Protective Life Insurance Review for 2020

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If you’re looking to invest in life insurance, you want to know that the insurer you choose will tick all the boxes.

But what matters to each individual may differ.

For example, if you’re young, healthy, and don’t have many financial commitments – you may want a basic life cover option that offers competitive rates.

If that’s what matters to you the most – then Protective Life Insurance has some fantastic simple and cost-effective insurance options.

They market themselves as on of the “affordable” life insurance providers – and, looking at their rates, it’s hard to argue with that.

On top of their no-fuss term life insurance, permanent life insurance is available too – so, whether you’re looking for something affordable and straightforward, or coverage for life, Protective will probably have the policy to meet your needs.

Additionally, Protective has life insurance options for children, which gives it a unique competitive advantage.

Let’s take a look at Protective and their life insurance options in more detail now – so you can decide whether it’s a suitable option for you.

Protective Life Insurance Overview

Founded in 1907, Protective offers various types of life insurance coverage at an affordable cost.

When it comes to the simple (term) life insurance options, you can get insured through their online portal – which is one of the things I really like about them (convenience is king!).

There’s a whole range of permanent life insurance policies Protective offers – such as whole life insurance, which is more stable and predictable, and universal, which can give you more flexibility with your policy.

Even though their rates are highly competitive compared to other providers, it’s worth knowing Protective isn’t great for smokers. The rates spike up and become quite high compared to other providers that offer life insurance for smokers.

What makes Protective stand out is that it offers kids’ life insurance. Protect My Child – their whole life policy – allows you to buy $10,000 to $100,000 of coverage for your child aged 14 to 17 years old – and doubles at the age of 18.

Before you buy insurance for kids, though, you should consider the pros and cons of doing that – but it could provide a way to save money for your child.

You can also opt for the Child Protection Rider – which allows you to buy death benefit protection for your children (which can be as young as 15 days old) – instead of buying individual policies for each child.

What Life Insurance Options Does Protective Offer?

With Protective, you can get easy and straightforward term life insurance policies – as well as the more complex permanent life insurance options.

Let’s look at each of the insurance types Protective offers in more detail.

Protective Term Life Insurance

Protective’s term life insurance offers a death benefit with no cash value for terms from 10 to 30 years – and has some pretty low rates (according to Protective, their term life insurance can be up to 48% less than the competition!).

Here’s a quick summary of Protective’s term life insurance:

  • Available terms: 10, 15, 20, 25, or 30 years
  • Income tax-free death benefit
  • Coverage for amounts from $100,000 to $50,000,000
  • Convert your term life policy to permanent without a medical exam
  • Guaranteed, level premiums
  • Terminal illness rider available

You’ll need to complete a short form online, and Protective will provide a quote.

Protective Whole Life Insurance

If you’d rather get cover for life that accumulates cash value, you should consider Protective’s whole life insurance. It’s the more stable and predictable option – and it does mean you’re also investing money over time.

When buying a lifelong policy, you know your insurance will never expire, and your family is protected for life.

However, as you know, whole life insurance is more expensive than term. Protective’s whole life insurance face value is not adjustable – which isn’t great if your financial needs change.

Whole life insurance won’t give you access to your money short-term either. Your policy may need to reach a minimum value before you can use it to take out loans – and taking out any loan will reduce the cash value and death benefit.

Finally, there may be a surrender charge period (which means you would pay to surrender your policy).

Here’s a quick summary of whole life insurance offered by Protective:

  • Offers a level premium
  • Guaranteed death benefit coverage
  • Cash value component (tax-deferred)
  • No-surprise, fixed interest rate
  • Face value not adjustable

If you want to find out more about the specific whole life insurance policies offered by Protective, you will need to speak to an agent because detailed information about their whole life insurance plans doesn’t seem to be available on their website.

Universal Life Insurance

Protective’s universal life insurance offers more flexibility in all aspects – the death benefit amount, your premium payments, as well as extra features that you can add to customize your policy. Plus, it’s a more affordable permanent life insurance option.

Here’s a quick summary of Protective’s universal life insurance:

  • Permanent insurance type with a lifetime death benefit coverage
  • Offers extra flexibility than whole life insurance
  • Most universal policies have a cash value which you can use to access loans
  • Guaranteed minimum interest rate
  • Options to customize your policy with riders

Universal life insurance is a much more flexible option which you can customize to fit your exact needs.

But if you’re looking for something uncomplicated – this may not be the best option. The rider options and the extra flexibility can be a little confusing at first glance.

You will, most likely, need to invest some of your time into understanding Protective’s universal policy – so that you can make the most of it.

Additionally, since universal life insurance gives you permanent coverage, it will be more expensive than term life insurance.

And, with universal life insurance, your premium amounts may not be guaranteed – which can be quite scary because you don’t know what your future financial situation will be like.

There’s less stability – which is great if that’s what you’re after. But not everyone wants that from their life insurance.

