Secured with SHA-256 Encryption
Select Page

Protective Life Insurance Review

FREE Insurance Comparison

Compare quotes from the top insurance companies and save!

Secured with SHA-256 Encryption

Eric Stauffer is a former insurance agent and banker turned consumer advocate. His priority is to help educate individuals and families about the different types of insurance they need, and assist them in finding the best...

Full Bio →

Written by

UPDATED: Nov 30, 2018

Advertiser Disclosure

It’s all about you. We want to help you make the right coverage choices.

Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We partner with top insurance providers. This doesn't influence our content. Our opinions are our own.

Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.

Protective Life Insurance
Premiums
Claims
Feedback
Financial Strength



Compare Insurance Quotes

Secured with SHA-256 Encryption
As a nationwide company, Protective Life has been writing life insurance for over 100 years. They keep their focus solely on life insurance and retirement planning and have expanded their product offerings over the years to further assist customers in retirement planning and beyond.

Protective Life Summary

Protective Life Insurance Company was founded in 1907 by former Alabama Governor William Dorsey Jelks. In 1927 the company merged with Alabama National Insurance Company, keeping the Protective name, and began acquiring other companies over the years. Today, Protective is able to provide products in all 50 states.

Protective Life is now the primary subsidiary of Protective Life Corporation, with other subsidiaries including Protective Life and Annuity Insurance Company, West Coast Life Insurance Company, MONY Insurance Company, and Lyndon Insurance Company. In 2015, Japanese corporation Dai-Ichi Life acquired Protective Life Corporation in a multi-billion dollar deal.

The company’s main office is located in Birmingham, Alabama, but there are offices in several other states as well. Unlike many similar companies, Protective sells its products directly and not through agents, with an online application process as well as application by phone.

Enter your zip code below to view companies that have cheap auto insurance rates.

 Secured with SHA-256 Encryption

Insurance Products

Since life insurance is their focus, Protective has created a strong product lineup to choose from. Their range of life insurance and annuity products allow customers to select the right options for their needs, both in terms of budget and planning for the future.

Protective’s life insurance products are all considered to be Universal Life insurance policies; the company is unique in that it does not offer a traditional term life insurance option. Instead, they offer a policy that has aspects of both term and universal life.

Each of the policy options works a little differently in terms of premiums, benefits, and flexibility.

Custom Choice Universal

This policy is the closest thing Protective sells to a term life insurance product. It offers a level death benefit for a term ranging from 10-30 years, with several options for continuing the coverage beyond that term period. While most insurance companies do offer the option to convert a term policy at the end of the chosen term length, this policy builds it in, which prevents the customer from facing large premium increases at the time of the conversion.

This type of policy is not designed to be a cash accumulation policy, although there is some limited potential to do this.

Universal Life

This is Protective’s standard Universal life insurance policy, offering flexibility in premium payment options, a guaranteed death benefit, and lifetime coverage. The cash accumulation account has the potential for growth and loans are available as well as cash surrenders, although these can affect the death benefit.

Variable Universal Life

Combining an investment with a life insurance policy, variable life from Protective allows lifetime coverage with flexible premiums. The cash accumulation account can be invested in a variety of ways, making this type of policy a higher risk in terms of potential for growth, but also allowing a greater potential for growth.

Survivor Universal Life

This type of policy is designed to cover two people under one policy. The death benefit is paid out after the death of the second person. Similar to a standard life policy, this has flexible premiums and potential for cash accumulation.

Annuities

Protective offers a range of annuity options, which are designed to provide retirement income. Protective offers both immediate and deferred income options as well as a range of terms for their annuities to meet each customer’s needs.

Prices and Premiums

Protective offers a simple to use online quoting system to provide life insurance quotes. A quick quote for a 30-year-old male non-smoker living in California came back in the range of $36 per month for $1,000,000 with a 20-year term under the Protective Custom Universal Life policy.

