Protective Life Insurance Review

Protective Life Corporation, an A+ rated company founded in 1907, offers a unique universal life insurance policy comparable to a term life policy, which acts like a term policy and converts to a reducing permanent policy after the requested term.



Protective Life Corporation, an A+ rated company founded in 1907, offers an easy and straightforward term life policy. The product is competitive at low and high face amounts, and features an accidental death benefit rider and a child rider, both at an additional cost.

Financial Strength

  • Founded: 1907
  • Policyholders: 6,000,000
  • A.M. Best: A+
  • BBB Rating: A+
  • J.D. Power: 3 of 5

Finding the best rates

Each insurer approaches health conditions differently. One insurer might ignore a heart attack from a few years ago, whereas a different insurer might rate you as a higher risk for the same thing. Here are the details of how Protective treats a variety of common health conditions from an underwriting perspective.

Pricing for health conditions

Survivor/Family HistoryGood
Recent Weight LossGood
Heart AttackGood
Sleep ApneaGood
Former Tobacco UseFair
High Blood PressureGood
High CholesterolGood
  • Excellent - Above average; company provides excellent coverage for clients with this condition.
  • Good - Spot on; company doesn’t look at this condition unfavorably in underwriting.
  • Fair - Could use some work; clients with this condition may be issued a lower health rating, and subsequently higher rates than other insurers.

Compare Protective to other top carriers

Find head-to-head comparisons of Protective and other top-rated life insurance companies to help you make the right decision.

Protective Company Details

Protective has great customer service — all of your application paperwork can be done digitally, and your final policy can be delivered by email. You can also update all of your information online. Unfortunately, the underwriting process can take a little longer if they require additional information from your doctor. Protective's Income Provider option allows you to select from a combination of income stream and lump sum payouts for your beneficiaries.

How's the application process?

Carrier review 4 star ratings


  • Electronic application
  • Application form shorter than average
  • Policy delivered by email


  • Slower than average application approval (30 days)

How's the customer service?

Carrier review 5 star ratings

What you can do online

  • Changing address
  • Changing payment info
  • Updating beneficiaries

What you can’t do online

  • Policy cancellation requires a phone call

Protective Term Life Plan Details

Common features

This policy, like all term life policies offered on our site, provides life coverage for a specific period of time (the term). The key features of this policy are standard across all the term policies we offer:

  • Level premium - which means the cost of the policy (the premium you pay) is fixed for the entire term of the policy. It will not increase during the term of the policy.
  • Good value - term life policies are significantly less expensive for the same amount of death benefit coverage than permanent life policies.
  • Regulated - the cost of this term life policy, for a given coverage amount and term, will always be the same for you regardless of who you buy it from. That’s because the policy will be priced based on the underwriting table the insurer files with the state insurance regulator.
  • No-risk obligation for you - you, as the policyholder, can cancel your policy at any time if you decide you don’t want it anymore. The insurer, however, cannot cancel your policy as long as you pay the premiums on time.
  • No exclusions - except for suicide during the first two years of the policy (which is standard by law across life insurance policies).
  • Terminal illness benefit - you can access a portion of the policy’s death benefit while you’re still alive if you’ve been diagnosed with a terminal illness. You might see this referred to as an "accelerated death benefit."
  • Convertible - which means, if you choose to, you can convert the term life policy to a permanent life policy. The conversion will generally cost you more and is subject to certain conditions.

Cost comparison

Quote for: $500,000, 20-year term life insurance policy for healthy, nonsmoking individuals, in California, monthly premiums

AIGROP Select-a-Term$91.21$150.77$281.97$75.80$124.95$261.56
Banner LifeOPTerm$21.44$32.38$94.07$18.19$26.60$58.62
John HancockTerm$26.95$34.65$81.70$24.20$34.00$78.99
Lincoln FinancialLifeElements$28.44$38.94$78.75$23.63$30.63$58.63
Lincoln FinancialTermAccel$21.00$29.75$78.75$17.94$25.81$57.31
Mutual of OmahaTerm Life Answers$21.66$33.47$85.53$23.41$28.66$64.09
Pacific LifePacific PROMISE Term$20.84$29.59$77.09$19.18$26.68$61.67
ProtectiveCustom Choice UL$20.37$28.91$76.82$17.93$25.25$55.75
ProtectiveClassic Choice Term$20.21$28.38$75.68$17.63$25.94$55.47
PrudentialTerm Essential$34.20$43.65$88.65$27.90$38.70$76.95
PrudentialReturn of Premium Term$101.00$143.62$291.99$88.12$130.04$253.37
SBLILevel Premium Term$21.32$40.05$96.06$24.48$34.71$65.87
TransamericaTrendsetter Super$22.36$37.85$79.12$18.06$30.96$62.78
TransamericaTrendsetter LB$24.95$38.27$92.89$20.65$34.84$73.11

Classic Choice Term

Unique features


  • Selection of riders available to personalize your coverage



  • Annual Payment Discount - 4%
  • Payment methods available - Check; Auto bank draft; Credit card only for first payment
  • Is coverage available without a medical exam? - No
  • What is the rule for converting the policy? - Conversions are allowable for the level premium term period less two years subject to an age maximum of 70 years old. Conversions for the first five (5) years will be allowed to an expanded set of products, which today includes all of our currently marketed products except Survivor UL, Survivor Term and Single Premium VUL. After five (5) years, conversion can take place only to a limited basic set of products.
  • Is temporary coverage available? - Yes, up to $1,000,000.

Available riders



Riders are additions to your overall life insurance policy that turn a basic life insurance policy into something that covers more circumstances.

  • Child Protection Rider - Provides death benefit protection for all natural, adopted and stepchildren with ages ranging from as young as 15 days old through 18 years old — rather than purchasing individual policies for each child.
  • Accelerated Death Benefit Rider - Advances part of the death benefit (up to 60% of the policy's death benefit or $1 million, whichever is less) if you’ve been confined to a nursing home for 6 months and are expected to be in the nursing home permanently or you’ve been diagnosed with a terminal illness with a max life expectancy of 6 months.
  • Accidental Death Benefit Rider - Provides coverage that pays an additional death benefit if your death results from an accident. - Applicants ages 18 – 60 are eligible for the rider, with coverage and premiums ending at age 65. Your additional coverage can range from $1,000 to $250,000.