Protective offers several variations of universal life insurance, such as:

  • Protective Custom Choice universal life insurance
  • Variable universal life insurance
  • Indexed universal life insurance
  • Survivorship universal life insurance

Protective Custom Choice Universal Life Insurance

Protective Custom Choice UL is a more affordable permanent life insurance option which combines term and permanent life insurance plans, but still offers plenty of flexibility.

The premiums are low compared to other UL policies, your coverage that doesn’t end, and there’s a non-taxable death benefit.

Finally, if you decide that you want to convert your policy, you can lock-in your permanent coverage with a price adjustment – and your health won’t affect the policy.

Here’s a quick summary of Protective’s Custom Choice UL:

  • Flexible coverage – you choose how much coverage you need
  • You also choose the initial level benefit period (10 to 30 years)
  • Option to exchange the policy for a traditional permanent life policy (no medical exam)

Variable Universal Life Insurance

Variable universal is another permanent life insurance option offered by Protective, and it’s probably the most flexible of all universal life policies.

There’s a cash value which is based on the performance of investment options you choose – and you can use it to borrow money.

Protective has a variety of variable universal life insurance policies – but to find out more about them, you will need to ring up and speak with a Protective Life Agent, which is a little inconvenient.

I guess the reason you need to speak to someone is that variable life insurance is quite confusing – and customers could feel overwhelmed if they needed to read up about without a qualified agent on the other end of the line.

Here’s a quick summary of Protective’s variable universal life insurance:

  • Lifetime protection
  • Guaranteed minimum death benefit that won’t decrease
  • Cash value growth potential (tax-deferred)
  • A range of investment options

Indexed Universal Life Insurance

Indexed UL is similar to variable life insurance – but the main difference is how your cash value grows.

With indexed UL, your cash value growth is directly linked with at least one market index. This means that Protective will invest the premiums you pay into an S&P 500 account – and the index’s performance determines the interest rate’s growth.

The good news is that, even if your investment performs poorly over time, your cash value will not decline.

Here’s a quick summary of Protective’s indexed universal life insurance:

  • Lifetime death benefit coverage
  • Potential for more cash value – accumulation based on the performance of at least one market index
  • Flexible premium payments
  • Flexible death benefits

Survivorship Life Insurance

Protective’s Survivorship universal life insurance (also known as joint survivorship) covers two people and pays a death benefit when both have passed away.

It’s ideal for married couples who don’t want to buy individual life insurance policies – especially because Survivorship UL is more affordable.

Survivor life insurance is often used to support long-term family estate planning. When the second insured person dies, the benefit is used to help cover the estate taxes and several other expenses.

There’s also a cash value of the policy which can grow tax-deferred and you can borrow against that cash value.

As with other cash value policies, it’s important to note that withdrawals and loans will decrease the death benefit as well as the cash value of the policy – so you’ll need to make sure it really is the best decision.

Here’s a quick summary of Protective’s Survivor UL policy:

  • It offers lifetime lapse protection – as long as your scheduled premiums are paid
  • Split option endorsement – you could split the policy into two smaller policies if the event of divorce
  • Estate protection endorsement can offer beneficiaries a more substantial death benefit to cover estate taxes
  • You can also reduce your coverage without having to purchase a new policy

Financial Strength of Protective

One of the first things you need to be looking for when in search of your insurance provider is their financial stability and portfolio diversity.

You’re making a long-term insurance purchase to provide financial security to your family – and knowing that the company you choose will be able to fulfill their promise should be the first thing to look at.

Which is why choosing your life insurance based on price alone is risky.

Luckily, Protective offers both – competitive rates and financial stability. Rated as “superior” (A+) by A.M. Best, Protective is financially stable and will most likely be around for a long time – so there’s no need to worry about its ability to pay claims.

Pros and Cons of Protective Life Insurance

And now, here’s what’s really good about Protective life insurance – and the stuff that they could improve on:


  • A financially stable and healthy company
  • Affordable rates
  • Various types of insurance available to suit your needs
  • You can perform many of the common tasks online (like changing address, payment info, or updating beneficiaries)
  • Availability of various riders – such as Child Protection Rider, Accelerated Death Benefit Rider, and Accidental Death Benefit Rider
  • Offers kids’ life insurance


  • Not great for smokers – rates spike up
  • No option to skip the medical exam
  • Can’t read up about specific universal and whole life policies on Protective’s website – need to ring to find out more

Is Protective Life Insurance For You?

Protective is definitely an appealing option for those looking for competitive rates and a variety of products. It’s a financially healthy and strong company, so you can feel at ease about leaving their family in good hands.

If it is important for you to be able to change your details online, Protective gives you that option – and you won’t always find that with other insurers.

Typically, for things like changing your address or payment info, you’ll need to ring up and speak to an advisor – which is, frankly, time-consuming, and not something many people want to do.

With Protective, making these changes is a click of a button away – although you will need to ring them to cancel your policy (which kinda makes sense).

Finally, if you’re looking for a company to insure your child with for life, Protective is one of the few companies that you can rely on for that.

Protect My Child – their whole life policy – allows you to buy coverage for your child aged 14 to 17 years old, and that again is not something many other competitors are offering.

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