For that amount of coverage with that term length, especially considering that Protective’s term is actually a Universal policy with easy conversion, that’s a very reasonable premium. Of course, these numbers are also based on limited information and may change with further underwriting, which is important to consider with any life insurance quote done online.

Claims

Protective offers a simple and clear explanation of how to handle a claim on their website. There is a toll-free number to call for either annuity or life insurance claims, and the required forms for the claim are available for quick download.

Protective’s straightforward claims process involves filing of the claim, gathering of the required information by a claims representative, and the release of funds when all of the documentation is complete. Protective promises to send out payment within one business day of claim approval.

The company offers a Benefit Account option for benefits larger than $10,000, which can be used as a checking account rather than a lump-sum payment. They also offer financial counseling to assist with handling the benefit, especially with large amounts.

Enter your zip code below to view companies that have cheap auto insurance rates.

 Secured with SHA-256 Encryption

Consumer Feedback

Although Protective Life is not Better Business Bureau (BBB) accredited, it does have an A+ rating. The BBB records a total of 37 complaints against the company in the past three years, 12 of which were closed in the past 12 months. For a company of this size with nationwide service, these numbers are low.

There are a few negative reviews out there, but they are minimal overall. This is not unusual for a life insurance company since they do not pay out claims the same way a car or home insurance company would. Most people have little contact with their life insurance company once they have taken out the policy, which generally leads to fewer reviews and complaints.

Financial Strength

Rating Company Grade Financial Outlook
AM Best A+ Stable
Fitch A+ Stable
S&P AA- Stable

Bottom Line

Protective Life Insurance Company should be high on the list for anyone shopping for basic life or annuity needs. The company’s many years of experience and focus on life and annuities only makes them a strong contender in the field. They may not be the right choice for those seeking term life only, or those who wish to have all of their policies in one place since they do not offer auto, home, or any other personal insurance products.

With a strong reputation and solid product offerings, Protective Life is well worth a quote comparison for most life insurance customers.

For a list of companies that we recommend, visit our Best Insurance Companies page.

Compare Insurance Quotes

Secured with SHA-256 Encryption

Review Information

Summary
Review Date
Reviewed
Protective Life
Author Rating
41star1star1star1stargray

About Eric Stauffer

Author: Eric StaufferI am a former insurance agent and banker turned consumer advocate. My priority is to help educate individuals and families about the different types of insurance they need, and assist them in finding the best place to get it.

27 Comments

  1. Customer service is terrible.

    After 6 attempts, they will still not send me requested information which is 7 yrs of payout records on a policy I inherited.

    I have talked with my CPA and Financial Advisor and what I am asking for they should provide.

    Reply
  2. My policy was close to expiring. I contacted them several times as to what my options were and I either did not hear from them or I got a form letter to see my agent. Well, I do not have an agent! Their form letters are such that they do not want me to contact them. My policy has now expired with no more benefits.

