Protective Term Life Insurance Overview
Protective’s eco-friendly, paperless process is the best in the industry. They’re great for those with heart conditions.
Protective Customer Service: (800) 866-9933
Table of Contents
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We're experienced
We've been in the life insurance industry since 1990, and have helped our customers protect their families with over $37 billion in coverage. That's a lot of happy customers.
Protective Company Overview
Location
Birmingham, AL
Established
1907
Customers
8,300,000
Value of In Force Life Insurance
$856 billion
Location
Birmingham, AL
Established
1907
Customers
8,300,000
Value of In Force Life Insurance
$856 billion
Protective Ratings & Awards
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A.M. Best is an independent rating agency that ranks the financial strength of life insurance companies. Their best rating is an A++. Their worst is a D.
Better Business Bureau (BBB) is a non-profit that shares customer service feedback on businesses in the USA. BBB assigns ratings from A+ (highest) to F (lowest).
J.D. Power and Associates analyzes customers’ experiences with life insurance companies and ranks them on a scale from 1 to 1000.
Moody’s Investors Service is a leading provider of credit ratings, research, and risk analysis. Moody’s rating scale ranges from Aaa to C with 1, 2, and 3 to indicate whether the ranking is on the higher or lower end of that category.
Standard and Poor’s (S&P) is the world’s leading provider of credit ratings and creditworthiness. S&P’s scale ranges from AAA to D with + or – to define standing within each category.
Quotacy’s Advice
To stand out in a competitive industry, most insurers focus on serving health or lifestyle niches.
Protective is excellent for:
- Accelerated Underwriting
- ADHD
- Healthy Individuals
- Heart Health (Heart Valve)
Protective’s eco-friendly, paperless process is the best in the industry. They’re great for those with heart conditions. Their accelerated underwriting uses a combination of underwriting expertise and technology to get you covered faster. For some applicants, it eliminates the need for lab testing and medical exams, making the process of getting insured less intrusive and simple.
Protective Comparison Quotes
Protective® Classic Choice Term
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Sample monthly premium quotes for a $500,000, 20-year term policy for healthy, non-smoking individuals living in Minnesota. Pricing varies by gender. Women pay less for life insurance than men because they live longer on average.
Your life insurance pricing may be different and is determined by your individual risk factors and the state where you have your primary residence. Pricing as of September 2022.
Protective Advantage Choice℠ UL
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Sample monthly premium quotes for a $500,000 guaranteed universal life insurance policy for healthy, non-smoking individuals. Pricing varies by gender. Women pay less for life insurance than men because they live longer on average.
A guaranteed universal life insurance policy is similar to a traditional level term policy, but you can opt to have the policy last your entire lifetime.
Your life insurance pricing may be different and is determined by your individual risk factors and the state where you have your primary residence. Pricing as of September 2022.
See what you’d pay for life insurance
Protective Features & Benefits
What we like
- Offers 35- and 40-year term policies.
- Can be converted into a permanent policy.
- Includes Accelerated Death Benefit Rider at no charge.
- Your medical exam can be done at home or work.
- You can review your medical exam results upon request.
- Policy is delivered electronically.
- You can manage your policy online.
What could be better
- Credit card payments are not accepted after initial payment.
Protective Policy Details
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*10-year term available for ages 18-75; 15-year term available for ages 18-70 (tobacco users ages 18-68); 20-year term available for ages 18-65 (tobacco users ages 18-62); 25-year term available for ages 18-55 (tobacco users ages 18-52); 30-year term available for ages 18-52 (tobacco users ages 18-43).
**State of issue, payment mode, and draft date can all impact the grace period end date. Your policy will state specifics.
***Minimum face amount of $50,000 available for Non-Tobacco and Tobacco risk classes. $100,000 minimum for all other classes.
» Compare: Term life insurance quotes
Protective Riders
Increase your policy’s benefits with riders
Accelerated Death Benefit Rider
*Included
This rider—also known as a Terminal Illness Accelerated Death Benefit Endorsement—is included in your policy at no charge. It gives you access to a portion of your policy’s death benefit, if you are diagnosed with a terminal illness resulting in six months or less to live.
Chronic Illness Rider
*Available on Protective’s Advantage Choice UL for additional cost
This rider—also known as an ExtendCare Rider—gives you access to your policy’s death benefit if you have been diagnosed as chronically ill by a licensed health professional. Cost based on maximum monthly benefit amount chosen and elimination period.
Child Rider
*Available at additional cost
For a small annual fee, add a child rider that covers your children under age 18. Options range from $1,000 to $20,000 in coverage per child. Ask your Quotacy agent for details.
Premium Waiver for Disability
*Available on Protective’s Classic Choice Term at additional cost
Protective will waive premium payments during a period of total disability lasting six consecutive months or more. The waived payments don’t have to be paid back. This rider is not available on all policies and the cost varies by age.
