Protective Life is a very innovative company with unique products that are a little different than the products of their competition.
One of the best underwriters we know, from any life insurance company, works for Protective (Kathy G. you’re awesome!). Having excellent underwriters makes our job of negotiating the best offer possible for you much easier.
How Protective Life is Unique
Protective Life’s Custom Choice UL product is sold as term life insurance for any guaranteed level premium term duration that you’d like from 5 years to 30 years.
If you’d like guaranteed level premium coverage for longer than 30 years, then Protective Life’s Advantage Choice UL rates are their most competitive product.
With a minimum guaranteed level premium to age 75, with the Advantage Choice UL you can also buy any guaranteed level rate past age 75 that you’d like. So you could buy a policy with a guaranteed level rate to your age 80, age 83, age 87, age 90 all the way up to a guaranteed level rate for your entire lifetime.
Protective Life’s guaranteed products are fully customizable to your needs.
Protective even offers a 10 year level term plan called 5 X 5 with lower rates in the initial 5 years, which can be lower than every other companies 10 year term rate. This could be the perfect product if the life insurance is only needed for a short period of time.
Protective Classic Choice Term Vs Custom Choice UL
As of August, 2017, you’ll notice that Protective Life has 2 different products showing up on term insurance comparison’s, the classic choice term and the custom choice UL.
The classic choice term is a little less expensive, but the custom choice UL offers a better exchange option in the future, if you’d ever like to extend the duration of your life insurance later.
The exchange or conversion option on the classic choice term is allowed for the first 8 years on 10 year term, the first 13 years on 15 year term and the first 18 years on the 20, 25 or 30 year term.
Also on the classic term product, Protective only allows you to convert or exchange to their absolute best products in the first 5 policy years. After 5 years, you can only exchange to Protective Life’s more expensive products.
On the Custom Choice UL product, you can exchange/convert to Protective Life’s best products for the first 20 policy years to a maximum of age 70.
If you decide not to exchange/convert the custom choice UL product before the end of your initial “term”, you can continue to pay the same premium and then your insurance amount will decrease a little bit each year.
For the small increase in cost, buying the custom choice UL product instead of the classic choice term is the better value, in our opinion.
How To Lower Your Cost of Insurance
Protective Life also offers an Income Provider Option (IPO) for which you can choose to have the life insurance proceeds paid out to your beneficiaries over a period of time instead of in one lump sum. Taking advantage of this IPO could save you money on your annual premium, see example below:
Male age 46, approved for a Standard Non Tobacco rate for $2 Million of 20-Year Custom Choice UL with annual premium of $4,911.
He originally applied for a Preferred Non Tobacco rate of $3,019 per year, but due to unforeseen medical impairments that turned up during underwriting, the client only qualified for the higher standard rate. This was a 63% increase in cost from the “preferred” quote!
Solution: Use the IPO to provide an income stream of $67,870 to the insured’s beneficiary for 30 years with a new annual premium of $3,000. The premium is now even slightly lower than the Preferred Non-Tobacco rate that was originally quoted.
The IPO installment option for the death benefit payout can be any time frame from 1 year to 30 years.
The longer the time frame for the payout of the death benefit, the bigger the discount will be on your payment!
Great Rates for People With Some Health Issues
Some areas for which Protective Life can be very aggressive:
- Obese People
- Type 2 Diabetics Diagnosed after Age 50
- Coronary Artery Disease
- Well controlled type 2 diabetics who smoke
Protective Life has great underwriters who are always willing to listen to our pitch for a better offer for any of our clients with issues.
Protective Life also has some of the best longer duration guaranteed level rates to age 85, age 90 and age 95.
If you’re over age 65 with health issues, then these age 85, age 90 and age 95 guaranteed level rates could cost you less than a 15 or 20 year term plan.
Protective Life is a great addition to the hundred’s of other insurance companies we can offer you.
With fully customizable guaranteed products, Protective Life is always a “player”.
They may or may not be the best insurance company for you.
We will figure out if they are or are not the best for you and we will quote you alternative company’s rates that may be better for you than Protective.
At the same time we will also email you rates from other life insurance companies that may be better for you.
We’ll compare the Protective Life quote for you to other companies, like Banner Life, American General/AIG, Met Life, United of Omaha, Ohio National, Columbus Life, Prudential, Lincoln National Life and any others that may offer you a better rate or value.
Click here to email us if with any questions/concerns, or click on the secure link above to get an accurate Protective Life quote or simply call us at 1-800-380-3533 if you’d prefer to speak with us.