    Reply
  3. THIS COMPANY IS EXTREMELY “UNPROFESSIONAL”, “CHEAP”, “FRAUD” BIG TIME, “LOUSY”, “RIP OFF CLIENTS”, “JUST COLLECT PREMIUM FROM CLIENTS BUT DO NOT PAY IN RETURN AS PROMISED. DO NOT TRUST THIS COMPANY. THEY ARE FAKE COMPANY. THIS COMPANY WANT TO SELL LIFE INSURANCE TO CLIENTS AND DID LOTS OF ILLEGAL CONDUCT BY COLLECTED CLIENTS’ URINE TEST PRIOR TO SELL LIFE ISURANCE AND ITS TURNED OUT THE URINE IS NOT BELONG TO CLIENTS. ITS BELONG TO OTHER FAMILY MEMBERS INSTEAD. THEY TRIED TO CHEAT SO THAT THEY CAN LET CLIENTS PASS AND PROCEED ON SELLING LIFE INSURANCE TO CLIENTS JUST TO COLLECT CLIENTS PREMIUM AND NOT GUARANTEE LATER CLIENTS CAN GET PAY WHEN SOMETHING HAPPEN TO THEM. THIS COMPANY IS REALLY SCARRY AND NOT RELABLE. IF WHOEVER PURCHASE LIFE INSURANCE FROM THIS COMPANY THEN GOOD LUCK FOR GETTING THE MONEY BACK LATER ON BECAUSE THE COMPANY “LIE” BIG TIME. NO TRUST FOR THIS COMPANY AT ALL. LOTS OF OTHER CLIENTS WERE NOT HAPPY WITH THE COMPANY AT THE OUTCOME OF PROMISE BUT NOT DELIVER. BE CAREFUL WITH THIS COMPANY. NOT TRUST WORTHY AT ALL. THIS COMPANY BASICALLY “ROBBED” EVERY CLIENT THAT DIDN’T KNOW ANY BETTER ABOUT LIFE INSURANCE AND JUST BECAUSE IT’S AFFORDABLE. IT WAS JUST A BIG TRAP ONCE WHEN ANY CLIENTS SIGN UP WITH THEIR COMPANY. CLIENTS WILL NEVER CLAIM THEIR MONEY AFTER DEATH.

    Reply
  4. Customer service in the claims department has been terrible dealing with the death of my father.

    Reply
  5. My husband passed away 06/11/2016. I immediately informed the insurance company and within a week I received the claim forms. On the forms it listed my husbands EX-Wife as the beneficiary. I was absolutely shocked because I knew within the year that we were married in 2007, he and I had updated all of our banking and insurance documents as each others beneficiary. I stressed this to the insurance customer service representative.Only to be told there was nothing they could do it would be paid to the contingent beneficiary since my husband and his Ex were divorced. I immediately sent a dispute of the payee not being myself. In September my husbands former employer was able to locate the change of beneficiary document that my husband and I filled out 08/10/2007 and sent it to Protective Life. I still never heard anything from them. I called again on 10/27/2016 and was told that the change of beneficiary was not valid because I had signed as an owner. The change of beneficiary form clearly listed in the signature requirements that “If the owner resides in the Community Property States of Texas…., we recommend that the Owner’s spouse join in signing this form.” Which I did. Further more, page 5 of the original policy “Changing the Owner or Beneficiary. The owner may change the Owner or Beneficiary during the Insured’s lifetime. To make a change, the Company must receive a written request satisfactory to the Company at its Home Office. Any such change will take effect as of the date the request is signed, even if the insured dies before the Company receives it.” All the requirements were fulfilled and there is no ligament reason that I should not be paid as my husband always intended. I have sent several email that are not being responded to. Each time I call I am told that the representative is away from her desk. I have no choice now but to turn them over to both the Texas Attorney General Office and Texas Department of Insurance. This all could have been avoided had someone done their job in 2007 and made the changes my husband wanted. I certainly don’t anyone to go through the hell I have with this company. Going on 8 months and have not seen a penny of the life insurance benefit.

    Reply
    • Protective life used the same tactic with us and refused to pay an ex-wife even though she was beneficiary at time of death.

      Stay away for these crooks.

      Reply
  6. I want to know what are the percentage of clai-protective term life actually paid out ? as a gage for how honest they are? actually paid out who file a claim??? In the past five years for example how mauch has Mony-Protective Life ins actually paid to the claimants? what percentage were denied who filed a claim ? Why haven’t I received one piece of literature stating the takeover of MONY by Protective?

