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Protective life insurance review 2020

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This insurer offers term life policies lasting up to 40 years — which is incredibly rare.

finder.com's rating: 3.5 / 5

★★★★★

Bottom line: Protective might make you wait weeks for approval, though rates are affordable even if you have a pre-existing condition working against you.

18 to 75

Issue Age

$100,000 to $10,000,000

Coverage

Yes

Medical Exam Required

Details

Free quote Online form, Phone
Monthly cost $7.30/month
Policies Term, Whole, Universal, Variable
Coverage maximum $10,000,000
Term lengths 10, 15, 20, 25, 30, 35, 40 years
Riders Accelerated death benefit rider, Accidental death benefit rider, Child rider, Disability income benefit rider, Guaranteed insurability rider, Term insurance rider, Waiver-of-premium rider
Medical exam required Yes
Available states Not available in New York
Issue age 18 - 65 years old

Pros

  • Lenient underwriting for people with pre-existing health conditions
  • If your health improves in your first year of life insurance coverage, you can request a free premium review

Cons

  • Slow approval process of 30 days or more to approve policies
  • Best rates only for those who haven’t smoked in five years instead of the standard three

Expert review

Katia Iervasi

Review by


Katia Iervasi is a staff writer who hails from Australia and now calls New York home. Her writing and analysis has been featured on sites like Forbes, Best Company and Financial Advisor around the world. Armed with a BA in Communication and a journalistic eye for detail, she navigates insurance and finance topics for Finder, so you can splash your cash smartly (and be a pro when the subject pops up at dinner parties).

Expert review

Protective offers some of the most competitively priced insurance policies in the country, and has high approval rates — even for people with preexisting conditions. It’s also one of a handful of insurers in the US that offers term life policies lasting 35 and 40 years.

However, it isn’t as lenient toward former smokers, and the application process can be lengthy. If you’re in the market for instant or no-medical exam policies, you’ll want to look elsewhere.

Protective life insurance rates

Protective’s monthly premiums tend to cost less than other companies. These sample quotes can give you an idea of what you’ll pay—they’re based on a $500,000, 20-year term policy for a healthy, nonsmoking individual.

Age Male Female
20 $18.75 $16.32
25 $18.75 $16.32
30 $19.06 $16.32
35 $21.67 $18.23
40 $29.09 $24.65
45 $46.65 $37.62
50 $70.70 $55.59
55 $113.48 $84.39
60 $201.02 $141.64
65 $380.22 $257.70

*Sample rates provided by Policygenius as of July 2020

What affects my rate with Protective?

Protective’s best rates are reserved for people who meet strict underwriting standards:

  • Blood pressure. Preferred rates go to those with blood pressure at or below 135/85 if you’re under age 60 or 140/85 if you’re between ages 61 to 70.
  • Cholesterol. Protective focuses on the ratio of good and bad cholesterol, so you might qualify for preferred rates even if with cholesterol numbers as high as 275.
  • Driving record. Your history shouldn’t have DWIs, DUIs, suspensions or other convictions in the past five years. If you have more than two moving violations in the past three years, you may not qualify for preferred rates.
  • Family history. You can get preferred rates if you have no family medical history of death from cancer, heart disease or any cardiac conditions before age 60.
  • Tobacco or substance use. The best rates go to applicants who haven’t smoked in the past five years and have no history of substance abuse. Protective does allow for six celebratory cigars if you admit to them on your application.

Compare life insurance rates

Compare quotes for life insurance policies starting at $15/month.

How to apply for Protective life insurance

You can get a quote for term life insurance only online, following these steps:

  1. Go to the Protective Life homepage. Hover over Life Insurance located on the top ribbon of the page, click Term Life. From the term life page, click Get a term life quote.
  2. Enter your state, DOB, gender, coverage amount, plan, height, weight, health and whether you use tobacco. Click, Get quote.
  3. You’ll see several options, click Apply Now below the plan that interests you.
  4. To get a quote for a whole, permanent or universal policy, call Protective at 844-733-5433 to speak with an agent.

I’ve been approved. What happens next?

Protective’s underwriting can take three to six weeks for your application to get fully reviewed. Once approved, your coverage will go into effect and you can register for your online account.

