Protective Life Insurance Review

Some of the most cost-effective plans in the country are offered by Protective Life Insurance, and they also have excellent acceptance rates for people with health issues.

In addition, Protective is one of the few companies that offers term life insurance plans with set rates for 40 years or more. There are several restrictions for ex-smokers, and the application procedure might take up to six weeks longer than usual.

This means that if you’re looking for insurance that don’t need a medical test right away, you’ll have to go elsewhere. For those seeking inexpensive rates or long-term choices, Protective is a good option to investigate.

Protective life insurance rates

Protective Life Insurance Review - Protective Life Insurance Logo

Using Protective life 2021 rates for a $500,000, 20-year term policy, we calculated the average cost of coverage for a healthy man and woman. With all rates lower than average until 65 for a policy of this size and duration, rates are quite competitive.

  • Age 20. Male $19.07, Female $16.18
  • Age 25. Male $19.08, Female $16.20
  • Age 30. Male $19.75, Female $16.57
  • Age 35. Male $22.31, Female $18.89
  • Age 40. Male $32.19, Female $26.91
  • Age 45. Male $50.52, Female $40.01
  • Age 50. Male $77.38, Female $60.26
  • Age 55. Male $126.93, Female $93.05
  • Age 60. Male $230.38, Female $159.40
  • Age 65. Male $481.10, Female $371.13

Factors that affect your rate with Protective

The best prices at Protective are only available to those who fulfill stringent underwriting criteria:

  • Blood pressure. If you’re under 60 or 61 to 70, your preferred blood pressure range is 135/85 or 140/85.
  • Cholesterol. Protective focuses on the good-to-bad cholesterol ratio, so even if your cholesterol is as high as 275, you may qualify for preferred rates.
  • Reputation as a driver. If you’ve had a DWI, DUI, or suspension within the last five years, or if you’ve had more than two moving infractions in the last three, you may not be eligible for preferred rates.
  • History of the family. Preferred rates are available to those without a family history of cancer, heart disease, or cardiac disorders who die before the age of 60.
  • Substance abuse, such as smoking or drinking. Protective permits six celebration cigars, but the best prices go to people who haven’t smoked in five years and don’t have a history of substance misuse.

How to get a quote from Protective life insurance

For a term life insurance policy, the sole way to acquire a quotation is online only, which is unusually lacking in phone support:

  1. Go to the Protective Life webpage to learn more about our products and services. Simply click Term Life Insurance on the top ribbon after you’ve hovered over it. The next step is to get a term life insurance quote by clicking Get a quote.
  2. Enter your state, date of birth, gender, amount of coverage, plan, height, weight, and health status, as well as whether or not you currently consume cigarettes as part of your information. To obtain a quote, click on Get a quote now.
  3. You’ll be presented with a number of choices; click the Apply Now button next to the one that most closely matches your needs.
  4. For an estimate on a complete, permanent, or universal coverage, contact Protective at 844-733-5433.

What happens next?

Your application may be underwritten by Protective for three to six weeks before it is finished. Anything more than four weeks is out of the ordinary for the approval procedure of an insurance.

Once your application has been approved, your insurance coverage will begin and you will be able to create an online account.

Protective offers term and permanent life

Permanent life insurance plans are available only from Protective, and you won’t find them with any other insurer. The following packages are on offer:

  • Term life insurance. Options range from 10 to 40 years for periods and $100,000 to $5 million in coverage. In addition, the premiums are flat, and the insurance may be converted to a permanent one without undergoing a medical examination.
  • Life insurance with a variable premium. Aside from providing everlasting security, this policy accrues financial value via prudent investment selection. Once you’ve accrued enough cash value, you may make changes to your premiums and death benefit, as well as borrow against it.
  • Life insurance for everyone, everywhere. Custom choice universal life, variable universal life, and indexed universal life are the three types of universal life insurance offered by Protective. They differ in the way your money is invested and in the types of coverage they provide. All of these plans have a cash value, premiums that may be adjusted, and death benefits.

Protective life insurance add-ons

Protective, like the majority of big insurers, allows you to personalize your coverage by adding extras like the following:

  • Accelerated death benefit rider. In the event of a chronic, severe, or fatal disease, an early payout is available.
  • Rider for accidental death insurance. In the event of your death as a result of an accident, you will get an additional death benefit.
  • Rider who is under the age of 18. Insures children with no additional coverage required.
  • Rider for disability income. If you become totally incapacitated and unable to work, your insurance will pay out a monthly payment based on a percentage of your policy’s value.
  • Rider that ensures you’ll be covered by insurance. Increase your life insurance coverage without having to answer any medical questions.
  • A rider for your homeowners insurance that covers things like dental and vision care. Increases your current life insurance coverage for a certain amount of time by purchasing term life insurance on top of it.
  • Rider waiving the right to a higher price. Your premiums are put on hold if you become injured or unable to work for an extended length of time.

Protective life insurance reviews are mixed

This company has no BBB accreditation, but it has an A+ rating from the Better Business Bureau (BBB), indicating that its customers are well-cared for. Customers have complained about billing and communication problems, but Protective has responded quickly to all of them.

How Protective compares to other insurers

There are no universal or variable life plans like Protective Life is available anywhere else, and its 40-year term life insurance policy is a world first.

People with pre-existing health issues are also covered by the firm, and if your health improves within a year of purchasing coverage, you may be eligible to have your premium reassessed. Many businesses are less forgiving when it comes to employees’ health concerns than the federal government is.

Also, according to our rate calculations, a healthy 30-year-old guy would spend $19 a month for a $500,000, 20-year term insurance with Protective. A $250,000, 20-year term insurance policy costs around $17 a month on average for the same person.

Even so, you should expect a delay in insurance approval of three to four weeks.

For another life insurance review, visit our review of Progressive Life Insurance Review.

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Levi Jorgensen
Levi Jorgensen is a life-long explorer. When he's not writing about life insurance, he works as an appraiser of antiques. He's based in Columbus, Ohio with his wife and 2 children.
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