Protective Life Insurance: 2019 Company Review

Written by Rob Pinner

Protective Life Insurance Review

When the majority of consumers think about shopping for life insurance, the monthly premium costs plays a major part in their decision process. Another factor to look for when buying life insurance is the strength of the company your considering.

This is where we try and help, by giving you an honest review. In this article we will be reviewing Protective Life Insurance.

Protective Life Insurance Corp.

Protective Life has been doing business in the United States for over a 100 years. They currently have multiple subsidiary companies that offer insurance and investment products across America. Protective Life Corporation subsidiaries are:

  • Protective Life Insurance Company– This is the flagship subsidiary for Protective Life Corporation. They offer term life, whole life, indexed universal life, and variable life insurance to consumers nationwide.
  • Protective Life and Annuity Insurance Company– This subsidiary provides life insurance coverage and annuity products to residents in the state of New York only.
  • West Coast Life Insurance Company– West Coast Life was bought by Protective Life in 1996. They still provide term life coverage to consumers across the United States.
  • MONY Life Insurance Company– Protective Life bought MONY Life back in 2013. They also offer life insurance products nationwide also.
  • Lyndon Insurance Group– The Lyndon Insurance Group offers credit life, service contracts for cars and boats, and disability insurance. Personal finance companies, financial institutions, and car/boat dealers usually offer these products.

Costco even has a contract with Protective Life to sell insurance to their members. This should give you an idea of how great of a company that Protective is.

Protective Life’s Core Values


Ratings for Protective Life

Most consumers don’t realize this, but the most important factor when choosing to buy life insurance should be the insurance companies reputation and financial strength. After all you want the insurance company to be able to pay a claim when the time comes.

Financial ratings are assigned to most life insurance companies by leading rating services like Moody’s or A.M. Best. Protective boasts very high ratings and rightfully so. There ratings are:

protective life insurance

Protective Life Insurance Underwriting

“Simplifying Everything” is a core value that Protective Life Insurance lives up to. They have managed to separate themselves from other life insurance carriers with unique and innovative underwriting.

They call this innovative process “PLUS”. This stands for Protective Life Underwriting Solution.

PLUS is used to automate and speed up the life insurance underwriting process. Underwriting had been outdated and cumbersome for many years which is why Protective Life Insurance seeked change and was one of the first to implement.

Applicants age 18 to 45 and face amounts up to a $1 million qualify for the PLUS program. Applicants age 46 to 60 and face amounts up to $500K also qualify.

The major feature of PLUS is that most consumers that are eligible only have to complete a phone interview, NO MEDICAL EXAM. Protective Life Insurance is the leading innovator for the no exam life insurance you see marketed today.

This allows for the policy to be issued quickly and efficiently which was not the case when buying life insurance 5 years ago. Applicants that do no fall under the guidelines above must go through traditional underwriting with a paramed and blood work.

Protective Life Insurance Products

Protective Life Insurance offers a wide variety of life insurance products sure to meet almost all consumer needs. Their products are competitively priced and as we mentioned before, Protective life insurance is a strong financially rated company.

Term Life Insurance

Term life insurance is the most popular life insurance product on the market. This is simply because term life insurance is easy to understand and much cheaper than permanent life insurance.

Protective Life Insurance term life is called the Protective Classic Choice. They boast that the Protective Classic Choice has rates up to 49% less than the competition, which allows you to get more coverage to protect your loved ones.

Specifications for Protective Classic Choice Term:

  • Term Life Insurance Periods from 10 to 30 years
  • Issue Ages are:
    • 10-15 year plan: 18-75 (18-68 Tobacco)
    • 20 year plan: 18-70 (18-62 Tobacco)
    • 25 year plan: 18-55 (18-52 Tobacco)
    • 30 year plan: 18-52 (18-43 Tobacco)
  • Face Amounts:
    • $100K to $50 million
  • Guaranteed convertibility to any permanent life product (restrictions apply)
  • Premiums are level for term period chosen
  • Terminal Illness Rider free of charge
  • Additional Riders offered at additional cost:
    • Accidental Death Benefit
    • Children’s Term Rider
    • Income Provider Option (Disability)
    • Waiver of Premium

Whole Life Insurance

Protective Life Insurance offers a non participating whole life policy with a level death benefit, guaranteed premium, and guaranteed cash value accumulation.

It’s perfect for consumers looking for low face amounts along with the guarantees that whole life insurance provides. This product works well for seniors trying to cover their final expenses.

Specifications for Protective Life Whole Life Insurance:

  • Issue Ages:
    • 0-90 Non-Smoker
    • 16-90 Smoker
  • Minimum Death Benefit: $5,000

A unique feature that is included in these policies is the waiver of premium rider. This rider states that if you are disabled for 6 months, your premium on the policy is waived.

