Cost & Coverage
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Ease of use and competitive rates make Protective a good choice for anyone looking for a straightforward life insurance policy.
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Protective life insurance
Lower than average costs across the board
Online policy management
Offer rate reconsideration after the first year of the policy
Slower than average application approval
Policy cancellation requires a phone call
THE BOTTOM LINE
Protective offers some of the industry’s most affordable term life insurance rates and a policy that works in your favor. With features like no exclusions, you can be assured that your policy is doing what it’s meant to: protecting your loved ones.
Protective is number 5 on Policygenius' list of the best life insurance companies, based on cost, financial confidence, third-party customer ratings, life insurance policy options, and ease of application.
PROTECTIVE COMPANY SPOTLIGHT
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Lower than average costs across the board. Compared to the industry average, Protective has generally competitive rates for healthy individuals. Though costs increase as you age, the cost of a Protective life insurance policy remains lower than other life insurance companies on the market.
Online policy management. You can apply for Protective life insurance online through Policygenius, and after that you can do most of the management online, too. Policies can be delivered electronically (rather than waiting for it to come in the mail) and you can update your beneficiaries, payment info, and address online for easy access.
Offers rate reconsideration after the first year of the policy. If your health improves or any conditions that caused higher premium payments have changed, your policy can be reviewed and reconsidered. This requires going through the underwriting process again, but the costs are covered entirely by the insurer. Protective is the best carrier out there when it comes to reconsideration and a good choice for people who think their health will improve over the next few years.
Slower than average application approval. The average life insurance application can take about 30 days to get approved. Unfortunately with Protective, it can sometimes take longer. If any additional information is required by your doctor, you can expect that your application will be delayed more so than it would be with some other insurance companies.
Policy cancellation requires a phone call. Even though the application and policy are delivered electronically, you’ll have to hop on the phone and speak with a representative if you need to cancel your policy. Though this may require some extra effort on your part, many insurance companies ask for a phone call and additional paperwork.
Compare Protective to other top-rated companies
Protective is a good company -- but it may not be the right fit for you. Compare top insurers in one place and find your best rate with Policygenius.
Healthy individuals can see some of the lowest rates with a term life insurance plan through Protective. The quotes below are monthly premiums for a $500,000, 20-year term life insurance policy for a healthy, nonsmoking male, in California.
|AGE||Protective Average||Industry Average|
If you’ve had any health conditions in the past, you may be looking for an insurance provider that provides adequate coverage without the high cost. Protective life insurance offers decent rates for people with prior health conditions, though not the best. There are other life insurance companies out there that offer better rates for people with prior health conditions.
Here’s how Protective classifies common health conditions:
|Recent Weight Loss||Good|
|Former Tobacco Use||Fair|
|High Blood Pressure||Good|
A good life insurance policy lasts long enough to cover any major expenses in the event of your death, such as a mortgage or college costs. Because you’re looking for long-term coverage, you want to pick a provider that you can trust will be around for a long time. Here’s how Protective ranks:
Protective life insurance has been covering millions of policyholders for over 100 years. With high ratings from financial rating companies S&P, Moody’s, and A.M., you can expect top-notch service and an insurance carrier that will stick with you for life.
Highest ratings from each firm are:
Reviews from financial companies are great and all, but what are actual people saying? Protective life insurance has a pretty good consumer record across the board. While their J.D. Power score isn’t perfect, they get fairly close with every other consumer rating. There are minimal consumer complaints with Protective life insurance.
What do these ratings mean, exactly?
J.D. Power rates insurance companies based on their product offerings, price, clarity of statements, interaction, communication, and application process. The overall satisfaction score is “based on how individual life insurance clients rate their overall experience with the provider" and determines the final score that we show here.
The Better Business Bureau ranking is based on tangential metrics that account for the customer experience.
Consumer Affairs is a platform for consumers to rate products and services, with ratings based on stability, reputation, and policy coverage.
The National Association of Insurance Commissioners tracks complaints submitted to state insurance departments with their national complain 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 life insurance’s score of 0 means that there weren’t enough complaints against them for a score to be created, which is pretty good considering they’ve insured over 6,000,000 people.
Term life insurance expires after a set number of years and usually has no cash value. It’s cheaper and simpler than a permanent life insurance plan, and usually the best option for most people.
Protective’s lineup for people who want to purchase temporary life insurance offers plans anywhere between 10-30 years. Unfortunately, those looking for term lengths of 35-40 years won’t be able to find extended coverage lengths with Protective.
Protective life insurance offers a Classic Choice Term policy that is uncomplicated and offers competitive rates:
|Annual payment discount||3%|
|Payment methods available||Check, auto bank draft, credit card only for first payment|
|Temporary coverage||Yes, on applications of up to 1,000,000 or applicants below the age of 80|
Protective offers temporary life insurance on standard plans of up to $1,000,000 in coverage and on below standard plans of up to $100,000 in coverage. Anyone over the age of 80 applying for life insurance would not be able to take advantage of temporary coverage.
You can get a more robust life insurance policy with the addition of riders to your policy. Protective has the option of adding on riders to cover unique circumstances that aren’t protected with a basic term life insurance policy.
Note: The information above represents potential policy options and may not be available for every applicant. Speak to a licensed expert for a personalized look at your coverage options.
Protective life insurance offers an above-average customer experience, though there is room for improvement.
Protective life insurance is available in 49 states; only applicants in New York do not have the option to purchase Protective’s Classic Choice term policy.
The application form for Protective is shorter than most other life insurance applications, though the process includes similar components:
Inversely, the application process for Protective life insurance may take longer than other insurance companies, especially if something needs to be verified with a doctor.
Change method Do you need to make any changes to your policy? Protective lets you do most of the work through their online portal:
If you’re paying monthly, the first payment can be done by credit or debit card, but every payment thereafter will need to be a bank draft. If you opt to pay annually or semiannually, then you can pay by credit card or check for each payment.
The final policy is delivered electronically for easy and instant access.
Protective life insurance requires completion of the death form to receive the death benefit. This will ask for the following information:
After you submit this information, you will need a copy of the death certificate to file your claim.
Policygenius offers insurance policies from many of the nation's top insurers, who pay us a commission for our services. However, all editorial choices are made independently.
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