in business for more than 110 years and is headquartered in Birmingham, Alabama. There are no eligibility requirements and coverage is available in every state except New York. Overall, our assessment is that Protective Life is a good life insurance provider, offering multiple policies, helpful online resources, like coverage calculators and varying amounts of coverage.
However, all of Protective Lifes policies require a medical exam. If you are looking to avoid a medical exam due to pre-existing conditions, there are many other providers that use simplified underwriting and health questionnaires in place of a traditional exam. In addition, Protective Life is rated below-average by J.D. Power, which is something to consider when comparing providers based on customer satisfaction.
Am Best Affirms Credit Ratings Of Protective Life Corporation And Its Key Life Subsidiaries
OLDWICK, N.J.—-AM Best has affirmed the Financial Strength Rating of A+ and the Long-Term Issuer Credit Ratings of aa- of the primary life insurance subsidiaries of Protective Live Corporation , collectively known as Protective Life. Additionally, AM Best has affirmed the Long-Term ICR of a- and the existing Long-Term Issue Credit Ratings of Protective Life Corporation. The outlook of these Credit Ratings is stable.
The ratings reflect Protective Lifes balance sheet strength, which AM Best assesses as strongest, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management .
The ratings of Protective Life continue to reflect its very strong risk-adjusted capitalization, as measured by Bests Capital Adequacy Ratio , strong asset-liability management, favorable liquidity and demonstrated financial support from its parent, Dai-ichi Life Holdings, Inc., all of which contribute to the strongest balance sheet strength assessment. While Protective Lifes balance sheet has equity and interest rate risk embedded in its variable annuity book, the group benefits from a comprehensive hedging program. Protective Life maintains moderate investment risk, mitigated by strong financial flexibility and below-average alternative investments. Financial and operating leverage at Protective Life Corporation remain within AM Bests expectations.
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Protective Prosaver Platinum Plus
Minimum Initial Premium
Protective ProSaver Platinum Plus is a fixed deferred annuity. This means that you lock in your money for a chosen amount of time and Protective Life will pay a declared interest rate. The guaranteed periods can be three, four, five, six or seven years, and you can allocate your money to different periods. The minimum amount for each period is $2,000, while the contract’s overall minimum is $10,000. The maximum issue age is 85 years.
At the end of each guaranteed period, you can withdraw your money, transfer it to another available period, renew it for a year or renew it entirely. If you should die before you annuitize, your beneficiaries will receive the full amount of your contract value.
When its time to turn your savings into an income stream, you have five options: to receive income for life, to receive income for a set period of time, to receive income for life with a certain period guaranteed , to receive income for life with a cash refund and to receive income for life with an installment refund. These options are also available for joint policies.