Protect Your Future With Protective
Are you overweight? Have you been declined of life insurance?
Looking for the right life insurance company that can approve your unique case requires reading thousands of reviews. We’ve narrowed down some of the best life insurance companies for your high-risk case.
If you are choosing the right life insurance company, it is crucial to get the right policy you need. First, you must know the dollar amount of the coverage you need. This security is ensured if you trust a life insurance carrier that is financially strong.
Protective Life Insurance company is our top choice for Overweight individuals. This company boasts a strong industry reputation with great history from its founding back in 1907. For more than 110 years, this company is one of the pillars of the life insurance industry.
Going Back To Protective’s Roots
Protective Life Insurance was founded in 1907 under the supervision of its proprietor, William Dorsey Jelks. Jelks was the former governor of the Alabama state, where its first headquarter is located. The company progressed on its own until 1927, until it was acquired by Alabama National.
The aggressive desire to grow the business led Protective to expand in 50 states after a few decades.
In 1993, Protective was publicized under the ticker PL from the NYSE. More and more business acquisitions transpired along decades. Protective Life Insurance is now the subsidiary of these companies:
- Protective Life
- West Coast Life Insurance Company
- MONY Insurance Company
- Lyndon Insurance Company
- Annuity Insurance Company
Back in 2007, the insurance carrier celebrated its 100th anniversary with over $252 billion in life insurance coverage to its clients.
In 2015, a Japanese empire Dai-Ichi Life Insurance Company, Ltd. acquired the Protective Life Corporation.
Protective Life Insurance’s main office sits in Birmingham, Alabama. Unlike other huge life insurance carriers, Protective sells its product directly. They do not sell it through agents.
Protective Life Insurance Financial Strength and Credit Rating
Protective Life Insurance Company is known to be a very resilient and financially-sound company with stability proved throughout the years. This company has built its reputation for having the ability to pay out its policyholder claims. Back in 2015, Protective Life Insurance was able to pay out over 20,000 life insurance claims amounting to an astounding $1.9 billion.
Protective life insurance can have your claims application approved within 6 days. Protective Life Insurance was held in high regards by credit rating agencies for its ability to process customer applications and pay out claims accordingly.
Here are their ratings from different agencies
- A+ or Superior from A.M. Best, the second highest rating from 15 total ratings given
- A2 from Moody’s, rated Good. A2 is the sixth highest of Moody’s 21 overall total ratings
- AA- from Standard & Poor’s, rated Very Strong- the fourth highest rating given in 21 overall ratings
- A from Fitch, rated Strong- the sixth highest from 22 overall ratings
Protective Life Insurance is still not accredited by the Better Business Bureau (BBB) but has received a grade of A+ from them. BBB rates life insurance carriers from an A+ to F grade scale.
Protective Life Insurance Product Roll
The company’s most notable product is their Guaranteed Life Insurance plan. These policies feature rates that are locked in and guaranteed not to change regardless of the insured’s choice. They also offer 10,15, 20 to 30 years of the level term policy.
What’s great about their product roll is the competitive and affordable options for the universal life insurance policy. The company offers Custom Choice policy in place of term life insurance. This company is unique and does not offer a traditional term life insurance choice. Protective life insurance instead, offers a policy that fuses the aspects of both term and universal life insurance policies.
Universal life insurance policy is a policy known to be much flexible than other types of life insurance policies. In fact, it is much easier to customize than whole life insurance. The universal life insurance policy provides death benefit protection. Given that it is a permanent life insurance, you are assured of a cash value buildup. The cash value accumulates in a tax-deferred manner. You get to grow your cash value free of tax, and only get tax if the amount is withdrawn by the policy owner. This lets the amount grow as long as the insured pays it over time. The universal life insurance policy lets the insured choose how much of their premium dollars will be allocated as their death benefit and how much will go to the cash component of the Universal Life Policy.
This type of product is Protective’s standard Universal life policy. This product offers flexibility in your premium’s payment method. This also has a guaranteed death benefit and can cover the insured for as long as he or she lives. The cash accumulation feature can grow as you pay. Loans are given if needed, same with cash surrenders. If you are purchasing this type of policy, be sure to pay back the amount loaned as it can affect your death benefit.
