Life insurance might not be first on your list of priorities when it comes to sorting out your finances, but it should definitely be up for consideration.
After all, life insurance helps to protect your family in the case of your death. It ensures that they will have enough to live on, by replacing your income or any other expenses your family chooses if you unexpectedly pass away.
Protective is one of many life insurance companies, but their long history and variety of services may make them stand out above the rest.
What is Protective life insurance?
Protective offers several different life insurance policies, including term life insurance, whole life insurance, and universal life insurance. They’ve been in business since 1907 and specialize in life insurance, asset protection, and retirement solutions.
How does Protective work?
If you’re interested in Protective life insurance, the first step is to figure out what type of policy makes the most sense for your needs. Protective offers several different kinds of life insurance policies. If you’re not sure, you can take a short quiz in order to determine what the best policy fit is for you.
If you’re interested in term life insurance, you can call Protective, or LeapLife, in order to discuss your options and submit an application. Or you can complete an online application for a fast, free quote (for other life insurance products, you’ll need to call a Protective agent). After you get a quote, you can apply online, after which you’ll have a short phone consultation and medical checkup.
Premiums start at just $7.30 per month, making this an affordable option no matter your income level.
First, you’ll have to fill out some basic information about yourself, including where you live, your age and gender, and how much coverage you need.
After you fill out this information about yourself, you’ll get a customized quote with both monthly and annual rates.
If you’re happy with your quote and want to choose Protective as your insurance provider, the next step is to fill out an online application. This includes information like your contact information and address, as well as information about the beneficiaries for your insurance policy.
After that, the final step is to review your information and then submit your application.
Once you’ve submitted your application, the next step is to schedule a short phone call with Protective, after which you’ll have to get a brief medical checkup. Once this is finished, the underwriting review process can take about three to six weeks.
How much does Protective cost?
The cost of a life insurance policy from Protective depends on a number of factors, including your age, gender, income, debts, and more. Term life insurance policies tend to be less expensive, while whole life insurance and universal life insurance policies tend to be more expensive.
While costs vary widely depending on your situation, a term life insurance policy from Protective starts at just $7.30 per month.
Protective life insurance comes with a variety of different features and benefits. Depending on the policy you choose, the payout you get can be used to cover everything from your family’s expenses to your child’s education, and more.
Whole life insurance
Unlike term life insurance, whole life insurance doesn’t have a set term limit. Instead, it covers you for your whole life as long as you make monthly premium payments. Protective offers whole life insurance policies with fixed monthly premiums, a fixed interest rate, and tax-deferred growth. If you’re interested in whole life insurance, you can call Protective, or LeapLife, in order to discuss your options and submit an application.
Universal life insurance
Universal life insurance is similar to whole life insurance in that it’s a lifetime plan with no set term length. This type of policy provides lifetime coverage, along with the potential for tax-deferred growth.
Universal life insurance options from Protective include Protective Custom Choice Universal Life Insurance, Variable Universal Life Insurance, and Indexed Universal Life Insurance. If you’re interested in universal life insurance, you can call Protective or LeapLife to begin an application.
One of the main benefits of life insurance is that it replaces your income in the event of your death. Especially if you have family members or dependents who rely on your income to make ends meet, a life insurance policy from Protective can help you to ensure that they’re taken care of when you’re not around.
While a life insurance policy might not be your first option when it comes to tax-advantaged savings, it’s a great next step once you’ve maxed out your 401(k), IRA, and other savings accounts.
Supplemental retirement income
With universal life insurance plans, you can borrow against the cash value of your life insurance policy to take out loans and withdrawals to supplement your income in retirement. Whether you’re looking to increase your monthly income or afford a big purchase like a new home or car, universal life insurance policies give you flexibility and financial safety in retirement.
Lots of policy options and a helpful “find a policy tool”
Protective really excels when it comes to providing lots of different life insurance options. Since all of these options can get confusing, they also provide a very helpful policy finder tool to help narrow your search.
The tool asks you about what you’re looking for in a policy, how much risk you’re willing to accept, and some other questions about your financial situation in order to match you with the best policy.
Affordable starting rates
Many Millennials may not have a clear idea of the cost of a life insurance policy. Protective spells it out nice and clear: their rates start at $7.30 a month for a term life insurance policy. Rates go up from there depending on what type of policy you’re interested in along with your income, assets, and other personal details.
While in some cases you’ll need to call Protective in order to get an accurate quote, having a concrete starting rate can be really helpful when it comes to fitting life insurance into your budget.
My experience researching Protective
Protective does a lot of things right when it comes to life insurance. They offer a wide variety of policies to cover your needs, whether you’re looking for a simple, inexpensive term life insurance policy or more comprehensive lifetime coverage that comes with tax benefits and the potential for growth.
I also found Protective’s educational resources to be really helpful. Whether you’re interested in learning more about the ins and outs of life insurance or have questions about how much coverage you need or what plan is the best fit, Protective provides plenty of information to help answer your questions.
One downside of Protective is that, depending on which policy you select, you might not be able to apply online. Protective only offers a quote and online application for term life insurance, but this isn’t unusual, as you’ll always need to talk with an agent when it comes to whole life options, no matter which provider you’re working with.
In most cases, Protective also requires a medical checkup before they issue you a policy. While this might not be a huge downside for some consumers, I was frustrated by the lack of online options when it came to applying.
Who is Protective best for?
Protective offers a variety of different life insurance policies to meet your needs, whether you’re looking for a simple, no-frills life term insurance policy or more comprehensive lifetime coverage.
You have a family or dependents who rely on you
If your family relies on your income to get by, you should definitely consider purchasing a life insurance policy from Protective. If you unexpectedly pass away, your family will be covered, and there will be less financial stress during a difficult time.
You want to supplement your retirement investments
If you opt for a universal life insurance policy, you can take advantage of tax-deferred growth and flexible withdrawal options. While life insurance might not be the first place you turn to for retirement savings, it’s a good next step after you’ve maxed out other retirement accounts.
You want to invest in the future
None of us knows what the future holds, and life insurance helps you to prepare for all possible options. Life insurance can protect your family in the event of your death, and can also help you plan for retirement and manage your assets.
Who shouldn’t use Protective?
While Protective life insurance comes with many benefits, it isn’t the right choice for everyone.
You want to apply online
No matter what kind of life insurance policy you decide on, you’ll have to get on the phone with Protective in order to finalize your application. If you’d rather skip the phone call and apply entirely online, another insurance provider might be a better fit.
You don’t want to have a medical exam
Like many life insurance providers, Protective may require you to complete a medical examination before they issue you a life insurance policy. But this is not true for every applicant and will depend on a variety of factors.
You don’t earn an income
Since one of the primary purposes of life insurance is to protect your earnings and replace your income for your family in the event that you pass away, it’s probably not a good fit if you don’t currently earn an income.