Protective Life Insurance – Company Review
An indepth review of Protective Life Insurance
There are a lot of different options available to people when it comes to life insurance. However, this abundance of options makes it difficult to find the right insurance policy. It is advised that you should always work with an insurance company that has excellent ratings and a strong financial background. There are a lot of great options available to you, and one such company that offers superior life insurance products and policies is Protective Life Insurance.
The company has been around for a long time in the industry and has a great track record in offering its customers with great services and life insurance policies. It has some of the most affordable life insurance products on the market and an extensive product range that features financial products and retirement planning policies. If you are looking for a life insurance company to work with, you should check out our complete review of Protective Life Insurance Company.
There are very few companies that are ranked alongside Protective Life Insurance. The company has been around for over a century and continues to deliver outstanding life insurance products. It was established in 1907 by Governor William Dorsey Jelks. The company was tremendously successful in its first two years and was writing out death benefit claims from 1909. The outstanding success of the company meant that by 1932, it had written more than $65 million in insurance. That was just the beginning because by the time the company had entered its 50th year, it was underwriting insurance that had crossed the $ 1 billion mark.
Protective Life continued to grow at an extremely rapid pace throughout the years and with its immense success, it could acquire other insurance companies. The company took over West Coast Life in 1997 and became a huge presence on the national insurance market. That wasn’t the only company that Protective acquired. In 2006, it took over Chase Insurance Group as well. On the company’s 100th anniversary, Protective had underwritten more than $252 billion in insurance coverage! The company headquarters are located in Birmingham Alabama today.
One of the best things about Protective Life Insurance Company is that they offer some of the most affordable life insurance policies on the market. The company is renowned for delivering outstanding services to all customers and actively participates in community welfare. Protective Life has over $770 billion in life insurance in force and manages over $70 billion in assets. The company operates under the business philosophy of: Do the Right Thing, Serve People, Build Trust, and Simplicity.
Therefore, most of the products offered by the company focus on delivering outstanding solutions and products that focus on providing customers with the most value. The company employs nearly 3,000 people today and has annual revenues that exceed $5 billion. There are very insurance companies that can match the extensive track record and financial ratings of Protective Life Insurance Company today.
Financial Stability Ratings and Customer Service Ratings
Protective Life Insurance Company has been given exceptional ratings from all 5 major insurance ratings agencies in the United States. The company has a brilliant track record in offering great services to clients, and its financial numbers are among the best in the industry. The company also has a history of paying out claims to policyholders, which has allowed it to get the following ratings:
- A.M. Best rating — “A+, Excellent”
- Standard & Poor’s rating — “AA-”
- Fitch – “A”
- Moody’s – “A2”
The Better Business Bureau has also given very strong ratings – A+ — to Protective Life Insurance.
Life Insurance Products
Protective Life Insurance Company is lauded for offering the most affordable and cost-effective insurance products and policies on the market. Its insurance products are extensive and cover all aspects, while their financial products include annuities. They are well known for offering insurance policies to people from all lifestyles, which makes them a very safe bet for life insurance policies.
As always, when you are choosing life insurance policies from any company, it is imperative that you check out their complete list of options first. We want you to have complete information about all the life insurance products offered by Protective Life Insurance. So, here are all the different life insurance products offered by the company:
Ø Universal Life
Protective offers a standard Universal Life insurance policy with a guaranteed death benefit, lifetime coverage, and flexible premiums. There is also a cash value growth option, and you can take out loans from the policy, which will lower your death benefit.
Ø Custom Choice Universal
Protective offers the Custom Choice Universal life policy, which works like term insurance, and comes with death benefits that have 10-year to 30-year terms. A lot of insurance companies provide you with this option, so that you convert your policy after the term ends but with this policy, you can don’t have to do that. Your policy will convert automatically when the term ends, which means you won’t have to pay higher premiums. However, you don’t get cash accumulation with this policy.
Ø Variable Universal Life
Protective offers Variable Universal Life insurance, which comes with affordable premiums and lifetime coverage. You get cash value build-up and can invest your money differently, but that also means that the policy will be at threat from market risks.
