Protective Life Insurance Company Review

by Jeff Rose on May 14, 2012 · 0 comments

Protective Life Insurance Company ReviewWith over 100 years of history behind their practice, Protective Life Insurance Company can provide some of the best life insurance policies. The average cost of life insurance per month is often a factor to those looking into purchasing a policy. The cost varies upon each company, the age at which you are applying and your current health status, such as are you suffering from diabetes and looking for life insurance coverage?

Make sure to quote out several companies, such as Americo Insurance, Banner Insurance or Fidelity Life Association Insurance Company, before making your final decision. There are also many compnaies out there that offer no medical exam life insurance policies that may be best for your needs.

Specializing in premium term life policies, Protective also offers affordable whole life, universal, and variable universal policies to all customers.

Life insurance provides peace of mind and security for clients, an ideal that Protective Life takes to heart.

Providing fantastic policies at affordable prices isn’t easy, but they still do it and any insurance company that takes the extra step to help clients is one to keep in mind.

History of Protective Life Insurance Company

One of the major players in the life insurance industry is Protective Life Insurance Company. Protective Life is headquartered in Birmingham, Alabama. The company was founded back in 1907 by Governor William Dorsey Jelks – and by 1909, the Protective Life had already paid out its very first life insurance claim. By 1932, Protective had more than $65 million of insurance in force, and just 25 years later, the company had moved that figure up to nearly $1 billion.

Throughout the years, Protective Life Insurance Company has grown on its own, as well as through numerous acquisitions. In 1983, the company purchased Protective Life and Annuity Insurance Company, and in 1997, it acquired West Coast Life, which solidified its national presence. Less than a decade later, Protective purchased Chase Insurance Group – signifying the company’s largest acquisition to that date.

By 2007, Protective’s 100th anniversary in business, the company had surpassed $250 billion of insurance in force – a tremendous feat, given the many struggles that the economy was currently facing. Over the next several years, the company still continued to grow, and by 2010, Protective had in excess of $427 billion of insurance in force. The following year, it acquired United Investors Life and Liberty Life. Soon afterwards, in 2013, Protective acquired MONY Life Insurance Company. This represented the company’s largest acquisition and its 47th overall.

Ratings

Throughout the years, Protective has remained extremely strong and stable financially, and it has attained and maintained a good reputation for paying out claims to its policyholders. Because of that, the company has received high ratings from the insurer rating agencies.

From A.M. Best, Protective has received an A+ (Superior, and the second highest out of 15 total possible ratings). The company has received an AA- (Very Strong, and the fourth highest out of 21 total ratings) from Standard & Poor’s, an A (Strong, and the sixth highest out of 22 total ratings) from Fitch Ratings, and an A2 (Good, and the sixth highest out of a total 21 possible ratings) from Moody’s Investor Services.

While many businesses are accredited with the Better Business Bureau (BBB), and are provided with a grade of between A+ to F, at this time Protective Life Insurance Company is not. There are also no complaints that are currently listed regarding Protective Life Insurance Company on the Better Business Bureau’s website.

Products Offered Through Protective Life Insurance Company

Protective Life Insurance Company offers a wide variety of life insurance and retirement planning products to serve the many unique and specific needs of its consumer and its business clients.

Life insurance products that are offered by Protective Life Insurance Company include the following:

Term Life Insurance Coverage

Term life insurance is considered to be “temporary” life insurance coverage. This is because term life only provides protection for a set number of years such as 10, 15, 20, or 30 years. Once the coverage has expired, the insured will need to either re-apply for a policy at his or her then current age and health condition (where the premium will typically be a great deal higher at that time), or convert the term insurance policy over to a permanent type of coverage (if applicable). We recommend the younger the better to start seeking coverage though we can help you find a policy at any age, from life insurance at 50 to 80 we can help.

Universal Life Insurance Coverage

Universal life insurance is a permanent policy that is designed to last throughout the entire lifetime of the insured. This coverage is considered to be more flexible than whole life insurance coverage, however, because the policyholder can decide how much of the premium goes into the cash value component of the policy and how much goes towards the death benefit (within certain parameters).

Just like with other permanent life insurance policies, the cash that is within the cash value component can grow on a tax deferred basis. This means that there will be no tax that is due on the growth of these funds unless or until they are withdrawn. The policyholder can use these funds for any reason that they decide upon, including for the paying of debt, supplementing their retirement income, or any other need or want.

With Protective Life Insurance Company’s Custom Choice Universal Life Insurance product, policyholders can often save up to 35 percent on quality protection – and the premiums are guaranteed for life. The rates are as low as $7.32 per month for qualified applicants – and the coverage cannot be cancelled, provided that the premium continues to be paid.

Variable Universal Life Insurance Coverage

Variable Universal Life Insurance coverage is also a type of permanent life insurance protection that offers a death benefit along with a cash component. However, the cash is tied to non-guaranteed investment funds. Depending on the actual performance of this account, the policyholder could earn a great deal more than he or she would in a whole or universal life insurance policy, or conversely, they could end up losing funds in a downward moving market. Therefore, it is important to be aware of this risk prior to purchasing a variable universal life insurance policy.

This type of life insurance will also have the potential to grow the amount of the death benefit, depending on the performance of the underlying cash value account.

Survivor Universal Life Insurance Coverage

A survivor universal life insurance policy will cover two people within just one single life insurance policy. This type of plan will pay out the death benefit proceeds upon the death of the second insured.

With survivor universal life insurance, there is both death benefit protection, as well as a cash value component. The cash, as with other types of permanent life insurance options, is allowed to grow on a tax-deferred basis, and funds are allowed to be borrowed or withdrawn by the policyholder(s).

How and Where to Obtain the Best Life Insurance Premium Quotes

If you are seeking the best life insurance premium quotes on Protective Life Insurance Company products – or on any type of life insurance coverage – typically the best way to move forward is to work with either a company or with an agency that has access to more than just one single insurer.

This is because when doing so, you will be better able to compare directly – in a non-objective manner – the benefits, the policies, and the premium quotes – of multiple life insurance companies, and from there you can then better determine which plan and that premium will work the best for you.

When you are ready to proceed with your life insurance policy and premium comparisons, we can help. We work with many of the very best life insurers in the industry today, and we can assist you with getting all of the details that you need quickly, easily and conveniently. We can provide you with this information directly to your computer, and without having to meet in person with a life insurance agent. If you are ready to move forward, all you need to do is complete the form on this page.

Should you find that you have any additional questions regarding how to obtain life insurance quotes, or even about which type of coverage or plan is right for you, we can be reached to discuss your options. Our experts can be contacted directly by phone, toll-free, by calling 888-836-7071.

We understand that the purchase of life insurance can often seem somewhat confusing. There are many variables to contend with – and you want to ensure that you are making all of the right choices. By walking through your options with an ally on your side, you can be sure that you will have the proper amount and type of coverage for your specific situation and your needs. So, contact us today – we’re here to help.

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