Thursday, June 16, 2022

Is Protective Life Insurance A Good Company

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Protective Life Insurance Overview

Protective Life Insurance Company

Protective Life Insurance has its pros and cons, but overall, its a great choice for life insurance.

AM Best rates Protective Life insurance as financially strong with an A+ rating. However, Protective scored below average in J.D. Powers 2020 U.S. Life Insurance Study but on the plus side, the company has much fewer than average company complaints per the National Association of Insurance Commissioners Company Complaint Index, scoring a 0.33.

In terms of coverage options, youll find the basics like term, whole, and universal life insurance. However, the company stands out for its unique custom universal life insurance policy. You can also build a personalized policy by taking advantage of Protectives riders.

PROS

  • Many different riders for customizationProtective Life offers a long list of riders that allow for building a customized policy.
  • Flexible universal life insurance optionYou can purchase custom choice universal life insurance, which has low premiums and adjustable coverage.
  • Coverage is available nationwideProtective Life sells life insurance policies in all 50 states.
  • Affordable term life insuranceAccording to Protectives website, its term life insurance policies cost up to 43% less than competitors.

CONS

How Do I Make A Claim

Protective Insurance company is one of the few companies that provide an online claims center on its website. It also allows you to start the claim process by completing the initial Protective Life Insurance forms through a web form.

To complete the claim, you will need an original copy of the insurance policy, the policy number, and a death certificate for the deceased.

Once the claim is approved, you will be able to set up a Protective Life Insurance immediate benefit account where your funds can easily be accessed. This is the fastest and easiest way to receive your Protective life insurance payout.

Cancellation Policy: Use Your Free Look Period

Customers who purchase policies through Protective Life have a 10-day period called a free look period during which they can cancel their policy for no cost. However, surrender charges kick in for customers who wait to cancel. Partial surrenders may have a commuted value. While full surrender charges are not immediately available on Protective Lifes website, they can range from 7% to 0%.

New policyholders have a 10-day free look period, during which they can cancel their policy for no cost.

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Who Is Protective Life Insurance Company

Above all, as an independent agent, 100 years plus Protective Life Insurance Company is my go-to carrier. In fact, from top to bottom, from start to finish they are my carrier of choice.

Furthermore, Protective Life term and UL products are among the best products in the industry and come with many options to fit the clients needs.

With that said, Protective Life Corporation was founded 112 years ago in 1907 by Governor William Dorsey Jelks. Headquartered in Birmingham, Alabama, their products are available in all 50 states.

The company is a tremendous success and continues to grow year in and year out with just under 3,000 employees, annual revenues of just under $5 billion and assets of 75 billion.

Over the years Protective Life has had some subsidiaries that they accumulated.

  • Protective Life and Annuity
  • ProEquities Inc./Protective Securities
  • Protective property-casualty insurance company
  • Again, the company continues to grow and add assets that make sense to the successful business model. They continually focus on financial security and asset protection!

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    Protective Life Insurance Company Review

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    Rachael Brennan has been working in the insurance industry since 2006 when she began working as a licensed insurance representative for 21st Century Insurance, during which time she earned her Property and Casualty license in all 50 states.After several years she expanded her insurance expertise, earning her license in Health and AD& D insurance as well. She has worked for small health in…

    Written byRachael Brennan Licensed Insurance Agent

    Benjamin Carr was a licensed insurance agent in Georgia and has two years’ experience in life, health, property and casualty coverage. He has worked with State Farm and other risk management firms. He is also a strategic writer and editor with a background in branding, marketing, and quality assurance. He has been in military newsrooms literally on the frontline of journalism.

    Former Licensed Life Insurance Agent

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    Protective Life Insurance Review: The Good

    One of the most impressive things about Protective Life Insurance company is its age. Having been around for over 100 years is a good indicator of its financial stability. Its also a reliable sign that the insurer delivers quality services, as it wont be in business for that long if it didnt.

    Well take a closer look at the pros and cons below to give you a better idea of whether to go with Protective or not.

    Protective Life Vs Northwestern Mutual

    Protective Life and Northwestern Mutual have some similarities. They both sell term, whole, and universal life insurance policies, plus, both companies emphasize affordable term life insurance coverage. Overall, we found that Northwestern Mutuals website was lacking vital information about its policies, and felt like Protective Life had better online resources. In terms of third-party ratings, however, Northwestern Mutual has much better J.D. Power customer satisfaction, scoring a 790 out of 1,000, compared to Protective Lifes 754.

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    Universal Life From Protective Life

    It should be mentioned that Protective life has three unique universal life insurance plan designs.

    Universal Life Insurance is a type of permanent policy where the excess premium payments above the current cost of insurance are credited to the cash value of the policy.

    You can structure your universal life plan in two different ways:

    • No cash value accumulation Custom Choice UL
    • No cash value accumulation Costco Member Advantage Life UL
    • Builds cash value Advantage Choice UL

    Is Protective Life Insurance Worth It

    Protective Life Insurance | Life Insurance Company Review by Quotacy

    In this Protective Life Insurance review, you learned about this companys stability. You also learned that its the subject of fewer complaints, as well as their many other pros.

