PROTECTIVE LIFE INSURANCE
- Rated 4 stars out of 5 by NerdWallet.
- Offers term and whole life insurance, plus four types of universal life policies.
- Fewer complaints to state regulators than expected for a company of its size.
Protective Life Insurance Company offers term and whole life, plus four types of universal life insurance, including a low-priced policy to rival term life insurance.
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Protective life insurance
Protective Life earned 4 stars out of 5 for overall performance. NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account complaint data from the National Association of Insurance Commissioners and financial strength ratings.
Protective life insurance policies
Term life. Protective offers 10- to 40-year term life insurance policies with coverage of $100,000 to $50 million, with the option to convert to a permanent policy without a medical exam. Depending on your state, the policy could include a terminal illness rider, which pays out early death benefits if you become terminally sick. Online quotes are available for policies up to $10 million.
Whole life. Protective offers whole life insurance policies with level premium payments and a cash value that grows at a fixed interest rate.
Universal life insurance designed for affordability. The Custom Choice policy, marketed as an alternative to term life insurance, is priced lower than other permanent policies. You pay a level premium for coverage for a certain period, from 10 to 30 years. At the end of this period, the price stays the same, but you begin receiving less coverage. The universal policy is designed for people who think their life insurance needs will decrease when they get older but still want some coverage until they die. The policy isn’t designed to build substantial cash value.
Other types of universal life insurance from Protective:
- Universal life provides permanent coverage but offers the flexibility to raise or lower premiums and coverage to accommodate your changing needs. The accompanying cash value account grows tax-deferred.
- Variable universal life lets you tie the growth of the cash value account to underlying stock investments.
- Indexed universal life policies offer lifetime coverage with flexible death benefits and premiums, plus a cash value that grows based on a fixed interest rate or stock market indexes.
Protective customer complaints and satisfaction
Over three years, Protective life insurance has had fewer than the expected number of complaints to state regulators for a company of its size, according to NerdWallet’s analysis of data from the National Association of Insurance Commissioners.
Protective fell below the industry average for overall customer satisfaction in the 2020 J.D. Power U.S. Life Insurance Study. The insurer ranked No. 12 overall out of 23 companies included in the survey.
More about Protective life insurance
Protective’s website features an array of educational content, plus a life insurance coverage calculator and policy finder. The online portal allows policyholders to sign up for electronic billing, change their address, update beneficiaries and review account information.
In addition to life insurance, Protective offers fixed, immediate, variable and indexed annuities.
Protective life insurance pros and cons
|Fewer than expected complaints to state regulators for a company of its size.||Scored below the industry average in J.D. Power’s U.S. Life Insurance Study for overall customer satisfaction.|
|Offers a range of term, whole and universal life insurance, including term life policies extending as long as 40 years.|
|The Custom Choice universal life policy is priced to rival term life policies.|
Methodology: Life insurance ratingsNerdWallet’s life insurance ratings are based on weighted averages of financial strength ratings, which indicate a company’s ability to pay future claims, and complaint index scores from the National Association of Insurance Commissioners for individual life insurance. To calculate each insurer’s rating, we adjusted the scores to a curved 5-point scale.
These ratings are a guide, but we encourage you to shop around and compare several insurance quotes to find the best rate for you. NerdWallet does not receive compensation for any reviews.