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Legal & General vs. Protective Life
When you compare these insurers side by side, the difference comes down to their policy options.
Formerly known as Banner Life, Legal & General and Protective Life share similarities in terms of riders, rates and customer reputations. But if you’re in the market for lifelong coverage, Protective Life has a variety of permanent policies to offer.
Types of life insurance with Legal & General and Protective Life
 Legal & General |  Protective Life | |
|---|---|---|
| Term |  | |
| Whole | | |
| Universal | | |
| Variable | ||
| Variable universal | | |
| Indexed universal | | |
| Final expense | | |
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Who has the cheapest rates?
The rate you’re offered reflects your age, gender, occupation and lifestyle. But based on our sample rates, Legal & General and Protective Life have similar price points.
If you’re a healthy nonsmoker, here’s what you might pay monthly for a $250,000, 20-year term life policy.
| Gender | Age | Legal & General | Protective Life |
|---|---|---|---|
| Male | 20 | ||
| Male | 30 | ||
| Male | 40 | ||
| Male | 50 | ||
| Male | 60 |
| Gender | Age | Legal & General | Protective Life |
|---|---|---|---|
| Female | 20 | ||
| Female | 30 | ||
| Female | 40 | ||
| Female | 50 | ||
| Female | 60 |
*Based on sample rates from Policygenius, August 2019.
What policy riders does each company offer?
Both insurers allow policyholders to customize their coverage with common riders. If you’re looking for a policy with more living benefits, you might want to review other providers.
Legal & General Riders
- Waiver of premium rider
- Accelerated death benefit rider
- Conversion rider
- Child rider
- Term laddering rider
- Flexible payment schedule rider
Protective Life Riders
- Waiver of premium rider
- Accelerated death benefit rider
- Accidental death benefit rider
- Child rider
- Disability income rider
- Term insurance rider
- Guaranteed insurability rider
What are the company’s financial ratings?
When you’re comparing life insurance companies, consider their financial strength. Legal & General and Protective Life are financially stable choices, earning top ratings with the major rating agencies. This means they have the cash reserves to pay out claims.
In terms of customer satisfaction, Protective Life ranked seventh of 23 insurers surveyed in J.D. Power’s latest life insurance study. Legal & General wasn’t part of the sample set.
| Legal & General | Protective Life | |
|---|---|---|
| A.M. Best | A+ (Superior) | A+ (Superior) |
| Moody’s | N/A | A1 (Good) |
| Standard & Poor’s | AA- (Very strong) | AA- (Very strong) |
| Fitch | AA- (High quality) | A+ (Very high quality) |
| J.D. Power | N/A | 4 out of 5 circles or “better than most” |
Customer reviews and reputation
Both insurers boast an A+ rating with the Better Business Bureau (BBB) for its customer service and transparency. The BBB records three complaints in the past three years for Legal & General and 51 for Protective Life — though these reflect each company as a whole, and not only its life insurance department. Most of the complaints revolved around communication issues and slow claims processes.
Bottom line
Legal & General and Protective Life are financially strong insurers with similar rate structures, so the choice might come down to the life insurance policy you’re looking for. Legal & General keeps it simple with term, universal and final expense insurance, while Protective Life has a wider list of life insurance options.
To ensure you’re getting the best possible policy, compare life insurance providers.
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