Key Takeaways
Protective has received a rating of 4 out of 5 stars in our evaluation of life insurance companies. The company offers a wide range of policies, including 35- and 40-year level term life options, which are rare in the industry. In addition to term life, Protective also provides whole life, universal life, indexed universal life, and variable universal life insurance policies.
Protective Life Insurance Products Offered
Protective offers several types of life insurance, including term life, whole life, and variations of universal life. Some of its policies can be purchased without a medical exam. The company is ranked among the top life insurance providers based on our evaluation of 20 large companies.
Term Life Insurance
Term life insurance allows you to lock in rates for a specific period, such as 20 years. After this term, you may have the option to renew the policy, but at a higher cost. This type of insurance does not accumulate cash value.
Protective Classic Choice Term
This policy offers level term options ranging from 10 to 40 years. The 35- and 40-year options are particularly rare and beneficial for young buyers who want long-term coverage at a fixed rate.
Protective Series Passport Simplified Issue Term
This no-exam term life option provides up to $250,000 in coverage with level term lengths of 10, 15, 20, or 30 years.
Comparison: Protective Classic Choice vs. Series Passport Term Life
| Feature | Classic Choice | Passport Simplified Issue |
|---|---|---|
| Medical Exam Required | Yes | No |
| Maximum Coverage | Higher | Up to $250,000 |
| Term Lengths | 10-40 years | 10-30 years |
Whole Life Insurance
Whole life insurance offers a guaranteed death benefit and access to cash value that grows at a guaranteed minimum interest rate.
Protective Series Whole Life
This policy can be purchased as a simplified issue (no exam) or fully underwritten. The simplified issue option allows for instant approval for qualifying applicants.
Protective Estate Maximizer II
This whole life policy requires a single premium payment and is designed for older buyers who want to leave a legacy. It offers instant approval for certain ages and face amounts.
Universal Life Insurance
Universal life insurance provides flexibility with adjustable premiums and death benefits. Premium payments can be increased, decreased, or skipped, which affects the death benefit. There is usually the potential to build cash value, which can be accessed for any purpose.
Protective Advantage Choice UL
This policy allows for fixed, time-limited, or income-based premium payments. However, it has a high premium load of 25%, which is deducted before money is allocated toward cash value.
Protective ProClassic II UL
This policy offers similar payment options to the Advantage Choice UL, with two death benefit options: Level or increasing. The increasing death benefit pays out the face amount plus cash value upon death.
Protective Lifetime Assurance UL
This policy prioritizes the death benefit over cash value. A return of premium rider is available, allowing for 25% of premiums back if canceled after 10 years. It also has a high premium load of 25%.
Comparison: Protective’s Universal Life Insurance Policies
| Feature | Advantage Choice UL | ProClassic II UL | Lifetime Assurance UL |
|---|---|---|---|
| Premium Options | Fixed, time-limited, income-based | Same as Advantage Choice | Same as Advantage Choice |
| Death Benefit Options | None | Level or increasing | Level only |
| Cash Value | Yes | Yes | Minimal |
Protective Survivor UL
This universal life policy insures two lives under one policy, paying out when the second person dies. It is often used for estate planning and to cover large estates.
Indexed Universal Life Insurance
Indexed universal life (IUL) policies tie cash value growth to an index, such as the S&P 500. While funds are not directly invested in the index, IUL policies offer potential for market gains.
Protective Indexed Choice UL
This policy allows for flexible death benefit adjustments and offers options for fixed account growth or index-linked growth.
Variable Universal Life Insurance
Variable universal life (VUL) policies allow you to allocate cash value among various investments. Your cash value is subject to the performance of your chosen subaccounts.
Protective Strategic Objectives II VUL
This VUL policy offers two death benefit options: a level benefit that can increase if cash value exceeds the face value, or a benefit equal to the face amount plus cash value.
How Much Does Protective Insurance Cost?
The costs below are for Protective’s 20-year Classic Choice term life policy for buyers in excellent health. Rates were consistently higher than average in our analysis. Face amounts start at $100,000.
| Policy Amount | Monthly Cost |
|---|---|
| $500,000 | $XX.XX |
| $1,000,000 | $XX.XX |
| $2,000,000 | $XX.XX |
Your actual rates will depend on factors such as age, health, and gender.
What Riders Are Available From Protective?
Riders vary depending on the policy. Some common riders include accelerated death benefit, waiver of premium, and additional coverage options.
Notable Features of Protective’s Life Insurance Underwriting
Protective’s underwriting rules are more lenient regarding cigar smoking, allowing up to 12 celebratory cigars per year for non-nicotine rate classes. It also offers an accelerated underwriting program for faster processing, with fewer requirements for fluid samples or doctor statements.
Protective’s Customer Satisfaction
Protective has lower complaints compared to the industry average, indicating good customer satisfaction. It also ranked above average in J.D. Power’s 2024 U.S. Individual Life Insurance Study.
About Protective
Founded in 1907, Protective is based in Birmingham, Alabama. It offers a variety of life insurance policies and annuities, as well as other financial services. The company sells through financial advisors, institutions, and partnerships like Costco.
FAQ
Does Protective offer online quotes?
Yes, term life insurance quotes are available online. Other policies require an agent or advisor for a quote.
Do any other companies match Protective’s maximum term lengths?
Yes, Legal & General America offers 35- and 40-year term policies.
Who owns Protective Life?
Dai-Ichi Life Holdings, a Japanese financial services company, is the parent company.
Methodology
We evaluated 20 large life insurance companies based on metrics such as term life cost, internal charges, policy reliability, and complaint levels. Sources included Buy Side research, NAIC, SelectQuote, and Veralytic. Advertisers do not influence our ratings.
