In addition to looking at financial strength ratings, one of the most important things to look for in Protective Life Insurance Reviews is how fast you can receive your benefits after you file a claim. It would help if you also read up on the company’s return of premium rider and Lapse Protection Endorsement.
Lapse Protection Endorsement
Lapse protection is a term life insurance feature that guarantees the death benefit will be paid if the policy lapses. A lapse protection policy differs from a traditional life policy in several ways. First of all, it guarantees the death benefit for a specified period. It also protects against loan lapse.
Another benefit of lapse protection is that it allows the policyholder to increase or decrease premium payments or skip them entirely. This flexibility can be advantageous in reducing premium payments and making them more affordable. However, it must be noted that premium payment schedules are subject to IRS Guideline maximums and minimums. Moreover, the number of premiums you pay will affect the coverage you will receive and the amount of interest you will receive.
Return of Premium Rider
The Return of Premium Rider allows policyholders to return up to 25% of their premiums for a term life insurance policy. These policies are designed for people who want to pay less for their coverage than for their basic term policy. The benefit of these riders is that they are flexible and can help you save money in the long run.
This rider enables you to skip premium payments if you become disabled. It has a six-month elimination period and is available for applicants age 55. Depending on the specifics of the policy, this feature may be of limited value. Protective has several different types of premium-return riders available for their policies.
Protective Life does not do as well as other major insurance companies regarding customer service. The company placed 16th out of 21 carriers in the J.D. Power individual life insurance study in 2021. It scored 752 out of 1,000, below the industry average of 776. Despite this, the company is still a good choice for some consumers. Customers can find a plan to meet their needs at affordable prices.
Financial strength rating
The Financial strength rating of Protective Life Insurance reflects the company’s financial strength and claims-paying abilities. Independent third-party assessors determine these ratings by examining the insurer’s liquidity, risk profile, and capitalization. Protective Life’s financial strength rating is A+ from Fitch and A2 from Moody’s Investors Service.
It is recommended that consumers review an insurer’s financial strength rating annually. Consumers should avoid taking out a policy if the insurer’s rating falls below the B+ scale. Other rating services may advise against buying policies from lower-rated insurers, too. For example, AM Best, Fitch, and Moody’s may advise against insurance policies with ratings below B.
Protective Life Insurance Company offers a range of life insurance coverage options. Among them are term, universal, and whole life insurance. The company is one of the oldest in the business and is well-known for its affordable universal products. Life insurance costs vary widely from one insurer to another, depending on risk factors assessed by the carrier. The underwriters at Protective Life Insurance Company evaluate each applicant’s risk factors to determine whether the company can offer a policy.
Customer service
The Protective Life Insurance Company has been around since 1907. They are a financial services holding company and market its products in all 50 states. They offer a variety of products to meet the financial needs of individuals and families. They provide life insurance, long-term care insurance, and more. In addition, the company’s customer service team is available to assist you in every way possible.
Protective Life has a customer service hotline and an online customer portal. It offers various services, including claims reporting, payment options, and policy information. They are also affiliated with independent insurance agents who can help you find the best possible coverage for your needs. You can also find information about your policy and payment options on the Protective Life website.
Protective does not do very well in customer satisfaction surveys. The company ranked 16th in the J.D. Power Individual Life Insurance Study, which ranks life insurance companies on their customer service. Protective received 752 out of 1,000 points, below the industry average. However, the company is committed to addressing complaints and improving customer service.