ByElizabeth Rivelli Contributing Writer

Elizabeth Rivelli is a freelance writer who has expertise in finance, insurance, entrepreneurship, and technology.

Protective Life Insurance Review

Protective Life offers comprehensive term and permanent life insurance policies, depending on your specific needs and budget. Under the permanent life insurance umbrella, Protective offers whole, universal, variable universal, and indexed universal life insurance coverage. The company also offers a number of riders for extra coverage. Additionally, the company is rated above average for its customer service, which is important when it comes to choosing the right plan.

If you’re purchasing life insurance for the first time, Protective Life offers a variety of online resources to help you determine what type of insurance policy is right for you and how much coverage you need to protect yourself and your family. To determine if Protective Life could be a good choice for you, try Protective Life's online quote tool and see how your coverage and premium compares to those from competitors.

Solid policy options
Available in every state
Slow application approval

The Life Insurance Factors We Analyzed

Customer experience

Customer service is one of Protective Life’s strengths. In J.D. Power’s 2019 U.S. Life Insurance Study, Protective Life received an overall score of three out of five, though it did earn a four out of five in the "interaction" category. This indicates that you'll likely have no problems navigating customer service channels, should you need them.

In terms of the customer experience, Protective Life also stands out. The company has a learning center with a variety of online tools, articles, and other resources to help prospective customers determine what type of life insurance policy they should purchase and how much coverage they need.

Getting a quote online is quick and easy. But keep in mind that purchasing a policy is a multi-step process, and getting approved isn’t instantaneous. Here’s what the online quote generator looks like:

screenshot of the typical online quote process for Protective Life Insurance

Financial strength

Overall, Protective Life gets strong financial ratings. The company received an A1 rating from Moody’s, an A+ from AM Best, and an AA- from S&P Global. Strong financial ratings are indicative of the company’s ability to manage policyholder’s money. If you have a life insurance policy with Protective Life, its financial ratings suggest that the company is unlikely to go bankrupt or be unable to compensate for your losses.

Coverage and rider information

While Protective Life's policies are pretty basic, it does offer a few standout features. Its term life coverage is expansive, with coverage stretching from $100,000 to $50,000,000: much more than we usually see. Its term coverage can also be converted to permanent without the need for a medical exam, so you don't have to worry about any changing health if you decide to extend your coverage down the road.

Protective Life also allows customers to add riders, or additional coverages, to their policy for circumstances that aren’t covered under a basic term life insurance policy. These includes child protection riders, accelerated death benefit riders, accidental death benefit riders, and disability benefit riders — some of the most important riders we look for in a life insurance policy.

Life insurance coverage features

Insurance types offered Term, whole, universal, variable universal, indexed universal
Term lengths offered 10-30 years
Standout coverage features
Term life coverage amounts from $100,000 to $50,000,000
Terminal illness riders for accelerated death benefits
Term-to-permanent conversion without medical exam

Protective Life Insurance Overview: Financial Strength, Availability, and History

Protective Life is generally viewed positively in the eyes of the public. According to the Better Business Bureau (BBB), the company has only 63 customer complaints, most of which are related to claims handling and refund issues. According to a 2019 financial statement, the company has nearly $9 million in active policies, $985 billion in life insurance in force, and well over 3,000 employees across the country.

  • In business since: 1907
  • S&P Global financial strength rating: AA-
  • Moody’s financial strength rating: A1
  • AM Best financial strength rating: A+
  • States served: 50

The Competition

Rank Score
Customer Experience Score
Financial Strength Score
Protective Life
Northwestern Mutual
State Farm
New York Life
Mutual of Omaha
Principal Financial

All information accurate as of February 14, 2020.

The Bottom Line

If you’re in the market for life insurance, consider Protective Life. It's a great option for almost everyone, and it’s available in all 50 states. With Protective Life, you can expect basic coverage with a few useful add-on options to customize your policy. While it doesn't have the breadth of coverage options as other companies, it's still worth including as you collect quotes from a few different insurers.

Protective Life Insurance FAQ

Is Protective Life a good life insurance company?

Yes, Protective Life is a great all-around life insurance company. It consistently receives strong financial ratings, so you can be confident knowing that the company will be able to compensate you for losses. Its customer service is rated highly, and customers can choose to manage their policy online or through a live agent. It doesn’t have the same wealth of coverage options as competitors, but it may be a good policy if you’re only looking for the basics.

What types of life insurance does Protective Life offer?

Protective Life offers term, whole, universal, variable universal, and indexed universal life insurance coverage.

What is the average life insurance cost per month with Protective Life?

Your life insurance cost depends on a number of personal factors, including your age, gender, location, and lifestyle. To determine how much a policy from Protective Life will cost you, try pulling a quote for your desired coverage level.

Does Protective Life pay out dividends to its policyholders?

Because Protective Life is not a mutual company, it does not pay dividends to its policyholders.

Does Protective Life require a medical exam?

Yes, Protective Life requires a medical exam for every policyholder before their application can get approved.

Can you cancel Protective Life's life insurance?

Yes, you can cancel your Protective Life life insurance policy, but it must be done with an agent over the phone.

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