    Reply
  7. covered retiree/ protective is a dishonest company that offers insurance products only to collect premiums for years/once the policy nears end of term/ in my case 15 years of the 20 years on the policy/ they look to cancel for any reason they can find/ in my case they screwed up my auto pay after I had been paying yearly for almost 15 years/ they then canceled me without notifying me of the problem/ I live outside of the u.s and do not get regular mail/ therefore policy was canceled and not reinstated when they found out I had some medical issues in 2005/ which have not affected my life expectancy to this date/

    Reply
  8. This company is horrible with annuity, I have been receiving these checks once a month for over 20 years and as soon as this stupid company took over my contract I’ve had nothing but problems with my checks being late, This is my income I depend on and I expect it to be in my account on time, not whenever the heck they feel like sending it!!! I seriously wish another company would take over because this place is a BIG joke! They have screwed me over too many times and I’m sick of dealing with their stupid rude employees that can’t give you a straight answer on where my checks are. I had changed my checks into direct deposit and they still screw it up!!! I seriously should start charging them late fees that I have to pay all because they can’t get it together!!! Thanks for screwing me over this month again protective! If you know there is a holiday near the 1st, send the checks earlier, I’m sure it’s not that hard! My contract says the first of the month not after, so go by it!

    Reply
  9. Protective Life has crappy underwriting and needs to get with the times. If you admit to partaking in marijuana once in the last year they categorize you as ‘High Risk’ which is the same as someone who has smoked their whole lives. There is no evidence or proof that smoking marijuana is harmful in anyway to the body or mind. It appears to just be an excuse for them to charge higher premiums or use bias without anything to back it up. Even if it’s legal, it’s better to completely lie to these corporations that are completely dehumanized and do not use common sense.

    Reply
    • You should call your states attorney generals office or the insurance commission.
      I live in Connecticut and I am a card carrying patient.
      How did they find out?

      Reply
  10. I was thinking of getting insurance from this company, but like most, I am a novice at this and all the lingo and particulars. Judging by the reviews I have just read, I don’t think I will be going forward with this company…at all.

    Reply
    • There are reputable life insurance companies out there – but if you choose to do business with Protective Life Insurance Company, please plan to include your private attorney in every aspect of the policy and all communications you have.

      The CEO and Board Members of Proctive Life (yes, I contacted them all in attempts to save my family . . . . . ) do not care that a representative of their company gave false information regarding an existing policy of 7 1/2 years and for that reason, there is a loophole that Protective Life can worm its way through and deny paying out on our “key employee” policy.

      One of the “lady” Board Members was so inconvenienced that I wrote her beggging someone to review the denial of our policy (and I included a copy of the foreclosure notice of our home so they could see how desparate we truly are due to this policy being denied) that she went the extra mile to contact the CEO of the company I work for. She couldn’t be bothered to make sure their employees give existing customers honest and complete instructions regarding a $500,000 life insurance policy, but she took the time out of her day to make sure my boss 5 levels up knew that I had bothered her. What a wonderful representation of the true people leading this company –

      If I can save even one other family from the trauma of being a customer of Protective Life that my family encountered, then I have to do everything I can to do so.

      We will never recover from this – even working 7 days a week for the rest of our lives. We were just an average, two-income family when we purchased life insurance from Protective Life at the suggestion of our financial advisor.

      Today, we are two 50 something’s we are beat, work 7 days a week, have lost our ira’s and 401ks, have less than $200 in the bank, have lost our home to foreclosure, are months away from losing our family business that has been in existance for over 40 years, and have no way to send our children to college – we cannot even sign for a loan for community college because our credit is so bad now.

      Being a customer of Protective LIfe has ruined my family – and my family business.

      Reply
    • My father passed away on September 1. I just found an active life insurance policy he had with my mother as beneficiary. When I called to put a claim in and asked what the value of the policy is…I was told it has a value of $3,000. My father paid over $5,000 for this policy (over a span of 40 years). Isn’t this against the law? I need help in rectifying this situation so if anyone out there has any suggestions or recommendations, please let me know. Thank you!

      Reply
  11. did finally get our money, I guess 7 weeks to collect the money is not unreasonable. Had to deal with some of the rudest people ever. Took 5 weeks to be able to talk to a supervisor after multiple requests. The person taking care of the claim was very rude every time we called, she never had an answer to how the claim was progressing. glad we never have to deal with this company again.

