Protective life insurance review 2021
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.
finder.com's rating: 3.5 / 5
18 to 75
$100,000 to $10,000,000
Medical Exam Required
|Policies||Term, Whole, Universal, Variable|
|Term lengths||10, 15, 20, 25, 30, 35, 40 years|
|Medical exam required||Yes|
|Available states||Not available in New York|
|Issue age||18 - 65 years old|
- Lenient underwriting
- Rate reconsideration
- Financial strength
- Slow approval process
- Lower tolerance for smoking
Accelerated death benefit rider
Accidental death benefit rider
Disability income benefit rider
Guaranteed insurability rider
Term insurance rider
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).
Protective life insurance offers some of the most competitively priced policies in the country, along with high approval rates for those with health conditions.
Protective is also one of the few to offer 40-year term life policies, helping you get fixed premiums longer. However, the company isn’t as lenient to former smokers, and the application process can take three to six weeks, longer than usual.
So if you need instant or no-medical exam policies, you’ll want to look elsewhere. But if you’re looking for long-term options or low rates, Protective is a solid company to consider.
Protective life insurance rates
Protective offers more coverage for the price than other companies. These rates from Policygenius give you an idea of what a healthy, nonsmoking individual would pay for a $500,000, 20-year term policy.
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 for ages 61 to 70.
- Cholesterol. Protective focuses on the ratio of good to bad cholesterol, so you might qualify for preferred rates even if with cholesterol numbers as high as 275.
- Driving record. DWIs, DUIs and suspensions within five years or more than two moving violations in three years 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 cardiac conditions before age 60.
- Tobacco or substance use. The best rates go to those who haven’t smoked within five years and have no substance abuse history, but Protective allows six celebratory cigars.
How to get a quote from Protective life insurance
You can get a quote for term life policies online only, which is an unusual lack of phone support for this policy:
- Go to the Protective Life homepage. Hover over Life Insurance located on the top ribbon and click Term Life. Then, click Get a term life quote.
- Enter your state, DOB, gender, coverage amount, plan, height, weight, health and whether you use tobacco. Click Get quote.
- You’ll see several options, click Apply Now below the plan that interests you.
- Call Protective at 844-733-5433 to speak with an agent about your whole, permanent or universal policy quote.
I’ve been approved. What happens next?
Protective’s underwriting can take three to six weeks for your application to get fully reviewed. Anything over four weeks is unusually long for an insurer’s approval process.
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 permanent policies that you won’t find with every insurer. Plans offered:
- Term life insurance. Choose flexible terms from 10 to 40 years and coverage ranging from $100,000 to $5 million. The policy also comes with level premiums and can convert to a permanent plan without a medical exam.
- Variable life insurance. Along with lifelong protection, this policy builds cash value from professionally managed investments. You can adjust your premiums and death benefit or borrow money once you build enough cash value.
- Universal life insurance. Protective offers three types of universal policies, all of which have cash value, adjustable premiums and death benefits.
What riders can I add to my insurance policy?
Like most major insurers, Protective lets you customize your coverage with riders like:
- 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 term life 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
Founded in 1907, Protective Life has a long-standing financial history and the likely ability to pay claims. Protective Life isn’t accredited with the Better Business Bureau (BBB), but holds an A+ rating for customer engagement as of October 2020, suggesting solid support.
The BBB has recorded 95 complaints from 2017 to 2020, many citing billing and communication issues. The company has addressed all complaints, but customer reviews still award less than 1.5 out of 5 stars, showing dissatisfaction with its customer service.
In J.D. Power’s 2020 life insurance study, Protective ranked 12 of 23 insurers surveyed and scored 754 out of 1,000 points for customer satisfaction. The industry average score is 763.
|AM Best financial rating||
1.29/5 out of 31 customer reviews
|Customer reviews verified as of||22 January 2021|
How does Protective compare to other companies?
Protective Life offers universal and variable life policies that you can’t find everywhere, and its 40-year term life offering is an unheard-of term length.
The company also insures people with pre-existing health conditions, and you can get your rate reconsidered if your health improves within a year of buying coverage. Many companies aren’t as lenient with health problems.
Also, a healthy, 30-year-old man would pay $19 a month for a $500,000, 20-year term policy with Protective, which is low according to our rate comparisons. On average, the same person would pay $17 a month for a $250,000, 20-year term policy.
However, you could wait longer than the usual three to four weeks for policy approval.
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.
Frequently asked questions about Protective
Life insurance ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — 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. Protective receives a three and a half out of five stars for a higher than the average number of complaints and less than stellar customer support.