Survivor Universal Life
This is best for married people as the policy is designed to cover two heads in one contract for the policy. If you and your spouse have estate planning needs, including helping your beneficiaries pay estate taxes or providing household income, this joint life insurance policy is perfect. This saves married people the cost of buying two separate life insurance policies. The death benefit is only paid out after the second person dies, securing an amount for children as beneficiaries. This has flexible premiums. Like that of a standard life policy, Survivor Universal Life has a potential for cash accumulation.
One great feature to note in this second-to-die life insurance policy is that, the death benefit will be paid out will be free of tax to the beneficiaries. The proceeds are then available to use for whatever the survivor needs to spend money on.
Variable Universal Life
Variable Life insurance is a type of life insurance coverage that features a death benefit and a cash value component.
Are you a conservative investor? This is perfect for you. Protective’s Variable Universal Life combines an investment with the features of life insurance policy. Variable Universal Life comes with flexible premiums and a lifetime coverage for the insured. Cash accumulation is another notable feature.
Retiring soon? Protective gives you a range of annuity options to choose from. This feature is designed to give the insured retirement income. Protective Life Insurance offers immediate and deferred retirement income types you can select from. This lets you customize your life insurance policy according to your needs.
Custom Choice Universal
This is Protective’s very own term life insurance product. Unlike other term life insurance policies, it offers a level death benefit for terms varying from 10-30 years. You can customize your policy to have your level death benefit continuing the coverage even after your term period has expired. Most life insurance carriers offer a convertible feature in which you can convert your term life insurance policy into a permanent life insurance policy once the term ends. This Custom Choice Universal has that feature built-in, saving you thousands of dollars from paying a larger premium by the time you convert your policy.
However, this Custom Choice Universal policy is not designed to accumulate in cash value. This is a great option if you are trying to save up. Custom Choice Universal costs much affordable than Protective’s other permanent life insurance policies. The level premium lasts for the coverage period the insured chooses.
At the end of the life insurance policy, the insured will be receiving lesser coverage but the premium is locked to the same amount. This Custom Choice Universal is a great option for people that are aged 60 and over. After retirement, the age group around 60’s generally finds that they do not need that much coverage. Knowing this truth, Protective life insurance offers policies for people past the ages of 85. These give them more than $50,000 for coverage.
If you are a demigod and can live for more than 100 years, Protective Life Insurance can still have you covered! They have level policies for guaranteed rates for ages 90,95, 100 to 121.
Protect My Child Life Insurance
Protective Life Insurance offers proactive solutions to most parents. While it is not common for the society to think children’s possibility to pass away, different factors can take place to lead to a child’s death. When accidents, illnesses or unforeseen genetical issues arise, it can lead to them passing away. Protect My Child Life Insurance helps the parents pay out the final expenses for the child’s burial or completed pay the uncovered medical expense using the child’s life insurance policy.
This Protect My Child policy offers a coverage ranging from $10,000 to $100,000 for every insured child. The policy is similar to a permanent life insurance policy that can build up cash value and be paid out either in installments or lump sums. The plan has a built-in feature for tax-deferred savings which means you can use it for your child’s future college costs, their wedding day, their first car or a down payment for your new home.
Once the child turns 18, this Protect My Child Life Insurance amount will double, without incurring an additional premium cost. Once you purchase the Protect My Child Life Insurance for your child, the premium can start low and remain the same throughout the years. Because the policy is permanent, the premium is locked in without possibilities to increase. This means your child can pay the policy and keep the premium throughout the lifetime of his or her policy.
Protective’s Claims Processing
Protective makes the claims process as easy as pie. This life insurance carrier has a straightforward claims process. You can easily file the claim, while the carrier gathers all the necessary information through the help of a claims rep. You can then expect the release of funds once all the documents are completed. This life insurance carrier values customer convenience like no other life insurance carrier when it comes to paying out claims. They promise to send out the payment within one business day after the day it is approved.
Not sure on how to file your claims? Protective features a walkthrough of how to file claims on their very own website. This provides aged people a simple and precise explanation of how to handle the claims process. Also, you can call them through a toll-free number for concerns regarding annuity or life insurance claims. You can download forms from their own portal as well.
The Protective Life Insurance Company offers a Benefit Account option for benefits that are amounting more than $10,000. This can be used for a checking account if you prefer your beneficiaries to receive a lump sum payment. Well, if you are not that good in handling and allocating your finances, they offer financial counseling. This is all for your ability to make wise financial decisions. This company cares about how you spend the money, and how you properly use it in its purpose.
Reach out to us. Get a free quote and get insured now!