Protective life insurance review 2020
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
$100,000 to $10,000,000
Medical Exam Required
|Free quote||Online form, Phone|
|Policies||Term, Whole, Universal, Variable|
|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|
- 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
- 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
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 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.
*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 ratesCompare 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:
- 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.
- 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.
- 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
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Frequently asked questions about Protective
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