Protective Life Insurance Review – Competitive Rates & Solid Coverage

Established in 1907, Protective Life Insurance Company is a trusted provider known for competitive pricing, diverse coverage options, and financial stability.

In this review, we’ll show you everything you need to decide about Protective, from its life insurance policies to its expertise in high-risk underwriting.

Why Choose Protective Life Insurance?

Protective Life is headquartered in Birmingham, Alabama, and has acquired over 45 other life insurance companies, including West Coast Life and Empire General. In 2015, they were acquired by Dai-ichi Life Holdings, one of Japan’s largest insurers.

That ownership adds to Protective’s financial stability and global resources.

Key Company Facts

• Assets: $113 Billion
• Customers: 14 Million
• Life Insurance In Force: $1+ trillion
• AM Best: A+
• Fitch: AA-
• Moody’s: A1
• S&P: AA-

Protective Life has the financial strength to deliver on its promises and a history of doing so since 1909.

Protective’s Classic Choice Term is one of the best-priced term life insurance policies today. It’s simple, affordable, and has more term length options than most companies.

Coverage Details

• Minimum Coverage: $100,000 ($250,001 in NY)
• Term Durations: 10, 15, 20, 25, 35, and 40 years.
• Renewable: To age 95 (Age 90 in NY)

Classic Choice Term Lengths Available by Age

Term Lengths	Ages	Tobacco Ages	New York Ages	New York Tobacco Ages
10-Year	18-80	18-75	18-69	18-69
15-Year	18-75	18-68	18-69	18-68
20-Year	18-70	18-62	18-67	18-62
25-Year	18-60	18-52	18-57	18-52
30-Year	18-58	18-43	18-56	18-43
35-Year	18-50	18-40	18-50	18-40
40-Year	18-45	18-40	18-45	18-40

While many companies offer most of the above term lengths, only Protective and Banner Life offer a 40-year life insurance policy.

Optional Riders:

• Accidental Death Benefit
• Waiver of Premium
• Terminal Illness Accelerated Death Benefit (not in NY)
• Children’s Term Life Insurance Rider

All Protective term policies can be converted to permanent insurance, without a medical exam, during a specific timeframe. The conversion policies available depend on age and how long you’ve had your policy.

Options tend to worsen over time. That’s not unusual; many companies, including Jackson National, do the same.

Protective also offers its members Costco term life insurance, which is different from the types of life insurance mentioned here.

Protective offers several universal life (UL) options that give you flexibility, cash value potential, or lifetime guarantees depending on your goals.

A strong option for flexible permanent coverage with:

• Level or adjustable premiums
• Guaranteed death benefits
• Optional Return of Premium (ROP) rider:
  • Get 50% of your premiums back in year 21 if you cancel coverage.
  • Get 100% of premiums back in year 26 if you cancel coverage.

The ROP feature is rare and valuable. North American offers something similar, but few others do.

This UL policy combines permanent protection with cash value growth:

• Starts at $25,000 of coverage
• Build tax-deferred cash value
• Flexible death benefit options (level or increasing)
• Death benefit guarantees to age 120 are possible

If you’re looking for long-term value without the high cost of whole life, ProClassic II is worth considering.

Designed for people who want guaranteed coverage to age 121 with fixed premiums. Includes:

• Return of Premium rider (25% of premiums after year 10 if you cancel.
• Predictable costs
• Great for long-term guarantees to age 121

Compare this policy to those offered by Corebridge Financial and Pacific Life.

A second-to-die universal life policy is used in estate planning. Key features:

• Covers two people
• Pays out after the second death
• Minimum face amount: $250,000
• Flexibility to adjust premiums and death benefits.
• Guarantees to age 121 are available.

Good alternatives in whole life survivorship coverage from Mass Mutual, Guardian, and New York Life.

For those interested in cash value growth tied to the stock market:

• Choose fixed interest or S&P 500-indexed growth
• Flexible premiums and death benefit options
• Withdraw or borrow from the cash value after the first year
• Minimum face amount: $100,000

Index policies are also available from Corebridge Financial, Equitable, American National, Lincoln National, and more.

Protective Life’s non-participating whole life policy offers:

• Guaranteed premiums, death benefits, and cash value.
• No dividends
• Minimum coverage: $1,000 ($25,001 in WV)
• Reduced paid-up option (stop paying, keep reduced coverage)

A good option if you want simple, permanent coverage with no surprises. Comparable products exist from Mutual of Omaha, Gerber Life, and Foresters.

Riders let you customize your policy. Availability depends on your state, age, and policy type. Key riders include:

• Accidental Death Benefit Rider – provides an additional benefit if you die in an accident.
• Children’s Term Rider – ($1,000 – $20,000)
• Conversion Choice Rider with ExtendCare – Extends conversion and adds chronic care.
• Extend Care Rider/Chronic Illness Rider – Advances the death benefit if unable to perform ADLs.
• Disability Benefit Rider – May provide a monthly benefit in the event of total disability.
• Income Provider Option (IPO) – Pays the death benefit over time (can help lower cost)
• Protected Insurability Rider – Add more coverage in the future without medical exams.
• Waiver of Premium Rider – Waives premiums if you become disabled.

Please let us know if any of these riders interest you, and we will provide quotes with and without them.

Protective is a strong player for both healthy applicants and certain high-risk conditions.

Strengths:

• High-Risk Coverage: Known for favorable offers on heart, diabetes, and prostate cancer
• Older Applicants: Has a separate underwriting manual for applicants age 70+ (rare)
• Pro Credit Program: Can bump you up to a better rate class if you have minor health issues

Other companies like Prudential excel with older applicants, but few match Protective’s pricing in healthy cases.

Weaknesses:

• Stricter family history guidelines – Cancer deaths in parents affect your rate.
• Lower cholesterol cutoffs compared to other companies.
• Use of the NT-ProBNP test, which flags cardiovascular risks.

Companies like John Hancock, Banner Life, and Lincoln National will give you their preferred best rates for a parent’s cancer death before 60, while Protective will drop you into its standard rate class.

Protective makes it easy to apply. Their Velocity program includes:

• TeleLife – Apply over the phone
• PLUS – Protective Life Underwriting Solutions offers accelerated underwriting.
• Electronic Delivery – Policies are delivered electronically

Protective is known for competitive pricing and fast approvals, especially if you’re healthy.

Protective has been paying claims since 1909. Most claims are processed within 3–4 weeks.

Like most companies nowadays, Protective offers online access so that you may easily review your policy and make changes.

Protective Life is one of the best life insurance companies for term and universal life coverage. Its pricing is aggressive, and it offers several high-quality permanent policies with unique features like Return of Premium.

While a few underwriting rules are stricter, their flexibility for older applicants and the Pro Credit Program can make a big difference.

If you’re healthy or managing a common condition like diabetes or heart disease, Protective should absolutely be on your radar.

Get a Quote—We help you compare Protective with over 40 life insurance companies so you get the best rate. Request your free quote today, and let’s see how Protective compares to other options for your situation.