Life insurance is designed to protect individuals and those they care about. It can help to ensure that loved ones don’t have to pay off final expenses or other debts. It can also be put into place to make sure that a spouse and / or dependents won’t have to change their lifestyle and can pay the ongoing income that is needed to go on in case of the unexpected. Many allow health issues or lifestyle choices such as smokers, to hinder them from their search of Life Insurance coverage. There are companies out there that offer no medical exams, or very limited health questions.
When going to purchase a life insurance policy, there are several variables that will be important to keep in mind. These will include the amount of coverage, as well as the type of policy. It should also include the insurance carrier that you are purchasing the coverage through. There are many top life insurance companies out there such as Banner Life Insurance to name one.
Before you make your final life insurance purchase decision though, we recommend looking into some other company reviews as well, such as our reviews on Zander Insurance, Primerica Life Insurance and United Home.
This is because you will want to be sure that the insurance company is strong and stable financially and that it has a positive reputation for paying out its claims to policyholders – especially in case your loved ones will need to file a claim in the future. One life insurer that has been known for having a good standing in the insurance industry is Protective Life Insurance Company.
The History of Protective Life Insurance Company
Protective Life Insurance Company was founded nearly 110 years ago. The company was started by Governor William Dorsey Jelks – and it took only two years before the insurer paid out its very first life insurance claim. Ever since that time, Protective Life has been steadily paying out its claims to its policyholders – and it has also been steadily increasing its assets under management, as well as its life insurance in force.
By the year 1932, Protective already had more than $65 million of insurance in force, and by the time the company turned 50, the amount of in-force life insurance was approaching the $1 billion mark.
In addition to sales of insurance and annuities, Protective was also growing by acquiring other insurers. For example, in 1997, the company acquired West Coast Life, and in 2006, the company acquired Chase Insurance Group.
By the year 2007, Protective had more than $252 billion of life insurance in force. And, just three years later, in 2010, the company had surpassed the $427-billion-dollar mark with in force life insurance.
In 2015, Protective Life Corporation became a wholly owned subsidiary of The Dai-ichi Life Insurance Company, Ltd. The company continues to grow and provide superior service to its policyholders. Protective Life Insurance Company is based in Birmingham, Alabama.
Protective Life Insurance Company Review
Today, Protective Life Insurance Company offers a wide array of life insurance products, as well as other specialty insurance coverage. The company also offers annuities. Throughout the company’s 100+ year history, it has held close to its values.
Protective Life Insurance now operates as the parent company of several companies, including:
• Protective Life and Annuity Insurance Company – This company offers life and annuity products to consumers in New York.
• West Coast Life Insurance Company – This company was acquired by Protective Life Insurance Company in 1996, and today, through Protective Life, it is a nationwide provider of life insurance and annuities.
• MONY Life Insurance Company – MONY Life Insurance Company, was acquired by Protective Life Insurance Company in 2013. It, too, is a nationwide provider of insurance products.
• Lyndon Insurance Group, Inc. and Affiliates – This company both produces and markets specialty insurance products, which include credit life and disability insurance, as well as vehicle and marine service contract. These products are marketed via consumer finance companies, financial institutions, and auto dealers.
Protective also serves the community. The company works to sponsor other organizations and gives back through employee volunteerism. Through the Protective Life Foundation, the insurer supports a wide range of different initiatives and entities.
Protective Life Insurance Company Ratings and BBB Grade
Protective Life Insurance Company is considered to be a strong and stable insurer. The company has been known for more than 100 years for paying out its policyholder claims – and because of that, it has been provided with high ratings from the insurer rating agencies.
These ratings include the following:
• A+ from A.M. Best
• AA- from Standard & Poor’s
• A from Fitch
• A2 from Moody’s
These ratings provide an indication of the insurer to meet the obligations of the policies by their terms – and the ratings are based on some different factors, such as the company’s operating performance, the quality of the company’s assets, its financial flexibility, and its overall capitalization.
In addition to the company’s insurer ratings, Protective Life Insurance Company has been given a grade of A+ (on a grade scale of A+ to F) from the Better Business Bureau (the BBB) – although the insurer is not a BBB accredited company.
Over the past three years, there have been a total of 39 complaints that have been closed regarding Protective Life Insurance Company through the BBB. Of these 39 total complaints, 18 had to do with problems with the company’s product / service, ten were regarding billing / collection issues, three were about advertising / sales issues, three had to do with guarantee / warranty issues, and five had to do with other issues.
Life Insurance Products Offered
Protective Life Insurance Company offers some different life insurance products to choose from. Because of this, the company’s policyholders can essentially “customize” their coverage to more closely fit their protection needs.
