It’s hard to argue what a company stands for when their main purpose is their brand. With Protective Life Insurance Company, there are no guesses to what they aim to do, and how, and it’s a name they have lived up to for more than one hundred years running.
When you want a strong life insurance company to protect you and your family, you want to be able to trust the company will be around when you need them, you want to know they have the right products, and you want to be sure you’re getting a great value.
When you read through our Protective Life Insurance Company review, you’ll see this is exactly what they represent.
Our Protective Life Insurance Company Review
Founded in 1907, Protective Life Insurance company started it’s long and stable history in Alabama under the supervision of William Dorsey Jelks, the former governor of the state. The company grew on its own until 1927, where it grew by acquisition of another insurance company, Alabama National. It would continue its pattern of growth until it expanded into all 50 states in the following few decades.
Protective went public in 1993 under new leadership, under the ticker PL available on the NYSE. More acquisitions occurred in 1997 and 2006, where both West Coast Life and Chase Insurance Group were now under the Protective Umbrella. The latest was in 2013, where MONY Life Insurance Company of America was acquired and added under the business lines of Protective Life.
Today, it holds some of the most prestigious ratings, making it one of the best life insurance companies in the industry according to financial strength and stability. All four independent rating agencies, Fitch, Moody’s, Standard & Poor’s, and A.M. Best all gave Protective Life Insurance Company an “A” or better rating. Not many of the hundreds of insurance carriers across the United States can make this same claim.
The ratings are as follows:
- A.M. Best – A+
- Fitch – A+
- Moody’s – A2
- Standard & Poor’s – AA-
Cumulatively, this results in a Comdex score of 92, putting them well within the top 10 percent of all life insurance carriers by financial strength and security.
Life Insurance Products
The full line of products available through Protective include a fantastic variety of life insurance to meet the very demanding needs of individuals, families and small businesses across America. They currently offer:
- other fully customizable products...
Their term life insurance products are some of the most competitively priced choices on the market today, as their universal life insurance gives the same affordable marketability but with greater features, durability and flexibility for those who need it most. The Protective Custom Choice UL is the actual product, which allows the policy to be customized to act just as a term would.
Enjoy all the benefits of temporary coverage, with one of the easiest ways to secure permanent, when needed.
There are four different sub-types of universal insurance available from Protective, and one whole. The universal options are the:
- Variable Universal
- Indexed Universal
- Survivorship Universal
The straight universal policy, the Protective Custom Choice UL, is one-in-the-same from above, which can act as their term. This policy basically allows the insured to set the guaranteed death benefit range up to where they want, whether it be a certain age or time period.
Other, lesser well known products Protective Life offers is their variable universal life product, the Protective VUL, which accommodates those who wish to grow cash, all while protecting their family, by having a portion of their premium being invested into the stock markets. There is additional risk involved in these types of policies, and you must use an agent who is a registered representative (securities licensed).
For those who want some of the same growth possibilities and less risk, the Protective IUL is a tailored indexed universal policy. Get long lasting coverage, some guarantees on minimums, and the potential upside of growth utilizing some of the more common market indices, such as the S&P500.
Another is the survivorship life insurance option, called the Protective Survivor UL, which is a life insurance policy based not on one, but two separate lives. Its spreads the risk allowing a lower premium; this product is used for things like estate taxes, charitable giving or inheritance fees down the line.
Lastly, a Protective Whole Life insurance policy grants you the most guarantees, with a stated, fixed rate of cash growth over the lifetime of the policy. As long as you make your payments, this policy is guaranteed to stay in force.
In the latest news, Dai-ichi Life will be acquiring Protective Life, although operations will continue as they already are. What this will mean for Protective is greater resources, a greater access to markets globally, not just in the U.S., and a great model for growth in a partnership with an already successful worldwide corporation.
For those who already own shares in Protective, or PL, they’ll be getting $70/share.
Our Final Thoughts on Protective
With a backbone and history in life insurance, as well as an innovative marketing strategy, Protective is growing quickly in its effort to be one of the best insurers available. It has a strong presence of independent agents who offer its products, and a vast number of consumers who are willing to purchase them.
An extensive list of products makes them available to help those in even the most peculiar situations, but they are cost effective for the masses. Rates are competitive, and they are among the most financially stable carriers in the nation.
|Company Name (and Subsidiaries)||Protective Life Corporation (Holding)|
Protective Life Insurance Company
Protective Life and Annuity Insurance Company
West Coast Life Insurance Company
MONY Life Insurance Company
Lyndon Insurance Group, Inc. and Affiliates
|Company Ratings||A.M. Best (A+)|
Moody’s Investors Services (A2)
Standard & Poor’s (AA-)
|Headquarters (Address, Phone, Web)||2801 U.S. 280|
Birmingham, AL 35223
|Policy Types Available||Term|