Protective Life offers the three main types of life insurance: term, whole and universal policies.
2026 Protective Life Insurance Review: Rates, Pros and Cons
Protective Life earned a MoneyGeek Score of 4.1 out of 5. The company offers term policies up to 40 years, as well as whole and universal life options.
Read our Protective Life insurance review for policy options, pricing, pros and cons.
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Updated: March 30, 2026
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At a Glance: Protective Life Insurance Review
Protective
MoneyGeek Rating
4.1/ 5
4.5/5Affordability
3.5/5Customer Experience
4.2/5Coverage Points
Average Monthly Cost
$42 (women); $54 (men)Based on a $500,000 20-year term policy for our sample profile (40-year-old nonsmoker with average weight and health ratings).Ages Supported
18-75 (Term); 0-80 (Permanent)
Protective Life Insurance Policy Options
Term Life Insurance Options
Term life insurance provides coverage for a specific period, such as 10, 20 or 30 years. The policy doesn’t build cash value and terminates at the end of the policy term.
Protective Classic Choice Term
Protective Classic Choice Term covers you for 10 to 40 years with coverage from $100,000 to $50,000,000. Convert to a permanent policy anytime without a medical exam. This policy includes guaranteed level premiums, income-tax-free death benefits and a terminal illness rider for accelerated benefits (subject to state law). Protective Life term policies are renewable, though premiums increase at renewal.
Term life works well when you need coverage for a specific period. You get affordable premiums and conversion options, providing income-tax-free death benefits to your beneficiaries.
Average Cost of Protective Term Life Insurance
Data filtered by:
20
40
Female
No
| $100,000 | $15 | $182 |
| $250,000 | $27 | $326 |
| $500,000 | $42 | $505 |
| $750,000 | $60 | $721 |
| $1,000,000 | $77 | $928 |
| $2,000,000 | $150 | $1,800 |
| $3,000,000 | $221 | $2,651 |
| $5,000,000 | $365 | $4,374 |
| $10,000,000 | $719 | $8,630 |
Rates reflect average quotes for applicants with average weight and health conditions. Your premium depends on your health, lifestyle and coverage choices.
Whole Life Insurance Options
Whole life insurance provides lifelong coverage when you pay your premiums. Whole life policies build cash value you can borrow against. Your beneficiaries receive a guaranteed payout when you pass away.
Protective Life's whole life insurance offers lifelong coverage at fixed premiums and builds cash value you can access anytime. This policy includes level premium payments, flexible death benefit options and guaranteed cash value growth.
Whole life insurance provides permanent coverage and builds savings within your policy. It covers funeral expenses, estate taxes and retirement funding needs. Choose your death benefit amount and access your policy's cash value when needed.
Average Cost of Protective Whole Life Insurance
Data filtered by:
40
Female
No
| $100,000 | $160 | $1,925 |
| $250,000 | $295 | $3,544 |
| $500,000 | $586 | $7,028 |
| $750,000 | $873 | $10,476 |
| $1,000,000 | $1,159 | $13,907 |
| $2,000,000 | $2,318 | $27,814 |
| $3,000,000 | $3,477 | $41,721 |
| $5,000,000 | $5,795 | $69,535 |
| $10,000,000 | $11,589 | $139,069 |
Rates are based on average quotes for applicants with average weight and health ratings. Actual premiums will vary depending on your profile, lifestyle, health and coverage needs.
Universal Life Insurance Options
Universal life insurance (ULI) provides flexibility in premium payments, death benefit levels and investment options. ULI combines death benefit protection with investment account potential. Adjust your death benefit and premiums as your financial situation changes. Protective Life offers three ULI options:
- Fixed account: Any premium you allocate earns interest at a specified rate.
- Indexed account: Credits interest to your policy based on the positive performance of a specific index, with the potential to build up cash value, subject to certain caps and floors.
Protective Custom Choice Universal Life
This type of ULI allows policyholders to select the coverage they need, along with the initial level benefit period of 10 to 30 years, similar to term life policies. Policyholders can adjust the coverage amount and exchange their policy for permanent coverage within the first 20 years, up to age 70, without another medical exam.
Variable Universal Life Insurance
With this type of ULI, policyholders can allocate their premium payments among different investment options for potential high cash value accumulation. Its benefit includes guaranteed protection with upside potential, premium flexibility and investment options.
