Protective life insurance review: Affordable coverage
Protective has high ratings and low rates for people looking for term or permanent life insurance policies.
By
Logan SachonLogan SachonSenior Managing Editor, Life Insurance & ResearchLogan Sachon is a former senior managing editor of life insurance and research at Policygenius. As a journalist, her work has appeared in The Guardian, Business Insider, CNN Money, BuzzFeed, Money Under 30, VICE, New York Magazine, and elsewhere.
Edited by
Adam MorganAdam MorganEditorial DirectorAdam Morgan is an editorial director at policycentral who leads the life insurance and annuities team. Previously, he led editorial teams matrixed across multiple financial publications at Red Ventures — including Bankrate, NextAdvisor, Million Mile Secrets, and others. As a journalist, his work has appeared in Esquire, Scientific American, The Guardian, Los Angeles Times, and elsewhere.
Our proprietary ratings methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the “Ratings methodology” section for more details.
4.8
AM Best rating
AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).
A+
Cost
Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).
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The bottom line
Protective offers a competitively-priced guaranteed universal life insurance option for people who need lifetime coverage, plus affordable term life insurance for a variety of ages.
Pros
Competitive rates for all ages and health classifications
Good for people with mental health conditions, kidney conditions, and some cancers, including prostate cancer
Term lengths up to 40 years
Cons
Not available in New York
Not great for people who have had bankruptcy, marijuana users, or visa holders
Limited no-medical-exam policy options
Basic coverages offered
Term life insurance: Classic Choice Term is Protective’s term life insurance policy. Terms are available between 10 years and 40 years. Minimum coverage is $100,000.
Universal life insurance: Protective offers several universal life insurance policies, including Protective Executive UL, Protective Advantage Choice UL, and Protective Custom Choice UL. Its guaranteed universal life insurance offering is called Protective Lifetime Assurance UL. Protective Lifetime Assurance UL doesn’t require a medical exam for qualifying applicants.
Indexed universal life insurance: Protective Indexed Choice UL is Protective’s indexed universal life policy. (Note: This product is not available through the policycentral marketplace.)
Variable universal life insurance: Protective Strategic Objectives II VUL is Protective’s variable universal life insurance policy. (Note: This product is not available through the policycentral marketplace.)
Additional coverages offered
Terminal illness accelerated death benefit endorsement: Also called an accelerated death benefit rider, this rider is included at no extra cost on term policies and provides part of the death benefit — 60% of it, up to $1 million — if you’re diagnosed with a qualifying terminal illness.
Children’s term life rider: For an additional cost, the child rider provides life insurance coverage to the insured’s children, up to $25,000 per child.
Waiver of premium rider: For an additional cost, the waiver of premium rider waives premiums during a period of disability.
Accidental death benefit rider: For an additional cost, this rider pays out an additional death benefit in case of death by accidental injuries.
Conversion Choice with ExtendCare rider: For an additional cost, this feature allows you to convert your term life policy with Protective into a permanent policy — plus, after your conversion, you’ll be able to access your death benefit to assist with medical bills in the event you’re diagnosed with a chronic illness.
Ratings methodology
Price
5.0/5
Our price rating scale looks at life insurance rates for a sample 20-year term policy with a $1 million coverage for a 35-year-old female non-smoker with a Standard Plus risk classification, the rating an insurance company gives you that determines your rates (if a company doesn't have a Standard Plus rating, we use its Standard rates). The quote we got from Protective puts it in the least expensive category for our rating system.
Customer experience
4.9/5
Protective also scored very well on our customer experience scale. According to the data from the National Association of Insurance Commissioners (NAIC) complaint index, Protective has a below-average complaint rate of 0.42, meaning it receives 58% fewer complaints than the average life insurance company.
Transparency
4.3/5
Our transparency rating scale measures how easily shoppers and policyholders can find information about Protective on its website. Protective’s website has several clear ways to contact the company, including a chat bot, and shares financial ratings including A.M. Best, Standard & Poor’s, Moody’s, and Fitch. However, for Protective’s customer-facing website, we’d love to see policy details more clearly available, as well as average rates for its policies.