What types of life insurance coverage does Protective offer?

Protective’s life insurance lineup includes both term and permanent policies.

Term life insurance
With Protective Classic Choice, you can choose from flexible terms of 10 to 40 years and coverage amounts ranging from $100,000 to $5 million. The policy also comes with level premiums and the option to convert to a permanent plan without a medical exam.

Variable life insurance
Along with lifelong protection, this policy builds cash value that’s invested in professionally managed portfolios. You can adjust your premiums and death benefit or borrow against your policy once you’ve built enough cash value.

Universal life insurance

Protective offers a few universal policies, all of which have cash value, adjustable premiums and death benefits.

  • Traditional Universal Life grows at a fixed interest rate.
  • Custom Choice Universal Life offers varying payment structures ranging from 10 to 30 years.
  • Indexed Universal Life’s cash value is tied to an index and can fluctuate according to market conditions.

What riders can I add to my insurance policy?

Like most major insurers, Protective allows policyholders to customize their coverage with riders. These add-ons might be available to you:

  • Accelerated death benefit rider. Offers an early payout if you’re diagnosed with a chronic, critical or terminal illness.
  • Accidental death benefit rider. Pays an extra death benefit if you die from an accident.
  • Child rider. Covers a child without taking out a separate policy.
  • Disability income benefit rider. Pays out a percentage of your policy as a monthly benefit if you become fully disabled and can’t work.
  • Guaranteed insurability rider. Lets you purchase additional life insurance without any medical questions.
  • Term insurance rider. Adds fixed term insurance on top of your current coverage for a specific period.
  • Waiver-of-premium rider. Pauses your premiums if you become disabled or unable to work for a period of time.

    Protective reviews and complaints

    Protective Life isn’t accredited with the Better Business Bureau (BBB), but it holds an A+ rating for its customer engagement as of October 2020. The BBB has recorded 95 complaints since 2017, with customers citing billing and communication issues. The company has addressed all complaints, but customer reviews still award it less than 1.5 out of 5 stars.

    In J.D. Power’s latest life insurance study, Protective ranked 11 of 25 insurers surveyed and earned 3 out of 5 circles for customer satisfaction.

    Compare life insurance companies like Protective

    Wondering how Protective measures up to other companies? Tap the Compare box to see features for up to four companies side by side.

    Name Product Issue age Minimum Coverage Maximum Coverage Term Lengths Medical Exam Required
    Prudential
    18 - 75 years old
    $100,000
    $10,000,000
    10, 15, 20, 30 years
    Yes
    Customize your term life insurance with a long list of life and disability riders. Get a free quote on Policygenius.
    Transamerica
    18 - 75 years old
    $25,000
    $10,000,000
    10, 15, 20, 25, 30 years
    Depends on policy
    Purchase a policy worth anywhere from $25,000 to $10 million, with the option to skip the medical exam. Get a free quote on Policygenius.
    MassMutual
    18 - 80 years old
    $2,000
    $10,000,000
    10, 15, 20, 25, 30 years
    Depends on policy
    Purchase term life insurance up to age 80 with Finder's #1 ranked company. Get a free quote from this A+ rated insurer on Policygenius.
    AIG
    AIG
    20 - 85 years old
    $5,000
    $2,000,000
    10, 15, 20, 25, 30, 35 years
    Yes
    Buy term life insurance all the way up to age 85, and choose a policy that lasts up to an incredible 35 years. Get a free quote on Policygenius.
    John Hancock
    18 - 65 years old
    $25,000
    $1,000,000
    10, 15, 20 years
    Depends on policy
    Score a low rate on term life insurance with discounts and rewards for your healthy habits. Get a free quote on Policygenius.
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    Compare up to 4 providers

    Get quotes for similar brands from Policygenius

    Frequently asked questions about Protective

    Life insurance ratings

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    ★★★★★ — Good

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    ★★★★★ — Subpar

    ★★★★★ — Poor

    Our experts analyze life insurance companies to help you to find the strongest possible policy and premium for your family’s needs. We assess their financial strength, customer satisfaction, policy features and riders. We then give each insurer a score between one and five stars that reflects their offering and reputation in the industry.

    Learn more about our methodology here.

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