    These are all positive aspects that may make Protective a good choice. However, keep in mind that the company would most likely require a medical exam. If you rather not undergo a test, then Protective may not be the best choice.

    If youre looking for the fastest way to compare life insurance plans and rates, Top Whole Life is here to help. Request your whole life quote from us now so you can start exploring your other options!

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    Is Protective A Good Life Insurance Company

    Protective life insurance ranks well against other life insurance companies in most circumstances.

    Protective typically offers lower-than-average rates across the board, allows you to manage your policy online, and offers rate reconsideration after youâve had your policy for a year. Individuals who arenât in optimal health might not see rates as low as other Protective customers, but they could still pay competitively priced premiums.

    However, Protective tends to have a slower-than-average application approval and the policy cannot be canceled online â the company requires a phone call for policy cancellation.

    What Are Protective Lifes Programs

    Most of us are familiar with the discount member superstore, Costco. Costco & Protective Life Insurance are exclusive partners, meaning Costco members can enjoy discounts on Protective Life Insurance policies. The video below features Costco promoting Protective Life.

    Costco members can use the Costco & Protective Life Insurance program to save as much as 15 percent off life insurance.

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    How Can I Shop For Life Insurance Quotes

    Many people select a company and policy based on price. Instead, avoid these five mistakes by comparing taking some time to understand your individual insurance needs:

    • Picking the wrong type of insurance policy
    • Purchasing too much or too little insurance
    • Selecting an insurance provider without comparing plans and rates
    • Purchasing life insurance when its more expensive
    • Selecting a plan that offers little flexibility to change with your needs

    Although some companies allow you to complete a life insurance purchase online, you may want to use a life insurance planning tool to help you get started.

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    Waiver Of Premium Rider

    Protective Life

    If you are unable to pay your life insurance premiums due to total disability then with the help of this rider, you can stop paying your premiums until you are healthy enough to work full-time again. Your policy will still be in force just as if you were still paying premiums. However, a proof of total disability is required.

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    Protective Insurance Review Of Custom Choice Ul

    With benefits similar to term, Custom Choice UL offers the flexibility of a universal life policy at rates that are typically much less than other types of universal life insurance on the market.

    We highly recommend this product!

    Like term insurance, Custom Choice UL does not accumulate cash value, but the premiums have a guaranteed no-lapse guarantee to maintain coverage until a specific age.

    With hybrid universal life insurance, you are not required to contribute additional money into your contract to build a cash value.

    As long as you continue to pay the no-lapse guarantee premium, your coverage will remain in force.

    If you live beyond the originally selected age, the death benefit will begin getting smaller, while the original premium will always remain the same.

    So, premiums can be coordinated with your desired budget and the death benefit required for your family.

    Protective life review of Custom Choice Ul:

    • Guaranteed low-cost premiums which remain level for your lifetime
    • Level payment for 10, 15, 20, 25, or 30 years
    • If you live beyond the initial term period, the death benefit will reduce, but your premium will always remain the same.
    • Options to extend your coverage for your life should your needs change
    • Coverage amounts from $100,000 to $50,000,000
    • Policyholders can convert their term life policy to a permanent life policy.
    • Income tax-free death benefit to your beneficiaries

    Protective Life Insurance Agent Login

    Here is the Protective Life Agent Login

    First, PinnacleQuote is here to help. Second, Speak with one of our agents, and theyll be able to answer any and all of your questions. Third, We can help set you up with the best life insurance companies and find the most reasonably-priced policies for you. Finally, Working with us will save you a tremendous amount of time, energy, and money.

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    Protective Life Review Of Classic Choice Term

    The name of their term insurance product is called the Protective® Classic Choice Term. Here are a few of the classic choice highlights:

    • Term periods from 10, 15, 20, 30, and 40 years
    • Coverage amounts from $100,000 to $50,000,000
    • Guaranteed level premiums and death benefits
    • Policyholders can convert their term life policy to a permanent life policy
    • Income tax-free death benefit to your beneficiaries

    Protective Life Insurance Add

    2017 Review of Protective Life Insurance Company

    Like most major insurers, Protective lets you customize your coverage with riders like:

    • Accelerated death benefit rider. Offers an early payout if youre diagnosed with a chronic, critical or terminal illness.
    • Accidental death benefit rider. Pays an extra death benefit if you die from an accident.
    • Child rider. Covers a child without taking out a separate policy.
    • Disability income benefit rider. Pays out a percentage of your policy as a monthly benefit if you become fully disabled and cant work.
    • Guaranteed insurability rider. Lets you purchase additional life insurance without any medical questions.
    • Term insurance rider. Adds term life insurance on top of your current coverage for a specific period.
    • Waiver-of-premium rider. Pauses your premiums if you become disabled or unable to work for a period of time.

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    How Is The Customer Experience

    The NAIC tracks customer complaints for insurance companies around the US.