Universal Life Insurance (UL)

Universal life insurance is a permanent policy that can offer coverage for a certain number of years or for a lifetime. Unlike whole life, universal life has flexible premiums and flexible death benefits.

Protective Life Insurance offers four different types of universal life insurance. They are called:

Protective Advantage Choice UL

This universal life policy is designed for consumers who are looking for permanent death protection with flexible features. It also has the potential for cash value accumulation. Provides a guarantee premium to age 95, 100, or 120.

Protective Custom Choice UL

A universal life policy designed for consumers looking for affordable short or long term coverage with flexible features. Very similar to a term policy, but more flexibility. These UL policies have level premiums and flexible death benefits.

Pro Classic II UL & Pro Classic Legacy

These are current assumption UL (NO guaranteed premium) for clients looking a flexible death benefit for business or personal needs.

Indexed Universal Life (IUL)

Indexed universal life (IUL) is a type of UL policy offering flexible premium options with lifetime death protection. Indexed universal life policies are also linked to market index growth based on positive changes.

Indexed Universal Life insurance offers a potential for higher cash value accumulation with no loss from the market. Indexed universal life policies come with a floor and a cap. The floor rate is always 0%, while the cap fluctuates and set by the company each year.

The name of Protective Life Insurance indexed universal life policy is the Protective Indexed Choice UL.

Variable Universal Life (VUL)

A variable universal life policy uses part of your insurance premium and invests it into sub accounts which mirror mutual funds. This is typically based on what your goals and risk tolerance are.

Variable universal life is usually for consumers looking a higher rate of return and more comfortable with a higher risk of loss. They have the flexibility to move cash value among various investment choices.

Protective Life Insurance offers 2 variable life insurance products. They are:

Protective Investors Choice VUL

This product is used for consumers who are looking for lifetime death protections and the need for uncapped cash value accumulation.

Protective Strategic Objectives VUL

Consumers looking for a solution aimed a maximizing their long term growth for potential supplemental retirement income.

Always consult with an experienced licensed agent when looking into a variable universal life policy. These policies are most complex products sold today.

Survivorship Life

Survivorship life or also known as a second-to-die life insurance is a policy that insures the lives of two people, which includes married couples and business partners. Death benefits are paid on the 2nd insureds death.

These types of policies are usually more affordable than purchasing two separate contracts and are used for clients wanting wealth preservation and legacy planning.

Protective Life offers two types of survivorship life policies, a term life and universal life. They are known as:

Protective Survivorship Term

This policy provides affordable coverage with level premium for 10, 20, or 30 years.

Protective Survivor UL

This survivorship policy is permanent life insurance with a flexible premium and death benefit to meet all the consumers’ needs.

Our Thoughts

To be honest you can’t really go wrong with Protective Life Insurance. They are a strong financially rated corporation with some of the best rates around. They have fast underwriting procedures in place and offer multiple products.

As and independent life insurance broker, we use Protective Life quite often and consider them a “go-to” insurance carrier. If you have any questions or comments please don’t hesitate to let us know. We hoped you enjoyed this review and most of all we hope this help simplify the life insurance buying process.

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Rob Pinner
Rob Pinner

My name is Rob Pinner and I own EasyQuotes4You. At EasyQuotes4You we aim to make your life insurance buying process a smooth and stress free transaction.  We are independent life insurance agents servicing all 50 states. I have over 15 years of experience and have focused solely on life insurance for the past 5 years. If you have any questions or comments please don’t hesitate to give us a call.

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Linda Schlicher

How can you give them a high rating when they give people the run around when they file a claim. My husband died recently and I called to file a claim on a policy to pay off my mortgage. Called on the 12th was told a packet was being sent..then called on the 27th same story and now they send a letter asking why I didn’t respond to their letter…never got it. And they say if I do not respond within a certain time they will turn the money over to the state as unclaimed funds. Look on Yelp at the reviews of this company and you will see the same story over and over again. Not a reputable company.

August 3, 2019 at 5:36 pm
    Rob Pinner

    Linda-I am sorry about your husband and to hear about your experience with Protective. I have multiple claims with Protective and haven’t had one bad experience, but I know they do happen and it’s not just Protective. The key difference is that, as the agent, we were involved from the beginning of the claim. Is the agent that sold your husband the policy not around to help you? If he is I would give him a call and he should be able to help. If he is not you can give us a call and we can do a conference call together and see what we can get done. I would be more than happy to help you. Thanks for your input.

    August 4, 2019 at 12:24 pm
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