    Reply
    • No – we did not receive the death benefit of the policy that we paid on for 7 1/2 years. We are in a dire financial situation right now, despite both my husband and I working 7 days a week. Protective Life Insurance Company is 100% responsible – had they just been completely honest and disclosed all information while our loved one was alive, this would never have happend. They never gave him a chance to change his instructions because they told him – in writing on company letterhead – that this policy was a policy in good standing. Had they just said, “but if this happens, or this, or this . . . ” we could not have any complaints. But, they did not – not in any phone conversation or in any of their written communications.

      Reply
  12. They had no right to just send my sister the entire life insurance money, because there are conditions, in our mothers will, about how much money needs to go into the “Family trust” and how much $500,000.00 into the “educational trust.”
    If there is NOT enough money to put into each account, then the LIFE INSURANCE POLICY, is suppose to be deposited into the trust.
    They never give anyone time to go through a will after death occurs. They just mailed that huge check out within 7 days of moms demise.
    I think they should be liable, if they do not give the trustee time to go through a will that was amended 7 times. Burying the person is paramount, not deciding how much money someone is entitled to.

    They need to have a 30 day time frame, so the priorities, of the circumstances, are in order.
    Now the money is gone, and there is zero dollars in the “family trust”, (as moms care was expensive, but she comes first) and the educational trust has less than half, of what it is suppose to be. The money should have gone into the trust, just like the sale of her home did. My name was on the home, but I am her trustee, and I know that is the way it is set up.

    This company stinks.

    Funny, nobody is responding to my post.

    Reply
    • And there isn’t a soul in the entire company that cares – not one. [Redacted] will continue banking his incredibly large salary, enormous bonus, and portrayed as wonderful family man who cares about families and children, employees at the company who helped your sister rob your family will continue earning their salaries, the Board of Directors will contue celebrating their high earnings and not one person cares that families of real people are being ruiined because they actually believed that Protective Life Insurance Company was going to take care of them in the event of a tragedy. I’m so sorry for your loss – and the pain that dealing with Protective Life has caused in addition to that loss.

      Reply
      • Thanks for validating my frustration about this problem, and it is a problem.
        Let the TRUSTEES do their job, and doling out money comes after a burial.

        You people messed the whole WILL up, and you might find yourselves facing a probate judge.

        Reply
    • I am certainly sorry for what you went through. However, the insurance company is bound by law to release the death proceeds to the benificiary as listed on the policy. Just because someone has a will or any other legal document, that is not enough to change the fact that whoever is listed on the insurance policy as the benificiary is the person they are required to send the money to.

      Just a lession to show everyone that you should always update your insurance policy if any relationship changes or if there is a death that will affect someone who might be listed in the policy.

      Reply
    • Unfortunately, someone gave you bad advice that had nothing to do with your insurance company. If the policy owner named a beneficiary, your will has no standing whatsoever unless the beneficiary is deceased and no contingent beneficiary exists. So sorry for your loss, but your anger is misdirected. Protective Life did what any other company would do in the situation you have described. Make sure you check all accounts that have named beneficiaries (IRA, ROTH, Bank Accounts, Annuities and Life Insurance…) every 5 years or after any family changes such as marriage, divorce, death…etc. Beneficiary forms are powerful, and they are precisely what keeps money out of probate court and the oversight of the will where your lawyers, and accountants will get a piece of it.

      Reply
    • life insurance proceeds payout are determined by beneficiary designations and not wills. Life insurance death payouts pass outside estate probation ( a good thing) and go directly to the named person(s) unless the estate is named as beneficiary. Sorry about your loss but you should have checked to see that the beneficiary was the two trusts, family and educational

      Reply
      • The TRUST clarifies that if there is less than $500,00.00 in the EDUCATIONAL TRUST then the LIFE INSURANCE POLICY is then added to it, because the educational part was for 3 grandchildren, and not about one daughter who “aged out” of her educational part.
        The (3) grandchildren have to use it BEFORE they turn 25. so there is still one grandchild to be educated.
        Spending it on stuffing your face at the RED LOBSTER, is not anywhere in the WILL/TRUST.
        The PROBATE judge in East Hartford, CT cut her off after he found out about her taking a mom with dementia to the drive through window.
        Sorry you’re so ignorant. I have the WILL in my possession.