Ø Survivor Universal Life
Protective offers the Survivor Universal Life policy, which is meant to provide cover for two people. The only thing different in this is that the death benefit payout will only become available when both people are dead. The policy has flexible premiums, and comes with a cash accumulation benefit.
Other Products Offered
One of the main reasons why Protective Life Insurance Company is so highly rated by everyone in the market is because it offers outstanding coverage besides its policies. You can take advantage of different riders, which can be added to any policy and enjoy the great financial products. Here are the rest of the products offered by Protective Life Insurance Company:
Ø “Protect My Child” Plan
The Protect My Child life insurance policy from Protective is meant to provide comprehensive coverage for children. You don’t even want to think about something happening to your child, but terminal illnesses and unforeseen accidents are a harsh reality of life. This policy is designed to cover the final expenses if the tragic event of your child passing away becomes a reality.
The policy allows you to purchase a cash value insurance policy, with coverage from $10,000 to $100,000, while you get cash-value build-up without any taxes.
Ø Accidental Death Benefit rider:
The accidental death benefit rider offers the beneficiary with another death benefit, apart from the policy. This is a great coverage option for anyone working in hazardous conditions or those that are at a higher risk to accidental deaths.
Ø Accelerated Death Benefit rider:
The accelerated death benefit rider lets you take advantage of the death benefit in your policy to cover medical expenses if you have been diagnosed with a terminal, critical or chronic illness. This coverage allows you to enjoy the final years of your life without worrying about medical bills and expenses.
Ø Waiver of Premium rider:
The waiver of premium rider coverage is a great option for anyone who has become permanently disabled and can’t work any longer. The coverage ensures that you don’t have to pay the premiums of your policy, and you don’t lose out any of the benefits of the policy. However, you must prove that you are permanently disabled before you can qualify for this policy rider.
Ø Disability Income Rider:
The disability income rider is also meant for permanently disabled people and acts like an additional source of income from them. The disability income benefit will only be a percentage of the total value of the policy and will be paid out monthly. For instance, if your policy is worth $100,000 and your disability income is 1%, then you will be paid $1,000 every month.
Ø Guaranteed Insurability rider:
The guaranteed insurability rider coverage offers you with the chance to buy life insurance later in life without having to qualify for insurance. It is a great option for people, who think they will need more insurance later in life, and is ideal for covering the expenses of marriage or child birth. You don’t know what is going to happen to you in life, or whether you will remain healthy for the rest of your life, so it is wiser to get this rider now, so you don’t have to buy insurance at expensive rates later in life.
Ø Term Insurance Rider:
The term insurance rider can be added to any Universal Life insurance policy, and if offers you with a fixed amount of term insurance for a short period. Therefore, if you require additional life insurance temporarily, which is more than your current policy, you can qualify for additional coverage. This insurance rider policy is ideal for people, because you can get further coverage later in life.
Ø Children’s Term rider:
The children’s term rider is a great coverage option, because it allows you to get term insurance for your children. You may not want to get life insurance for the rest of your child’s life, but if you want temporary coverage, you can get that through this rider. The coverage is only for children that are younger than 25 years, and above 15 days old.
Protective Life Insurance company also offers you with various financial products, which include annuities. These annuities are designed to meet your financial needs and will cover your retirement income, while offering you with income for life. Protective also offers you with further investment and retirement planning products, but some are subject to market risks.
The Bottom Line
When it comes to life insurance companies, there are few companies that can match the track record of Protective Life Insurance Company. They have exceptional financial numbers and have been highly rated by the leading insurance rating agencies in the country. The best thing about Protective Life is that their life insurance policies are cost-effective and come with a lot of different riders, which allow people from any financial background to afford them.
The extensive product line of the company and their millions of satisfied customers have turned Protective Life Insurance into one of the best life insurance carriers in the United States. The company is renowned for quickly paying out claims to policyholders and have a great product line of financial products as well. If you are looking for a life insurance company that delivers exceptional services to all customers, then you can’t go wrong with Protective Life Insurance.
However, it is recommended that you conduct extensive research and compare all insurance policies thoroughly before buying them. Doing so will allow you to make informed decisions that are in your best interests. We highly recommend Protective Life Insurance Company for affordable life insurance policies and great coverage riders.