InsuredBetter's Protective Life Insurance Company Score
3.5 Stars
We award Protective Life Insurance Company a final rating of 3.5 out of 5 stars. The carrier has been around for well over a century now. Protective has excellent official ratings by both AM Best and the BBB and has demonstrated solid financial strength over the years. However, the carrier is not BBB-accredited.
Protective Life Insurance Company was founded in 1907 and acquired West Coast Life Insurance Company in 1997. The carrier now offers several types of life insurance products and annuities. Its headquarters is located in Omaha, NE, and coverage is available in every state except New York.
Protective allows customers to file claims at any time online and promises a fast claims response and death benefit payout once the claims process is complete. The carrier offers extended phone customer service hours and a comprehensive social media presence to make itself even more accessible to customers.
Overall, if you're in the market for life insurance or annuities, we recommend looking into Protective Life Insurance Company with the help of your independent insurance agent to be your next trusted carrier.
Protective Life Insurance Company Pros and Cons:
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Longstanding carrier founded in 1907
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Not a BBB-accredited carrier
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Protective Life acquired West Coast Life in 1997
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Coverage not available in New York
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Offers life insurance products and annuities
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No discount information available
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Coverage available in 49 states
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“A+” (superior) rating from AM Best
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“A-” (excellent) rating from the Better Business Bureau (BBB)
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24/7 online claims reporting
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Strong financial stability
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To find insurance in your state, use our national insurance company directory to find the best company to meet your needs. You can locate insurance companies that specialize in your specific coverage needs and get connected to an agent near you.
Protective Life Insurance Company Products by Type
Protective is a specialized insurance company that focuses on life insurance and annuities.
Protective Term Life Insurance
Protective offers term life insurance policies with term options ranging from 10 to 40 years and coverage limits ranging from $100,000 to $50 million. Policyholders have the option to convert their term life policy into permanent life insurance without undergoing a medical exam before their coverage expires.
Protective's term life insurance policies offer a couple of additional benefits. These policies come with guaranteed level premiums throughout the life of your coverage. Further, Protective's term life insurance provides an income tax-free death benefit that will be awarded to the beneficiary or beneficiaries of your choice.
Protective Whole Life Insurance
Protective also offers three different types of whole or permanent life insurance policies designed to provide coverage for the policyholder's entire life. The carrier's whole life insurance policies offer level premium payments, guaranteed death benefit coverage, and a fixed interest rate.
Protective's whole life insurance also comes with the added benefit of guaranteed cash value accumulation, which is not available with term life insurance. This cash value grows tax-deferred throughout the life of the policy.
Protective Universal Life Insurance
Protective's universal life insurance policies offer all the same coverage features and benefits as whole life insurance, but with increased flexibility that appeals to many applicants. Policyholders can borrow against the cash value of their policies or access their cash when needed.
Universal life policies also offer flexible death benefits and premium payments. Policyholders can even use their policies' cash value to make premium payments if necessary.
Protective Variable Life Insurance
Protective's variable life insurance policies come with all the benefits of whole life insurance, with the added feature of investment options. A portion of the policy's premiums is allocated to investment options selected based on the policyholder's goals and risk tolerance.
Protective Life Insurance Average Prices
Protective does not make its average life insurance rates readily available. Your policy's cost can vary considerably depending on the type of plan you select, your age, your health status, your occupation, and other factors. To get a better idea of how much a life insurance policy might cost you, use our life insurance calculator. An independent insurance agent can also help you get a life insurance quote from Protective.
What Discounts Does Protective Offer?
Protective does not advertise specific insurance discounts. However, an independent insurance agent can provide better discount information and premium quotes for coverage through Protective. When it comes to coverage, independent insurance agents work hard to help you get the most out of your money.
Protective Customer Service
Here's a summary of Protective's customer service options and availability.
- Phone
- Snail mail
- Online claims reporting
The phone customer service department has the following hour restrictions:
| Days | Hours (CST) |
| Monday-Thursday | 7 a.m.-6 p.m. |
| Friday | 7 a.m.-5 p.m. |
| Saturday-Sunday | CLOSED |
Working with an independent insurance agent is the best way to make sure you have a great customer service experience. Independent insurance agents can help handle claims and other concerns for you, so you can relax and enjoy your coverage.
Protective Life Insurance Company FAQs
What is Protective's average claim response time frame?
After a policyholder submits a claim, Protective sends them a claims packet within two to five business days to get the process started.
What is Protective's customer service availability?
Protective allows customers to get in touch by phone, email, snail mail, or through the website. The phone department is available at extended hours during the week.
What is Protective's claims process?
Protective breaks down its claims process into four easy steps on the official website:
- Notify the carrier of the loss: The beneficiary will be sent a claim packet within two to five business days.
- File a claim: The beneficiary will complete and return the claim packet, along with any required documents, to the carrier.
- Receive funds: After the claim is approved, the beneficiary will receive the death benefit payment within three to six business days.
- Request counseling: The beneficiary is encouraged to contact the carrier or a personal financial planner for further financial assistance.
An independent insurance agent can also file claims directly through Protective for you and keep you updated through every step of the claims process.
Does Protective create a user-friendly experience for customers?
Yes, Protective creates a fairly user-friendly experience for its customers. The official website is polished and easy to navigate. There is plenty of detail provided about each type of coverage and the claims process. Additionally, Protective has a comprehensive social media presence.
Does Protective have good term life insurance?
Yes, Protective has good term life insurance. Term lengths ranging from 10 to 40 years are available. Customers can also choose coverage amounts ranging from $100,000 to $50 million.
Is Protective a good insurance company?
With excellent official ratings and several life insurance and annuity options, yes, Protective can be considered a good insurance company.
Who are Protective's insurance products right for?
Protective's insurance products are right for customers seeking various types of life insurance, including term, whole, universal, or variable, as well as for customers seeking annuities. Coverage is available in all states except New York.
Sources
https://www.protective.com/claims
https://news.ambest.com/newscontent.aspx?refnum=268823&altsrc=23
https://www.bbb.org/us/al/birmingham/profile/life-insurance/protective-life-insurance-company-0463-1311