Financial strength
3.9/5
Our financial strength rating is a weighted combination of three industry-leading metrics to measure a company’s financial health: A.M. Best, Standard & Poor’s, and Moody’s. Protective rates well on all three, getting an A+ from A.M. Best, an AA- from S&P, and an A1 from Moody’s.
A closer look at Protective life insurance
Who is Protective best for?
While Protective offers competitive rates for many people across ages and health classifications, it's also the best choice for people with certain health conditions, including mental health diagnoses and prostate cancer. People with kidney conditions, including kidney disease and kidney transplants, will likely find their best rates with Protective.
What makes Protective unique?
Protective’s term length offerings of 35 years and 40 years are rare in the industry, making Protective a great choice for people who need longer coverage periods. And for people who need lifetime coverage, Protective’s guaranteed universal life insurance product is one of the most affordable on the market.
Who should consider a different life insurance company?
Residents of New York State cannot buy term life insurance from Protective. People who have experienced bankruptcy or who use marijuana will also find their best rates elsewhere. Finally, people who want coverage for their non-working spouse will likely be able to get more coverage with another insurer: Protective only offers non-working spouses up to 50% of their spouse’s coverage, while many other companies will match 100% of the working spouse’s coverage amount.
Expert opinions on Protective
"Protective is a good option for people with health conditions including kidney disease. They also have a competitively priced guaranteed universal product that can be a good option for people who need lifetime coverage." — Mike Hogan, licensed life insurance specialist at Policygenius
Protective life insurance rates
The chart below shows average monthly premium prices for a 20-year term life insurance policy with $500,000 in coverage for non-smokers in a Preferred health classification; quotes are based on the policycentral Life Insurance Price Index methodology.
Age/sex
Protective average
Industry average
25-year-old female
$18.65
$21.08
25-year-old male
$23.76
$26.90
35-year-old female
$22.21
$25.58
35-year-old male
$25.96
$30.34
45-year-old female
$43.05
$47.87
45-year-old male
$54.90
$60.76
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Protective history, reputation, and social responsibility
Protective Life Insurance Company was founded in 1907 in Birmingham, Alabama. By 1983, the company celebrated its 50th acquisition, and several more in the coming decades would make it one of the largest life insurance companies in the country. [1]
In 2015, Dai-ichi Life Insurance Company, Japan’s second-largest private insurer, purchased Protective, making it a wholly owned U.S. subsidiary. As of 2022, the company has over 12 million customers and 3,700 employees. [2]
In 2022, Protective released its second sustainability report, with a focus on its mission to protect “business, people, and community.” One highlight from the report is the company’s Protecting Good initiative, which aims to connect and support the community around Protective Stadium in Birmingham. The company also established a Sustainability Taskforce and raised its minimum wage to $18. [3]
Protective in the news
In June 2022, Protective earned a Great Place To Work® designation, with 89% of its employees saying it's a great place to work. (Protective)
In March 2022, Protective acquired the automotive finance and insurance provider AUL. (Coverager)
In March 2022, the EPA named Protective a Green Power Partner for making its Birmingham headquarters more sustainable through the use of green power. In August 2021, Protective announced that it would collaborate with Alabama Power to use 100% renewable energy to power its Birmingham headquarters. (Protective)
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Protective vs. other life insurance companies
Compare Protective to similar life insurance companies using the table below.
policycentral uses external sources, including government data, industry studies, and reputable news organizations to supplement proprietary marketplace data and internal expertise. Learn more about how we use and vet external sources as part of oureditorial standards.
Logan Sachon is a former senior managing editor of life insurance and research at Policygenius. As a journalist, her work has appeared in The Guardian, Business Insider, CNN Money, BuzzFeed, Money Under 30, VICE, New York Magazine, and elsewhere.
Adam Morgan is an editorial director at policycentral who leads the life insurance and annuities team. Previously, he led editorial teams matrixed across multiple financial publications at Red Ventures — including Bankrate, NextAdvisor, Million Mile Secrets, and others. As a journalist, his work has appeared in Esquire, Scientific American, The Guardian, Los Angeles Times, and elsewhere.