    According to the NAIC, there were 28 customer service complaints filed against Protective Life. The worst customer experience reviews were logged against unresponsiveness and delays in claim handling.

    However, Protective Life does feature numerous positive customer service reviews and is not inclusive of Protective auto insurance reviews. The best customer experience reviews are featured on the page and overall Protective Life maintains a high customer rating of 4.5 out of 5 stars.

    Its important for customers to have a good customer experience with their insurance company.

    Protective Offers Term And Permanent Life

    Protectives life insurance lineup includes permanent policies that you wont find with every insurer. Plans offered:

    • Term life insurance. Choose flexible terms from 10 to 40 years and coverage ranging from $100,000 to $5 million. The policy also comes with level premiums and can convert to a permanent plan without a medical exam.
    • Variable life insurance. Along with lifelong protection, this policy builds cash value from professionally managed investments. You can adjust your premiums and death benefit or borrow money once you build enough cash value.
    • Universal life insurance. Protective offers three types of universal life policies, custom choice universal life, variable universal life, and indexed universal life. All of these policies have cash value, adjustable premiums and death benefits they differ in how your money is invested and coverage options.

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    Financial Strength And Ratings

    Protective Life Insurance Company is considered to be a very strong and stable company from a financial standpoint. It also is well respected for paying out its policyholder claims. In 2015 alone, Protective paid out over 20,000 life insurance claims in the amount of approximately $1.9 billion. The average processing time on a life insurance claim at Protective Life Insurance Company was 6.22 days. For this reason, the company has been given high marks from the insurer ratings agencies. These ratings include the following:

    • A+ from A.M. Best This is the second highest out of a possible 15 total ratings.
    • AA- from Standard & Poors This is the fourth highest out of a possible 21 total ratings.
    • A from Fitch This is the sixth highest out of a possible 22 total ratings.
    • A2 from Moodys This is the sixth highest out of a possible 21 total ratings.

    Although Protective Life Insurance Company is not BBB accredited, the BBB has provided Protective with the grade of A+. This is on an overall grade scale of A+ to F.

    Costco Life Insurance Faq:

    Protective Life Insurance Company [2020 Review ...

    Should I buy life insurance from Costco?

    If youâre relatively healthy and the policy options suit your needs, a Costco life insurance policy is worth considering, but we recommend comparing quotes from multiple providers before committing.

    What life insurance company does Costco partner with?

    Costco partners with Protective to sell term life insurance policies.

    Does a Costco life insurance policy offer a better deal than other life insurance?

    Despite the Costco discount, most people can find better rates and more flexibility by shopping around for coverage.

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    How To Get A Quote Online With Protective Life

    The best way to get life insurance quotes is to use our quote tool. However, Protective Life offers term life insurance quotes online. Your first step is to visit Protective Lifes insurance home page. The quote button is right at the top of the page.

    Once you click that green term life quote button, the quote form comes up. Youll need to know how much coverage you need and how long a term you want as well as your height, weight, home address, and general health status.

    If you dont know your coverage amount, dont panic Protective Life has an insurance calculator on its website that you can use to figure this out.

    Fill out the form and click on See My Quote to get your term life insurance quote.

    This form only works for term life insurance. The best way to get other life insurance quotes from Protective is to call them at 1-844-733-5433.

    Protective Life Vs Globe

    Compared to Protective Life, Globe is lacking in terms of policy options and riders available. Globe doesnt offer universal life insurance, and the company only advertises three riders on its website, compared to Protectives seven riders. However, J.D. Power rated Globe Life as the second-best life insurance provider for overall customer satisfaction, which is a big advantage of Protective Lifes below-average rating.

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    Why You Can Trust Bankrate

    Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. Weve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next.

    Bankrate follows a strict editorial policy, so you can trust that were putting your interests first. All of our content is authored by highly qualified professionals and reviewed by subject matter experts, who ensure everything we publish is objective, accurate and worthy of your trust.

    Our insurance team is composed of agents, data analysts, and customers like you. They focus on the points consumers care about most price, customer service, policy features and savings opportunities so you can feel confident about which provider is right for you.

    • We guide you throughout your search and help you understand your coverage options.
    • We provide up-to-date, reliable market information to help you make confident decisions.
    • We reduce industry jargon so you get the clearest form of information possible.

    All providers discussed on our site are vetted based on the value they provide. And we constantly review our criteria to ensure were putting accuracy first.

    Protective Life Insurance Review

    Life Insurance Solutions | Field Resources | New York Life

    Did you know that the US is home to almost 6,000 different insurance companies? Of that, 841 insurers provide life/annuity insurance plans. In 2019, these life/annuity insurers alone had cash and invested assets totaling $4.3 trillion.

    800+ companies are a lot to choose from, so its essential to read insurance reviews before you select one. In doing so, you can learn more about each insurer as a whole, especially the pros and cons of their offers.

    To that end, weve come up with this Protective Life Insurance review to help guide your decision. Read on to learn whats great about this company and if theyre the right choice for you and your family.

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