Indexed Universal Life Insurance
Indexed universal life insurance offers the potential for cash value accumulation based on the performance of one or more stock market indices while protecting your earnings from downside risk with a minimum guaranteed rate. You have two options for your indexed universal life interest account.
Universal life insurance combines flexible death benefits with cash value growth. Adjust your coverage amounts and premiums as your financial situation changes.
Average Cost of Protective Universal Life Insurance
Data filtered by:
20
Female
No
| $100,000 | $85 | $1,024 |
| $250,000 | $165 | $1,977 |
| $500,000 | $290 | $3,480 |
| $750,000 | $417 | $5,004 |
| $1,000,000 | $540 | $6,476 |
| $2,000,000 | $1,079 | $12,952 |
| $3,000,000 | $1,619 | $19,428 |
| $5,000,000 | $2,698 | $32,380 |
| $10,000,000 | $5,397 | $64,760 |
*Rates reflect quotes for applicants with average weight and health ratings. Your premiums depend on your profile, lifestyle, health and coverage amount.
Protective's Life Insurance Riders
A rider is an additional feature or provision that can be added to a life insurance policy to provide additional coverage or benefits. Common riders include waiver of premium, accelerated death benefit and return of premium options.
Rider | Description |
|---|---|
Accidental death benefit | Provides an additional benefit in the event of accidental death. People who work dangerous jobs or in hazardous environments may purchase this rider to provide extra protection in case of an untimely death. |
Accelerated death benefit | Allows the policyholder to access a portion of their death benefit while they’re still living if they have been diagnosed with a chronic, critical or terminal illness. The funds can be used to cover medical costs or other expenses associated with the disease. |
Waiver of premium | Provides financial help if you become disabled, can’t work and can't afford to pay your life insurance premiums. It ensures your policy remains in force and that your beneficiaries will receive the death benefits due to them. |
Disability income | Provides the policyholder with a monthly income if they become disabled and can’t work. |
Additional purchase option (Guaranteed Insurability) | Allows you to purchase additional coverage at predetermined times without having to provide additional proof of insurability. This option allows individuals to purchase additional coverage when their needs change, without going through the underwriting process. |
Term insurance | Covers you for a specific period, such as 10, 20 or 30 years. Many people use term insurance as affordable financial protection while building toward permanent coverage. |
Children's term | Covers children from 15 days old to age 18 to 25. Add this low-cost life insurance to your existing policy. Coverage lasts until age 25 and provides financial protection for your children. |
How to Get a Protective Life Insurance Policy
Ready to apply? Here's how to get a Protective Life policy and what to do if your application is declined.
- 1Do Your Research
Start with Protective Life Insurance's online tools: life insurance calculator, policy finder tool or term life quote estimate generator. These tools match you with the right policy. Call an agent at 1-844-733-5433 for personalized guidance.
- 2Compare Quotes
Even if a policy looks like a good match, compare quotes from other insurers. Rates vary based on age, gender, smoking status, lifestyle and medical history. Checking multiple quotes confirms whether the rate you're seeing is competitive.
- 3Submit Your Application
Complete your application and any required health review, which may include a phone interview or medical exam. Protective Life reviews your information and notifies you of its decision.
- 4Wait for Approval
Once approved, review your policy details with your agent.
Protective Life Claims Process
Beneficiaries can start a claim by calling the Protective Life Claims Department at 1-800-424-1592 or visiting the Protective Claims Center online. Protective sends a claim packet within two to five business days with all required forms and instructions.
Required Documentation
To process a claim, Protective Life requires:
- A certified copy of the death certificate
- Completed claim forms from the claim packet
- The original policy document or the policy number
- Beneficiary identification and proof of relationship
Documents can be submitted by mail, fax or email for claims under $500,000. Claims over $500,000 go through additional review.
Processing Timeline
Protective Life reviews claims within two to three weeks after receiving all required documents. State regulations and case details may affect the timeline.
Processing may take longer if:
- The death occurred during the two-year contestability period
- Required documents are missing or incomplete
- Legal questions or beneficiary disputes arise
Protective Life Insurance vs. Other Insurers
Protective Life offers competitive rates, getting a score of 4.5 out of 5 for this category. It's among our top picks for the cheapest life insurance companies, specifically for universal coverage. For term life, Protective's average monthly cost of $42 for women and $54 for men for $500,000 in coverage is competitive, though Transamerica and Banner Life both have more affordable costs ($37 for women and $46 for men). Protective also ranks among the best life insurance companies in MoneyGeek's 2026 analysis due to its wide term length options.
