One of the best values on the market. Compared to the industry average, Protective has very competitive rates for healthy people. Though costs increase as you age, the price of a Protective term life insurance policy remains lower than most other life insurance carriers on the market.
Variety of coverage amounts and term lengths. Protective’s Classic Choice Term policy can get you up to $50 million in coverage. Applicants also have the option of 10, 15, 20, 25, 30, 35, or 40-year terms. That’s a lot of time and coverage most life insurers do not offer. If you want to ensure a large payout for your family, Protective could be your best choice.
Solid suite of online tools. Protective’s site has an online quote tool, coverage calculator, and online live chat for any questions you have (of course, you can also ask Policygenius). On top of that, Protective lets you do most of your account management online, including updating your beneficiaries, payment info, and address.
Slow application approval. The average life insurance application can take about 30 days to get approved. With Protective, it can sometimes take longer. If any additional information is required by your physician, you can expect your application to be delayed more than it would be with some other insurance companies.
No no-med exam options. Every policy with Protective requires the applicant to undergo a medical exam. If you’re worried you may not pass the underwriting phase due to health concerns, you'll want to find a carrier that offers guaranteed issue policies.
Protective offers a term life policy, a whole life policy, and multiple universal life policies.
There are no guaranteed or no medical exam policies from Protective.
This review, and its scores, focus on Classic Choice Term, the main term life policy from Protective.
Term life insurance
Term life insurance is usually the best option for most people. It’s cheaper and simpler than a permanent life insurance policy, and it expires after a set number of years.
Classic Choice Term
Protective’s main term life policy, Classic Choice Term, is a straightforward policy that offers plans anywhere between 10 to 40 years with the option to convert to a permanent policy without a medical exam. Premiums are guaranteed to remain fixed throughout the term unless you choose to have your rates reconsidered or you renew your policy at the end of the term.
A medical exam is required.
Classic Choice Term
18 to 75
10-, 15-, 20-, 25-, 30-, 35-, 40-year terms
Considering the low rates, and wide range of coverage amounts and term lengths, Classic Choice Term is a terrific first choice for most people. Not many insurers offer coverage amounts as high as $50 million, or term lengths as long as 40 years. Anyone who needs a lot of coverage for a long time can get it from Protective.
Protective has the usual choices, including child and terminal illness riders.
There’s also a rider that controls the distribution of the death benefit. This option makes the death benefit taxable, so we do not recommend you add it to your policy unless you think the beneficiary can’t handle or will misuse one lump sum.
Accelerated death benefit rider. Included at no extra charge, this rider can kick in if you have been diagnosed with a terminal illness and are expected to live only six months. You can use up to 60 percent of the policy’s death benefit or $1 million, whichever is less. Also known as a terminal illness benefit.
Accidental death benefit rider. This provides coverage that pays an additional death benefit if you die from an accident. Applicants aged 18 to 60 are eligible for the rider, and coverage and premiums end at age 65. Additional coverage can range from $1,000 to $250,000 up to your policy’s face value.
Children’s term life rider. Instead of buying individual policies for each child, this rider covers natural, adopted, and stepchildren, ages 15 days old through 18 years old.
Income provider option endorsement. This rider controls how your death benefit is distributed to beneficiaries. If used, only half the death benefit is paid upfront and the remaining is distributed in an ongoing income stream, which is also taxed. This could be useful if you think your beneficiary will mismanage spending the payout, otherwise we don’t recommend adding this rider to your policy.
Waiver of premium disability rider. If you become fully disabled, you can pre-determine a specific amount to go towards your premiums. Applicants aged 18 to 55 are eligible. This rider expires when you turn 65.
Protective offers temporary life insurance on standard plans of up to $1,000,000 in coverage. Anyone over the age of 80 would not be eligible for temporary coverage.
You can convert your term life to a universal or whole life policy during the first eight years of a 10-year term; the first 13 years of a 15-year term; and the first 18 years of a 20-, 25-, 30-, 35-, or 40-year term. Product availability will depend on the time of conversion.
Protective will let you reconsider your monthly premium after your policy’s activation. If you become healthier you may qualify for lower rates. However, if you use tobacco you will have to wait one year until you’re eligible for reconsideration. Protective covers any medical exam charges.
Permanent life insurance
Protective offers whole life insurance, universal life insurance, indexed universal life insurance, and variable universal life insurance.
People in decent health will see some of the lowest rates in the market with a term life insurance plan through Protective.
In fact, Protective is one of the best possible values you can get for life insurance. Low monthly premiums for every age group, and the opportunity to lower your rates if your health improves after a year, make Protective’s Classic Choice Term product one of the most affordable policies out there.
To get a sense of what you could pay, the quote below is for a healthy, non-smoking male applying for a $500,000, 20-year Classic Choice term life insurance policy.
Term life insurance with Protective could also mean decent rates for people with prior health conditions. However, there are some life insurance companies out there that offer better rates for people with certain conditions, so be sure to compare before you commit.
Protective term life insurance is best for the following groups:
People with anxiety or depression
People with asthma
People with hepatitis
People with herpes
People with hyperthyroidism
People with hypothyroidism
People with kidney stones
People with narcolepsy
People with OCD
People with scoliosis
People who use CBD and marijuana (up to twice per month) may also get better rates with Protective.
→ Read more about life insurance and marijuana use.
Protective, founded in 1907, has been serving millions of policyholders for over 100 years. You want to pick a provider that you can trust will be around for about as long.
To make sure a life insurance policy lasts far into the future, we look at the scores for insurance carriers from the major credit rating firms, A.M. Best, Moody’s, and Standard & Poor’s. High scores from those companies mean you can expect top-notch service and an insurance carrier that will stick with you for life.
Here’s how Protective ranks according to the financial experts:
A.M. Best: A+
Standard & Poor’s: AA-
A.M. Best specializes in the insurance industry. An A rating (effective December 10, 2021) is one of the best grades possible. It means Protective is “superior” compared to most other carriers. Companies with a B grade or lower are more vulnerable to risk.
Protective’s score of A1 from bond credit rating agency Moody’s means it’s a low credit risk and a great investment. Companies with an A rating and above are low credit risks.
Credit analysis firm Standard & Poor’s gives Protective an AA-, meaning their ability to meet financial obligations is very strong. Companies are rated on a scale from AAA to D. The higher the rating, the more likely a company pays its debts.
To get a feel for what the average policyholder thinks of Protective, we look at customer review sites and third-party complaint sources.
Consumers Advocate, a review site that rates companies based on policy coverage, reputation, and stability, among other factors, rates Protective a very high 4.8 out of 5 in their review.
Consumer Affairs, a review platform for customers to directly rate products and services, has no entry for Protective.
The National Association of Insurance Commissioners (NAIC) tracks complaints submitted to state insurance departments with their national complaint index. A score of 1 is the baseline average, and a score of 0 means there weren't enough complaints to receive a rating. Protective’s score of 0.79 means that they receive a below-average amount of customer complaints.
The application process will vary depending on what policy you apply for. The details below reflect Protective’s term life policy, Classic Choice Term.
Applying with Protective involves an online application followed by a phone interview. Applicants will be asked questions about their medical and prescription histories. Since Classic Choice Term is a fully underwritten policy a medical exam is required.
The time to wait for a policy decision with Protective may take longer than other insurance companies, especially if something needs to be verified with a medical professional.
The final policy is delivered electronically.