Company Review: Protective Life and Annuity Insurance

I started Insurance Blog by Chris™ because I have a passion for insurance. Here at the blog, our job is to educate and inform people about the best insurance for them.
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Rachael Brennan has been working in the insurance industry since 2006 when she began working as a licensed insurance representative for 21st Century Insurance, during which time she earned her Property and Casualty license in all 50 states.
After several years she expanded her insurance expertise, earning her license in Health and AD&D insurance as well. She has worked for small health insu…

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Reviewed by

Rachael Brennan

Licensed Insurance Agent

UPDATED: Feb 15, 2022

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Here's the Scoop

  • Protective Life offers term life insurance, whole life insurance, variable universal life insurance, indexed universal life insurance, and a variety of annuities.
  • You can buy up to $50 million of life insurance coverage with Protective Life.
  • Protective Life has an NAIC code of 0.33, which indicates that it gets fewer than expected customer complaints.

If you are looking for a reputable life insurance company to help protect your financial security, Protective Life may be an option. The company provides a variety of term life insurance and permanent life insurance options, and annuities.

Please read below to learn more about Protective Life insurance products, how much they cost, how to get quotes, and more, including Protective Life and Annuity Insurance Company reviews.

You can also enter your ZIP code into our free quote comparison tool above to find companies similar to Protective Life.

Table of Contents

What is Protective Life?

Protective Life is an insurance and financial product company founded in Alabama in 1907.

Who owns Protective Life? It became a subsidiary of The Dai-ichi Life Insurance Company in 2015. Protective Life is the parent company of Protective Life and Annuity Insurance Company, West Coast Life Insurance Company, MONY Life Insurance Company, and Protective Property and Casualty Insurance Company.

Protective Life sells its products through its website and over the phone. In addition, independent agents sell Protective Life products, and Costco members may get Protective Life insurance at a discounted rate.

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What products does Protective Life offer?

You can buy term life insurance, whole life insurance, and universal life insurance from Protective Life.

Protective Classic Choice Term life insurance is a typical term life insurance policy. You can buy it in terms between 10 and 40 years, with coverage amounts ranging from $100,000 to $50 million. Some policies may be convertible to a permanent policy without requiring a medical exam. In addition, you can add a terminal illness rider to allow for accelerated death benefits.

Protective Life’s whole life insurance is also a standard whole life insurance policy. It is a permanent policy with a guaranteed death benefit as long as you pay your premiums (that stay the same over the policy’s life). In addition, you will have a cash value account that grows at a set interest rate.

Universal life insurance is similar to whole life insurance, except it has flexible premiums and investment options to help with the further growth of your cash-value account. Protective Life offers Protective Custom Choice UL, variable universal life insurance, and indexed universal life insurance.

With variable universal life insurance, you can choose investment options that will determine the interest rate for your cash value growth. On the other hand, an indexed universal life insurance policy grows based on the interest rate of a major stock index.

Protective Life’s Custom Choice UL combines the benefits of term life insurance with universal life insurance. You choose a term of 10, 20, or 30 years in which your rates will stay the same. Once the term ends, your death benefit will begin to decrease until it reaches $10,000. At that time, the rates will start to increase. You have the option to convert to a traditional permanent policy or change your coverage amount at any time.

In addition to life insurance, Protective Life also provides fixed annuities, immediate annuities, indexed annuities, and variable annuities. An immediate annuity is purchased with a single lump-sum payment, and then you can begin receiving regular payments. However, fixed, indexed, and variable annuities are considered deferred annuities that must be funded over time.

A fixed annuity requires you to make payments over time (or make a lump-sum payment) to earn interest. The insurance company will then make regular payments to you in the future. With an indexed annuity, your account grows based on the interest rate of a major stock index. However, with a variable annuity, your account grows based on the interest rate of investments you choose.

How much is Protective Life insurance?

Unfortunately, we cannot provide the rates for every Protective Life product. However, we can show you the rates for Protective Classic Choice Term. First, here are the average rates for a $1 million 20-year-term life insurance policy for non-smokers:

Average Monthly Protective Life Insurance Rates – $1 Million 20-Year-Term Policy

Age Average Rates for Females Average Rates for Males
35 $56.70 $72.94
40 $80.07 $101.84
45 $124.83 $163.98
55 $288.72 $433.29
65 $888.04 $1,387.46
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Next, we’ll take a look at the average rates for a $1 million 20-year-term life insurance policy for smokers:

Average Monthly Protective Life Insurance Rates for Smokers – $1 Million 20-Year-Term Life Insurance

Age Average Rates for Females Average Rates for Males
35 $208.68 $266.48
45 $453.48 $644.73
55 $982.18 $1,375.73
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Protective Life’s permanent life insurance policies and annuities are likely to be more than its term life insurance policies. In addition, your rates will depend on factors such as your health, age, coverage level, location, and more.

How do customers feel about Protective Life?

It is challenging to find Protective Life insurance customer reviews online. However, the National Association of Insurance Commissioners (NAIC) rates companies based on customers’ complaints. Protective Life Insurance Company has an NAIC complaint index of 0.33, indicating that Protective Life receives only 33% of the customer complaints expected for a company of its size.

The Protective Life Insurance BBB rating is A+. However, it has a 1.13/5 star rating.

The Protective Life Insurance A.M. Best rating is also A+, which means it has a superior ability to meet its financial obligations, such as paying claims.

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How can I get quotes or file claims?

You can receive Protective Life term life insurance quotes on the company’s website. However, if you are interested in permanent life insurance or annuities, you will need to call the Protective Life Insurance Company phone number at (844) 733-5433. You could also find an insurance agent in your area that sells Protective Life products.

You can file Protective Life Insurance Company claims online or by calling (800) 424-1592. You will need to provide the deceased’s name, policy number or Social Security number, date of birth and death, cause of death, and country of death. Protective Life will provide you with a claims packet, which you will need to return with the required documentation.

Should I buy Protective Life Insurance?

Is Protective Life Insurance legit? Yes, it is a reputable company with a history of satisfied customers. It also provides various insurance products, including policies up to $50 million in coverage, which is much higher than many other life insurance companies. In addition, Protective Life offers term life insurance with 40-year terms, which is more than the average term length of 30 years.

With that being said, Protective Life does not offer guaranteed issue or final expense policies. Therefore, you may need to pass a medical exam to receive a policy. On top of that, if you buy a policy and decide to surrender it in the future, you could end up paying a significant surrender charge.

If you would like to compare policies such as those from Protective Life, enter your ZIP code into our free quote comparison tool below.