        Reply
  13. Protective Life legally robbed my family of a $500,000 life insurance policy that had been in place for 7 1/2 years. We bought “key employee” life insurance from Protective Life fully believing that if anything were to happen to our family patriarch that we had a financial safety net in place to take care of our family and our family business. Our misfortune that we did not have a backup plan for when Protective Life decided to not honor our life insurance policy. We were a normal, two-parent working family when we purchased this “key employee” life insurance. Now, even working seven days a week, since we lost 50% of our family business and Protective Life has failed to pay our life insurance policy, we have lost everything. Due to the incompetent and deceitful way our family was treated by Protective Life we have lost our family home due to foreclosure, our family business is nearly bankrupt. There is not a soul in the entire company who cares . . . . and that extends all the way up to and includes CEO [Redacted]. They just don’t care that their representative gave us false information and has ruined an entire family. [Redacted] keeps collecting his outrageous salary and bonus – his lifestyle hasn’t been changed at all – meanwhile, we have lost everything.

    Reply
  14. I am the trustee and myself and my sister were on the life insruance policy, 50% each.
    I have a copy with both of our names on it.

    Unfortunately, my sister took advantage of our moms, documented “vascular dimentia”, and did not let PROTECTIVE LIFE INSURANCE know this. She flew up from Fla, and took her through the drive through window at the credit union, and took $2,000.00, every other day, until I reported her to the Probate Judge. He then ordered her to get “nothing else”. Apparently, PROTECTIVE LIFE INSRUANCE has no regard for TRUSTS, PROBATE, and JUDGES rulings.

    They were rude to me when I initially called, as I am suppose to do. They told me that: “your sister called and there is nothing for you. We have no reason to speak with you,” and they hung up on me.

    To this day I do not have a form 712, that PROBATE requires, now that they see, there was a change while the policy holder, was documented with vascular dimentia, they want the “document” that shows this change and who made it.

    My job is to make sure everything in her WILL and TRUST is carried out. These people have been nothing but rude and unprofessional with me. I have every right to view this paperwork, and any changes made without the knowledge of the trustee.

    I bought my LIFE INSURANCE elsewehere, because of their rude “tone” with me, after the death of my mom. Who needs to be talked down to after a loss?

    Reply
  15. “So if an insurance company becomes insolvent and goes out of business 10 years after buying a policy, an individual will be at the mercy of the open market when getting new coverage.”

    Dear Eric,

    I was reading your review and noticed some incorrect information. I am a liscensed agent in 40 states throughout the united states. I write with multiple companies so i do not care about one paticular rating. However the note you put here is incorrect. If an insurance company goes “out of business” the state insurance commisioner will assign the case to another insurance company and their policy continues the same as if the still had the other insurance company. Also second note. No A rated company has ever gone insolvent. So this note about worrying about the insurance company going out of business doesnt even make any sense.

    Nathan

    Reply
    • Hi Nathan,

      Thank you for taking the time to comment. While it is true that the state will take over and “guarantee” a life insurance plan, there are limits to the coverage amount similar to FDIC insurance. For example, in California, the maximum a state will cover is $300,000 per individual. There are other sub-limits for annuity payments, etc. So someone with a $1,000,000 policy would be forced to buy additional insurance if they wanted to continue their current level of protection (at the current market rates). While I agree I should probably have explained that more clearly, the point I am trying to make is that financially strong insurance companies are going to be a better choice, long-term. I have made a note and will revise the explanation to make it more clear on the next update. Thanks again.

      Reply

Leave a Rating

Your email address will not be published. Required fields are marked *