Protective Life has long offered life, asset, and retirement insurance. The Protective Life Insurance Company began in 1907. Its market longevity serves as a substantial indicator of its dependability. Notably, AM Best has awarded Protective Life an impressive A+ rating. As mentioned earlier, the rating results from comprehensive assessments conducted on financial components, including balance sheets and tax returns. An A-grade or higher from AM Best indicates that an organization possesses sound financial stability and is probable to meet its obligations, including early withdrawals or life insurance claims. Conversely, a rating of B or below may suggest the necessity for significant enhancements to maintain functionality.

Pricing of Protective Life Insurance Policies

Your age, health, and coverage choice determine the cost of your Protective Life policy. Permanent life insurance is more expensive but guarantees lifelong coverage and builds cash value.

See these examples to understand Protective Life's prices. Protective Custom Choice UL policies for 30-year-old men cost $7.46 monthly and cover $100,000 for ten years. We also got term life insurance quotes to learn more. For $49.97 per month, a 43-year-old woman can buy a $500,000 term life insurance policy for 30 years. For $11.83 per month, a 23-year-old man can get a 30-year term policy with $100,000 coverage. These quotes are based on average health profiles and height and weight standards.

Protective Life Insurance Plans

Indexed Universal Life Insurance

With the ability to adjust premium payments, indexed universal life insurance provides a distinctive combination of cash value appreciation tied to an index such as the S&P 500. Individuals who desire their cash value to exhibit the performance of a prominent financial index would benefit from this category of policy. Participation rates and cash value growth caps are typical components of indexed universal life insurance. These are essential components of these policies and a range of costs.

One example of a product accessible to individuals between 18 and 75 is the Protective Indexed Choice UL. Two interest-bearing accounts are available for selection under this policy. The first fixed account offers a minimum assured interest rate of 1%. The cash value of the second type of account is an indexed account, in which fluctuations may occur due to the performance of the S&P 500. Indexed accounts carry a greater potential for greater returns but entail greater risk than fixed accounts.

In particular, indexed accounts guarantee that the interest rate will never fall below 0%. Although policy fees may continue to depreciate your cash value, it will remain unaffected by a decline in the S&P 500. Changing funds between fixed and indexed accounts is permitted after the initial year. Furthermore, you are perpetually allowed to withdraw or borrow funds from your cash value.

Variable Universal Life Insurance Simplified

Maximizing flexibility is the primary objective of variable universal life insurance. This type of policy permits modifications to premium payments and death benefits. Its cash value is contingent on the selection of subaccounts. An option available is a fixed account that provides a minimum guaranteed interest rate and a marginally reduced level of risk. As with other universal life insurance policies, it gives the flexibility to withdraw or borrow funds from the cash value as required.

Protective Strategic Objectives II VULs start at $100,000 for people 18–90. Fixed cash value accounts guarantee 1% interest. Other options include creating a personalized portfolio with individual investment accounts. Borrow $500 or withdraw 99% of the cash value, whichever is more. A safety net against policy lapse is part of this policy. You have a 61-day grace period to settle the delinquent amount before the policy lapses if the surrender value exceeds the monthly deduction on any monthly anniversary.

Term Life Insurance

Those who require protection for a limited period from a life insurance co., such as their working years, should consider term life insurance. Consider that, should something happen to you during your working years, you wish to provide for your family financially. s. In such cases, term life insurance is applicable. It is generally less expensive and does not accrue cash value than other types of life insurance.

The age range for whom Protective's Classic Choice Term life insurance is intended is 18 to 52 years. You may select the duration of coverage, which ranges from ten to forty years, and the coverage amount, which is astronomical at $50 million. Remember that although you can renew these policies until you turn 90, doing so will incur an additional premium.

Whole Life Insurance

Whole life insurance functions similarly to a safety net in that its benefits endure for one's life on the condition that premiums are consistently paid. What is the best part? It accrues cash value gradually while maintaining constant premiums. If necessary, you can even borrow against the cash value.

The Non-Participating Whole Life Insurance is unique among protective insurance policies, which forego dividend payments. The cash surrender value, premium, and bereavement benefit are all fixed at the time of purchase of this policy. Contingent on your health and risk factors, it is accessible until you reach the age of 90 and provides death benefits that can exceed $1 million, beginning at $1,000 or $100,000.

Universal Life Insurance

Universal life insurance offers whole-life coverage and is highly adaptable. You can select policies in which your premiums and the distribution to your beneficiaries upon your demise remain constant. Those who choose a cash value policy can withdraw or borrow funds against the policy.

The Protective Custom Option UL is designed for individuals aged 18 to 85 and provides flexible premiums instead of cash value accumulation. You determine whether your death benefit remains constant for ten to thirty years or the duration of your life. Following the specified period, your premium remains unchanged; however, the death benefit diminishes annually until it reaches $10,000, at which point your premiums will increase. The coverage maximum is $1 million and commences at $100,000.

Final Verdict

Customer satisfaction is another critical element that sets this life insurance co. Company apart from its competitors. The protective life insurance company also excels with the most recent JD Power life insurance study, which awarded Protective Life a score of 759. As mentioned earlier, the score encompasses many dimensions of customer experience, such as the quotation process, policy binding, claims management, and overall engagements among the organization, its clientele, and beneficiaries.