Protective Life Insurance Company, a subsidiary of Protective Life Corporation, is a well-established provider of life insurance and financial services in the United States. Founded in 1907, the company has grown significantly over the years, offering a wide range of insurance products and financial solutions.
This article provides an in-depth look at Protective Life Insurance Company, including its history, products, financial strength, customer service, and community involvement.
History and Background
Protective Life Insurance Company was founded in Birmingham, Alabama, by Governor William Dorsey Jelks. The company began with a strong commitment to providing affordable life insurance products to families and businesses.
Over the years, Protective Life has expanded its product offerings and grown through strategic acquisitions and mergers, enhancing its presence in the insurance market.
In 2015, Protective Life Corporation was acquired by Dai-ichi Life Holdings, Inc., one of the largest global life insurers based in Japan.
This acquisition provided Protective Life with additional resources and capabilities, enabling the company to further strengthen its product portfolio and expand its reach.
Product Offerings
Protective Life Insurance Company offers a comprehensive range of life insurance products designed to meet the diverse needs of individuals and businesses. Some of the key products include:
1. Term Life Insurance
Term life insurance provides coverage for a specified period, typically 10, 20, or 30 years. It is an affordable option for those seeking temporary coverage to protect their families or cover specific financial obligations, such as a mortgage or education expenses. Protective Life offers customizable term policies with options to convert to permanent coverage without a medical exam.
2. Whole Life Insurance
Whole life insurance provides lifelong coverage with a fixed premium and a guaranteed death benefit. It also accumulates cash value over time, which can be borrowed against or used for other financial needs. Protective Life’s whole life policies are designed to offer stability and long-term financial security.
3. Universal Life Insurance
Universal life insurance offers flexible premiums and adjustable death benefits, allowing policyholders to tailor their coverage to their changing needs. This type of policy also builds cash value, which can grow based on the performance of the underlying investments. Protective Life’s universal life policies provide policyholders with flexibility and potential growth opportunities.
4. Indexed Universal Life Insurance
Indexed universal life insurance is a type of universal life policy that credits interest based on the performance of a selected stock market index, such as the S&P 500. This offers the potential for higher cash value growth while providing downside protection. Protective Life’s indexed universal life policies are designed for individuals seeking both protection and the potential for higher returns.
5. Variable Universal Life Insurance
Variable universal life insurance combines the flexibility of universal life with the investment opportunities of variable life insurance. Policyholders can allocate their premiums to a variety of investment options, including stocks and bonds, allowing for potential cash value growth based on market performance. Protective Life’s variable universal life policies cater to those with a higher risk tolerance seeking investment opportunities within their life insurance.
6. Survivorship Life Insurance
Survivorship life insurance, also known as second-to-die insurance, covers two individuals under one policy and pays out the death benefit upon the death of the second insured. This type of policy is often used for estate planning purposes. Protective Life’s survivorship life policies provide a cost-effective solution for legacy planning and protecting wealth for future generations.
Financial Strength and Stability
Protective Life Insurance Company is known for its financial strength and stability. The company consistently receives high ratings from major credit rating agencies, reflecting its strong financial position and ability to meet its policyholder obligations. Some of the key ratings include:
- A.M. Best: A+ (Superior)
- Standard & Poor’s (S&P): AA- (Very Strong)
- Moody’s: A1 (Good)
- Fitch: A+ (Strong)
These ratings indicate Protective Life’s robust financial health and reliability as an insurer, providing policyholders with confidence and peace of mind.
Customer Service and Claims
Protective Life Insurance Company places a strong emphasis on customer service, striving to provide a seamless experience for its policyholders. The company offers various customer support channels, including phone, email, and online chat, ensuring that customers can easily access assistance when needed.
The claims process at Protective Life is designed to be straightforward and efficient. Policyholders or their beneficiaries can file claims online, by mail, or through their insurance agent. The company provides clear guidelines and support throughout the claims process, aiming to process and pay claims promptly to support beneficiaries during difficult times.
Community Involvement
Protective Life Insurance Company is committed to giving back to the community and supporting various philanthropic initiatives. Through the Protective Life Foundation, the company contributes to numerous charitable organizations and community programs. Key areas of focus include education, health and human services, arts and culture, and community development.
Protective Life employees are also encouraged to participate in volunteer activities, and the company offers matching gift programs to amplify the impact of employee donations. This commitment to community involvement reflects Protective Life’s dedication to making a positive difference in the lives of individuals and communities.
Conclusion
Protective Life Insurance Company has a long-standing history of providing reliable and affordable insurance products to individuals and businesses. With a diverse range of life insurance options, strong financial stability, excellent customer service, and a commitment to community involvement, Protective Life continues to be a trusted provider in the insurance industry. Whether seeking temporary coverage, lifelong protection, or investment opportunities within life insurance, customers can find a suitable solution with Protective Life Insurance Company.