Review of Protective Life Insurance

Jan 31, 2024 By Susan Kelly

The benefits of term life insurance can be obtained at a low premium through a policy offered by Protective Life Insurance Company.

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Our writers and editors adhere to stringent editorial criteria to help you make educated financial decisions and pick the best products. Find out who we work with and how we make money below.

Your life insurance policy should reflect the specifics of your household.

Safeguarding one's loved ones with adequate life insurance

In total, Protective Life received 3.5 stars from NerdWallet. Our editorial staff decides how to rank products on NerdWallet. Consumer feedback, NAIC complaint data, and financial stability are all factored into the scoring system.

Life insurance products that offer protection

Temporary or permanent life coverage. Coverage amounts from $100,000 to $50,000,000 are available through Protective's term life insurance plans, which can be converted to permanent coverage without needing a medical checkup once 10 to 40 years have passed. If you become terminally ill, the insurance may include a terminal illness rider that allows you to get your death benefit early.

Permanent life insurance.

Whole life insurance products from Protective provide guaranteed cash value growth at a predetermined interest rate and level premium payments. Insurance protection for the rest of your life, in a nutshell. The Custom Choice universal life insurance policy from Protective provides perpetual protection and the ability to adjust premiums and death benefits as your needs change. Cash value accounts are accompanied by tax-deferred growth.

Time-Limited Protection

The premium remains the same for the duration of your coverage, which might range from ten to thirty years. After this period, the plan's price remains the same, but its coverage levels decrease. Insurance premiums start to rise if the death benefit hits $10,000.

In addition to the Protective mentioned above Universal Life Insurance Policies,

Cash value accumulation can be linked to the performance of underlying stock investments in a variable universal life policy.

Lifelong protection, premium, death benefit customization, and cash value growth tied to interest rates or stock market indexes are features of indexed universal life plans.

To guard against negative feedback from clients and to ensure their happiness.

According to an analysis by NerdWallet of data from the National Association of Insurance Commissioners, Protective Life Insurance has received fewer complaints from state regulators than expected for a company of its size over four years.

According to the 2022 J.D. Power U.S. Individual Life Insurance Study, Protective's customer satisfaction ratings were lower than the industry average. Out of 22, the insurer came in at position No. 15.

Extending your knowledge of term life insurance for protection

In addition to various helpful guides and calculators, Protective's website lets you search for and compare different life insurance policies. By logging into their account, policyholders can manage administrative tasks such as changing their billing information, changing their addresses, adding or removing beneficiaries, and viewing their account statements.

Purchasing Advice for Life Insurance

Decide between term and whole life insurance before looking at quotes from different providers. Make a choice on the optional riders for your life insurance policy. Determine the length of time you want your life insurance to protect you and the money you need. Ensure the insurance companies you're considering can provide the protection you need.

Your primary motivation for making a purchase may be different from the price. Compare each business's customer complaints, as a high number may signal poor service.

Rating systems for life insurance

Financial strength ratings, which indicate a company's ability to pay future claims, are combined with customer feedback and complaint index scores from the National Association of Insurance Commissioners for individual life insurance to form NerdWallet's life insurance ratings. We consider how simple it is to get in touch with the business and how open the website is about its policies as part of the customer service category. We transformed the data into a skewed 5-point scale to determine how each insurance provider performed.

Insurance claim procedure

To prepare its report to the National Association of Insurance Commissioners for 2019–2021, NerdWallet analyzed complaints filed with state insurance regulators. Each year, the NAIC calculates a complaint index for each insurance company's subsidiary, using the company's size as a ratio to the total number of complaints received by the industry as a whole as a proxy for the proportion of premiums paid by the subsidiary.

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