When purchasing a life insurance policy, most top ten best life insurance policy lists will include at least one Protective Life Insurance product. But what are the reviews for Protective Life Insurance as a company? This review of Protective Life Insurance will help you understand everything they have to offer insurance seekers like you.
2017 Review of Protective Life Insurance
When you’re looking at a life insurance review, you should use the most current one. That’s why we’ve written a review of Protective Life Insurance for 2017 which includes all the latest information about their company and services.
About Protective Life Insurance
This is life insurance company that has been around since 1907 – more than 100 years! Protective Life sums up its values quite simply: Do the Right Thing, Serve People, Build Trust and Simplify Everything. Aren’t those the kind of values you want in a life insurance company?
Protective Life Insurance’s A.M. Best Rating
A.M. Best is arguably one of the top financial instutition rating organizations in the United States. This pretty much means that their word is gold: if they give their stamp of approval to a life insurance company, then this is a pretty clear sign for consumers.
- A.M. Best rated Protective Life an A+.
What does an A+ rating from A.M. Best mean? Just like in school, an A+ is a stellar rating. It means that A.M. Best thinks Protective Life is a financially sound, reliable life insurance company with a good outlook for the future.
Protective Life Insurance Rates
If you are a healthy male or female ages 30-70, then Protective Life is probably one of your most affordable life insurance options. They offer really great rates for this demographic.
Protective Life Insurance Income Provider Option
One way that Protective Life stays so affordable is by their income provider option. Most life insurance companies offer a one-time payout of the death benefit. But if your reason for purchasing a life insurance policy is to offer a steady source of income to your family, they don’t need $500,000 all at once.
Under the income provider option, beneficiaries get payments sort of like pay checks. For example, if you have a $300,000 policy, then the payment structure could be paid out as $50,000 for six years rather than a one-time payment of $300,000.
Benefits of the Income Provider Option
If your beneficiary isn’t the most fiscally responsible individual, then you can opt for the income provider option so that you are sure they won’t wind up squandering all the money in one go. This is great if your life insurance beneficiary is:
- A college student
- An addict of any kind (shopping, drugs, alcohol – recovered or current)
- Mentally challenged in any way
- In a relationship with someone you don’t necessarily trust
- Generally not good with money matters
With the income provider option, you can rest assured that they will receive a trickle of money over a period of years – you will know they are taken care of during those payment years. Many people spend time and money (legal costs) to set up a trust to do this very thing. Instead, just get the income provider option offered by Protective Life!
Protective Life Insurance Policies
- Protective Universal Life (builds cash value)
- Protective Custom Choice UL (customization options)
- Protective Indexed Choice UL (chance your death benefit amount while you own it)
- Protecting Variable Universal Life (tax-deferred cash value; tax-free death benefit)
- Protective Survivor Universal Life (great for two people)
Each of these life insurance products has its own pluses and minuses; each policy is right for someone, but all policies aren’t right for everyone!
Is West Coast Life Insurance the same as Protective Life?
Protective Life and West Coast Life are the same but different companies. Protective Life owns West Coast Life, but they are two different life insurance companies.
Is Costco Life Insurance the same as Protective Life?
Costco doesn’t underwrite its own policies; instead, Costco has partnered with Protective Life to offer affordable life insurance. Costco Whole Sale via Protective Life does not offer the income provider rider.
Protective Life: Cons
Despite this review of Protective Life being really positive, there are a few things you need to know.
If you need a no medical exam policy, then Protective Life is probably not the company for you. They excel at a lot of things, but this is not one of them. But don’t worry; there are many other life insurance companies that do offer great no medical exam life insurance policies.
If you are thinking about a life insurance policy from Protective Life, then one thing you should know is sometimes 25 year and 30 year policies are cheaper at other companies. Not always, though.
As mentioned, the Protective Life Insurance rider, income provider still often gives Protective the upper hand. Since Costco Wholesale Life Insurance via Protective does not offer this rider, then there’s a chance that might not be the most affordable option out there. The trick is knowing when Protective Life is the best option and when it is not.
We can help you figure out if Protective Life is the most affordable and best life insurance policy for you. Even though we love Protective Life and often recommend their policies to our clients, our Protective Life review doesn’t say it’s right for everyone. We know that in some cases, there are better life insurance companies out there.
We will help you find the right life insurance policy at the right price. That may be a Protective Life policy or it may not. But you’ll only know if you call.