Under the permanent life insurance umbrella, Protective offers whole, universal, variable universal, and indexed universal life insurance coverage. Protective Life will acquire about 38,000 policies for $2.7 billion of insurance. The rating reflects Protective Life’s strong operating performance and favorable business profile., In the J.D. Universal life insurance . Uncover why Protective Life Insurance is the best company for you. For example, universal life policies may have substantial surrender charges. "Protective Life Insurance Company Form N-6," Page 37. You also have the option of exchanging your policy for permanent coverage within the first 20 years (up to age 70) without going through another medical exam. In addition to Protective Life Insurance Company, Protective Life Corporation's subsidiaries include West Coast Life Insurance C… With Protective Life, you are entitled to a free look period where you can review your policy and cancel without penalty. Protective Life plans a $17.1 million investment to lease and retrofit 67,000 square feet in Technology Tower I of Covington’s RiverCenter. In the year 1907, the company’s founder, Governor William Dorsey Jelks started the insurer, just as President Theodore Roosevelt started his 7th year as a United States President. Protective Life Corporation provides insurance services. Just keep in mind that you’ll have to call to get quotes for most policies and you should read your contract carefully before signing to avoid any surprise penalties or fees. Additionally, the company is rated above average for … 0; Share; 2020. Variable universal life policies are a good choice if you are comfortable with higher levels of risk and want to have a more hands-on approach with your investments. Within seven calendar days of receiving the request, Protective Life will refund all premiums paid, minus any outstanding debt. [4] The younger Rushton then presided over a series of acquisitions that led Protective into all 50 states. Insurance and annuities are issued by PLICO in all states except New York and in New York by PLAIC. Founded in 1907 in Birmingham, Alabama, Protective Life Insurance company has provided policies for more than a century. The principal underwriter and offeror for registered products issued by both Protective Life and Great-West Financial is Investment Distributors, Inc. (IDI), Birmingham, AL. According to the company, its term life insurance is usually up to 48% less than the competition’s policies, making it a more affordable option for cost-conscious customers. Our Ratings . These include white papers, government data, original reporting, and interviews with industry experts. Protective Life offers comprehensive term and permanent life insurance policies, depending on your specific needs and budget. Protective Life Corporation (Protective) provides financial services through the production, distribution and administration of insurance and investment products throughout the U.S. We compare the terms of each type of policy offered—including available coverage amounts, optional riders, and premium payment options—with that of other major life insurance companies. By using Investopedia, you accept our, Investopedia requires writers to use primary sources to support their work. Protective and Protective Life refer to Protective Life Insurance Company (PLICO) and its subsidiaries, including Protective Life and Annuity Insurance Company (PLAIC). [4] In addition, the foundation engages charitable activities to cultural organizations, civic and community initiatives, human services groups, and the United Way. In January 2016, Mr. Bielen was named President and Chief Operating Officer. Another option to consider is John Hancock. Our IUL delivers more value in $500,000 scenarios. [8][9], The company established the Protective Life Foundation, which supports education and healthy development of at-risk youth. More than one child can be covered with this rider. Protective Life Insurance Policy Options. Along with other insurance companies, Protective Life’s online quote and insurance application requires you to choose either “male” or “female”—there’s isn’t an option if you identify as nonbinary. Protective Stadium is an under-construction multi-purpose stadium located on the grounds of the Birmingham–Jefferson Convention Complex in Birmingham, Alabama, United States.It will be home to the UAB Blazers football program, starting in 2021. Another plus, Protective is one of the few companies to offer term life policies with terms up to 40 years, helping you keep your fixed premiums for longer. And, it’s term life policies may be significantly cheaper than its competitors. The life insurance company is relocating its regional office from Cincinnati to Covington. The availability of certain riders can vary by state, and they usually come at an additional cost. You have the option of converting term life policies to permanent coverage without undergoing another medical exam if your needs change. The policy has guaranteed, level premiums, and your beneficiaries will receive the death benefit free of income taxes. On July 1, 2017, Rich Bielen became Protective's 7th President and Chief Executive Officer. In 2020, AM Best affirmed the Financial Strength Rating of A+ (Superior) for Protective Life and its subsidiaries. $ 10,000, your benefits are guaranteed fixed and variable annuity products sold through broker-dealers, flexibility!, 2014 help, by giving you an honest review growing—part of our,. I of Covington ’ s ratings are determined by our editorial team your account online opinions our!, distribution and administration of insurance and annuities are issued by Great-West.... 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