Term Life Insurance Coverage
With a term life insurance policy, an individual can choose from numerous plans that range between 10 and 30 years – generally with level premiums and coverage. Term life policies offer death benefit protection, with no cash value build up. Because of this, term coverage is often much more affordable than a comparable amount of permanent life insurance.
Universal Life Insurance Coverage
Universal life insurance is a form of permanent life insurance protection. This type of policy offers a death benefit, as well as a cash value component. Universal life is considered to be a very flexible type of protection. This is because the policy owner can decide how much of the premium goes into the death benefit and how much goes into the cash value. Also, the timing of the premium may also be altered, within certain limits.
The cash value inside of a universal life insurance policy is allowed to grow on a tax-deferred basis. This means that the growth in the account will not be taxed until the time it is withdrawn. This can allow the funds to grow and compound over time on an exponential basis.
The cash that is in a universal life insurance policy can be either borrowed or withdrawn by the policyholder for any reason – such as for paying off debt, funding a loved one’s college education, or helping to supplement retirement income needs.
With the Protective Custom Choice UL Universal Life insurance policy, plans can be purchased for as little as $7.32 per month, pending the insured’s age and health condition at the time of application – although there is an option to lock in this permanent life insurance coverage with a price adjustment, regardless of health condition.
Variable Universal Life Insurance Coverage
Variable universal life insurance is another type of permanent life insurance. Here, you can also obtain a death benefit, as well as a cash value component. The insured in a variable life insurance policy, however, can have the opportunity to grow their cash value through equities such as mutual funds. This can allow the cash component to grow a great deal. It can also, however, present a substantial amount of risk during a market downturn. With that in mind, it is important to take stock of your risk tolerance before moving forward with a variable universal life insurance policy.
Survivor Universal Life Insurance Coverage
A survivor universal life insurance policy may be a good choice if a couple has estate planning needs such as helping heirs to pay estate taxes that are due. It may also be a good option for a business owner who wishes to provide a continuation strategy for the company.
These types of policies – often also referred to as a second-to-die life insurance policy – will cover two lives rather than one, and it will pay out the death benefit upon the passing of the second individual. These policies can provide a lower amount of premium than purchasing two separate policies.
“Protect My Child” Plan
Protective Life Insurance Company also offers the Protect My Child life insurance option. Although people do not want ever to think of losing a child, the reality is that unfortunate accidents and illnesses can and do occur. If so, the cost of final expenses can be devastating financially to a family – during an already difficult time in life.
With Protective’s Protect My Child plan, a cash value life insurance policy can be purchased that provides coverage of between $10,000 and $100,000. Also, the policy offers a cash value component that builds funds on a tax-deferred basis.
Premium rates on the Protect My Child plan can start as low as $6.37 per month on a policy that the child can keep until he or she becomes an adult. There is also a single pay option available that allows you to make just one single premium payment and have the policy paid up.
Other Coverage Products
In addition to life insurance, Protective Life Insurance Company also offers other products – including annuities. An annuity is a type of insurance product that is between the consumer and the insurance carrier. These financial vehicles can provide a guaranteed lifetime income to an individual - regardless of how long that individual lives. This can help to remove the worry of outliving savings - which has come to be one of the biggest concerns on the minds of retirees today, given our longer life expectancies.
Protective Life Insurance Companies offers a variety of different annuities, including:
• Fixed annuities that offer a variety of different interest guarantee periods and payout options;
• Fixed indexed annuities that have both potential for upside growth, as well as protection in market downturns;
• Variable annuities that offer the potential for growth and guaranteed periods and payout options;
• Immediate annuities that provide retirement income that can begin right away.
How and Where to Find the Best Life Insurance Premium Quotes
If you are seeking the very best premium quotes on life insurance coverage from Protective Life Insurance Company - or from any life insurance carrier - then it is typically the wisest course of action to work with either an agency or a company that has access to more than just one insurer. That way, you will be able to more directly compare several different policies, benefits, and premium quote options - and from there you can determine which will offer you the best selection for your specific needs.
When you are ready to move forward, we can help. We work with many of the top insurance carriers in the marketplace, and we can assist you with obtaining all of the details that you require for making a purchase decision. All you have to do to begin the process is just simply fill out the form on this page.
Should you find that you still have any questions regarding life insurance, our experts will be happy to assist you. We can be reached directly via phone, toll-free, by dialing 888-430-7668. We understand that choosing just the right life insurance coverage can sometimes be difficult. There are many different variables that you have to put in place - so it can be helpful to have someone there to walk you through it call. We can narrow down the right policy and carrier for your specific requirements - and in the process, also show you premium quotes on plans that can work within your budget. So, contact us today - we're here to help.