But Protective falls short compared to major insurers like Mutual of Omaha in the customer experience category, earning a score of 3.5 out of 5. People who prioritize customer satisfaction and policyholder support may want to weigh that gap against Protective's pricing advantage before committing.
Is Protective Life Right for You?
Choosing the right life insurance company means balancing cost, coverage options, and reliability. Protective Life covers applicants aged 18 to 80 with term, whole and universal life policies. It offers competitive rates. The company's A+ AM Best rating and strong customer satisfaction scores show reliability.
Protective Life provides coverage up to $10 million with multiple rider options, but most policies require a medical exam. It works best when you need flexible coverage that adapts to life changes.
Protective Life Insurance Policy Review: FAQ
Is Protective Life insurance good?
Protective Life is a strong choice for most buyers. MoneyGeek rates Protective 4.1 out of 5 overall, with a 4.5 out of 5 for affordability. Its NAIC complaint index of 0.21 is well below the industry average of 1.0, indicating fewer complaints than expected for a company its size. Protective holds an A+ rating from AM Best, showing solid financial strength.
People who want a no-medical-exam policy or a final expense insurance policy will need to look elsewhere, as Protective requires an exam for most applicants and doesn't offer a final expense product.
Can you borrow from your Protective Life insurance policy?
Yes, Protective Life insurance has cash value components you can borrow against (available for whole and universal life policies). The loan amount depends on the policy's cash value and the insurer's loan terms and conditions. Interest will accrue if you take out a loan, and the loan balance reduces the death benefit.
What’s the maximum life insurance coverage with Protective Life?
Protective Life's maximum coverage depends on underwriting approval and your insurability. Some qualify for up to $10 million.
Can you get life insurance from Protective Life if you have cancer?
Protective Life evaluates cancer diagnoses case-by-case. Your health condition affects your premium. Contact your agent to discuss eligibility with a chronic illness.
Do life insurance policies from Protective Life cover death by drug overdose?
Most Protective Life policies exclude coverage for drug overdose deaths during the first two policy years. Review your policy's exclusions section or contact your agent for coverage details.
Does Protective Life cover death by suicide?
Those insured for more than two years are eligible for a claim in the event of a suicide. However, Protective Life's policy may vary, so it's best to contact the company or an insurance agent for more information.
MoneyGeek scored Protective Life across three categories: affordability (50%), customer experience (30%) and coverage options (20%). Affordability scores are based on average rates for a 40-year-old nonsmoker seeking $500,000 in coverage on a 20-year term. Customer experience draws on AM Best ratings, BBB ratings, J.D. Power scores and NAIC complaint index data. Coverage options reflect policy variety, available term lengths, rider selection and maximum coverage limits. The combined weighted scores produce the overall MoneyGeek Score of 4.1 out of 5.
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About Mark Fitzpatrick
Mark Fitzpatrick, a Licensed Property and Casualty Insurance Producer, is MoneyGeek's resident Personal Finance Expert. He has analyzed the insurance market for over five years, conducting original research for insurance shoppers. His insights have been featured in CNBC, NBC News and Mashable.
Fitzpatrick holds a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He's also a five-time Jeopardy champion!
He writes about economics and insurance, breaking down complex topics so people know what they're buying.
sources
- Protective Life. "Custom Choice Universal Life." Accessed March 24, 2026.
- Protective Life. "Indexed Universal Life Insurance." Accessed March 24, 2026.
- Protective Life. "Life Insurance." Accessed March 24, 2026.
- Protective Life. "Life Insurance Riders." Accessed March 24, 2026.
- Protective Life. "Our Brand." Accessed March 24, 2026.
- Protective Life. "Protective® Classic Choice Term." Accessed March 24, 2026.
- Protective Life. "Term Life Insurance." Accessed March 24, 2026.
- Protective Life. "Universal Life Insurance." Accessed March 24, 2026.
- Protective Life. "Variable Life Insurance." Accessed March 24, 2026.
- Protective Life. "Whole Life Insurance." Accessed March 24, 2026.