Disability Benefit Rider
*Available on Protective’s Advantage Choice UL for additional cost
Protective will credit a monthly benefit amount to your policy should the you face the hardship of total disability. This rider is not available on all policies and the cost is based on benefit amount chosen.
Protective Policy Service
Contact
- Customer Service: (800) 424-1592
- Pay by Phone: (800) 866-9933
- Fax: (205) 268-3402
Hours: Monday-Thursday, 7:00 AM-6:30 PM, Friday 7:00 AM-5:00 PM Central
Mailing Address
Protective Life Insurance Company
PO Box 12687
Birmingham, AL 35202
Manage your policy online
- Visit www.myaccount.protective.com.
- Click Register Now.
- Click I have an active policy/contract.
- Fill in your policy and personal info.
- Click Register.
What you can do online
- Make payments.
- Update address.
- Update banking information.
- Change beneficiaries.
- Change ownership.
The Fine Print
Guidelines & Exclusions
Accelerated Underwriting
- Their accelerated underwriting program is called PLUS.
- A phone interview is required.
- Underwriting may still include evaluation of medical records and motor vehicle records.
- Eligibility
- Ages 18-45 applying for coverage up to $1,000,000
- Ages 46-60 applying for coverage up to $500,000
- Being eligible does not guarantee acceptance into the accelerated underwriting program.
- If not accepted, you continue on to traditional underwriting in which a medical exam is required.
Term Policy
- 10-year term available for ages 18-69;
- 15-year term available for ages 18-69;
- 20-year term available for ages 18-65 (tobacco users ages 18-62);
- 25-year term available for ages 18-55 (tobacco users ages 18-52);
- 30-year term available for ages 18-53 (tobacco users ages 18-43).
Term Conversion
- If you convert to a permanent policy during the first five years of your policy, you have a wide variety of policy options. After five years, you can still convert, but options are reduced.
- For a 10-year term, you must convert within the first eight years; for a 15-year term, you must convert within the first 13 years; for 20-, 25-, and 30-year terms, you must convert within the first 18 years.
Disability Benefit Rider - UL only
- Total disability must occur before age 60.
- Total disability is defined as the incapacity of the insured caused by sickness or injury and prevents insured from engaging in their regular occupation or any occupation for which they qualify.
- Maximum issue age for this rider is 55 years old.
- Coverage expires at age 60.
- Rider includes elimination period of 180 days before benefits begin.
- Maximum face amount of policy is $3 million.
- Maximum risk accepted is Table 4.
Policy Loans and Withdrawals - UL only
- Policy loans and withdrawals will affect the guaranteed death benefit.
- The cash value interest rate is guaranteed at 2.5% and loans are allowed after the 1st year.
- Loans have a 5% interest rate.
- There is a $25 charge for each withdrawal.
Decreasing Coverage Amount - UL only
- After Protective’s Advantage Choice UL policy has been inforce for at least three years, a decrease in coverage may be requested.
- The new coverage amount cannot be below the minimum face amount requirement.
- A withdrawal charge will be applied.
Accelerated Death Benefit Rider
- Also known as Terminal Illness Accelerated Death Benefit Endorsement.
- You can accelerate up to 60% of the death benefit—not to exceed $1,000,000.
- While this rider is free, there is an administrative fee when benefits are accelerated.
Child Rider
- Newborn child coverage begins at 15 days old.
- Rider can be converted to a new policy up to five times the rider face amount.
- Parent (or child) can convert rider to a permanent policy when child reaches age 25.
- Rider is not available on policies if you are rated Table 5 or higher.
Premium Waiver for Disability Rider - Term only
- There is a six-month waiting period before benefit takes effect.
- Rider coverage expires at age 60.
- Rider is not available on policies if you are rated Table 5 or higher.
Accidental Death Benefit Rider
- Rider coverage expires at age 65.
- Rider is not available on policies if you are rated Table 5 or higher.
Chronic Illness Rider - UL only
- Also known as ExtendCare Rider.
- Chronic illness must be certified within last 12 months of claim.
- Chronic illness is defined as being unable to perform at least two ADLs without assistance for at least 90 days or requiring substantial supervision for protection from health and safety threats due to severe cognitive impairment.
- Rider has elimination period of 90 days before benefits begin.
- Maximum face amount of policy is $5 million.
- Maximum risk accepted is Table 4.
Updated: September 2022
More term life insurance reviews
We recommend without hesitation every company reviewed on Quotacy. When you comparison shop, the death benefit amount that your loved ones would receive and the cost of the policy are the most important factors to consider. If you have any questions about the best life insurance companies for you, contact Quotacy. We'll gladly help you evaluate your life insurance options.