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Protective Life Insurance Review 2020

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at a glance

  • Offers term life insurance and four types of universal life policies.
  • Fewer complaints than expected for a company of its size.
Shopping for life insurance during the pandemic? Be aware that insurers may have changed their products and policy applications. For the latest information on how to cope with financial stress during this emergency, see NerdWallet’s financial guide to COVID-19.

Protective Life Insurance Co. offers term life and four types of universal life insurance, including a low-priced policy to rival term life insurance.

» MORE: Compare life insurance quotes

Take care of what matters most

Your family is unique — your life insurance should be, too.

Protective Life insurance

4.0 NerdWallet rating

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 from A.M. Best.

Life insurance options from Protective Life include:

Term life. Protective offers 10- to 30-year term life insurance policies with coverage of $100,000 to $50 million. Online quotes are available for policies up to $10 million.

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 the 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 is not designed to build substantial cash value.

Other types of universal life insurance.

  • 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.
  • Survivorship universal life, sometimes called joint survivorship or second-to-die life insurance, covers two people under one policy. It’s designed for couples and can be used as an estate planning tool. The policy pays out when the second partner dies. The coverage may be less expensive than buying two separate policies.

Life insurance for children. Protect My Child is a whole life insurance policy. You can buy $10,000 to $100,000 of coverage on a child 14 days to 17 years old.

Protective Life complaints and customer satisfaction

Over three years, Protective Life has had fewer complaints to state regulators than expected for a company of its size, according to NerdWallet’s analysis of data from the National Association of Insurance Commissioners.

Protective Life was rated “about average” for overall customer satisfaction in the J.D. Power 2019 U.S. Life Insurance Study. The company scored 10th out of 24 insurers evaluated.

Customer satisfaction category Protective Life's score
Overall satisfactionAbout average
Billing and paymentBelow average
PriceBetter than most
Policy offeringsBelow average
InteractionBetter than most
CommunicationAbout average

More about Protective Life

In addition to life insurance, Protective Life offers an array of retirement annuities, including immediate, fixed, variable, indexed and registered index-linked varieties.

Methodology: Life insurance ratings

NerdWallet’s life insurance ratings are based on weighted averages of complaint index scores from the National Association of Insurance Commissioners for individual life insurance, and financial strength ratings from A.M. Best, which indicate a company’s ability to pay future claims. To calculate each insurer’s rating, we adjusted the NAIC and A.M. Best 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.

Methodology: Insurer complaints

NerdWallet examined complaints received by state insurance regulators and reported to the National Association of Insurance Commissioners in 2016-2018. To assess how insurers compare to one another, the NAIC calculates a complaint index each year for each subsidiary, measuring its share of total complaints relative to its size, or share of total premiums in the industry. To evaluate a company’s complaint history, NerdWallet calculated a similar index for each insurer, weighted by market shares of each subsidiary, over the three-year period. Ratios are determined separately for auto, home (including renters and condo) and life insurance.