Protective Life Insurance Company Review. Top CD rates are only slightly lower, while their penalties for early withdrawals are generally lower (often only 90 days of interest). Protective was founded in 1907 by the former governor of Alabama, William Jelks. While the company is licensed in multiple states, its primary function is to underwrite and issue Protective Life product offerings in the state of New York. Most plans come with yearly, no-penalty withdrawals. Protective Insurance Company has been in the business of offering financial enhancement and protection for more than 110 years.The company was founded in 1907, and since that time, it has grown and expanded – adding a wide range of products and services. But there are surrender charges for early withdrawals. Provides the most affordable rates for the most protection. Education. According to Blueprint Income, a digital annuity marketplace, Protective is offering 2.45% on a 10-year contract (as of December 2019). That way, you can better compare the pros and the cons of an annuity that you may be considering purchasing. You can make subsequent contributions of at least $1,000 as long as they begin before the first contract anniversary and until the oldest policy holder (if there are two) is 86. Overall Rating: 4.8 / 5 (Excellent) Protective gets high marks from us mainly due to company financial reputation and flexibility of policy options. That’s where the Annuity Gator comes in! The minimum initial premium is $10,000, which is the minimum also for subsequent contributions. At the end of the contract, you can withdraw your money, renew for a year (with no penalties for withdrawals) or annuitize. Any withdrawal before the first anniversary of the contract or that amounts to more than the earned interest during the prior year is considered early. In addition to the low rate of interest that fixed annuities are offering these days, there are also certain fees that you need to be mindful of with an annuity – and in this case, you will incur a surrender charge if you choose to withdraw 10% or more of the contract’s value during your interest rate guarantee period. By contacting us you may speak with an insurance licensed agent in your state, and you may be offered insurance products for sale. The minimum purchase amount is $10,000, and you can make subsequent contributions of a minimum $50 within the next 12 months. Your email address will not be published. If you annuitize after renewing three times (so after the 10th anniversary of the contract), you may receive a 2% bonus. There’s also an unemployment waiver. Let’s begin the review of Protective Life Insurance by taking a look at the products they currently offer. Its lifetime income … If this is the first time that you have been to our website, please allow us to personally welcome you here. You will also find that once you’re in an annuity, these products can be quite difficult – and expensive – to get out of. Term Life Insurance. With the SecurePay FX rider, though, your benefit base may increase on the anniversary of your contract during a specified period even if your contract value has not increased. The maximum issue age is 85 (you have to be younger than 86). When your contract ends, you can withdraw your money, transfer it to a different guaranteed period or renew your contract for the same amount of time. Also, scroll over any county to learn about that region's small business statistics. Sentinel Security Life (A.M. Best: B++) has the highest 7 … How Do Protective’s Prices Compare? So, if you are ready to get started, let’s proceed! Protective Indexed Annuity II is issued by Protective Life Insurance Company located in Birmingham, AL. If you have landed here at AnnuityGator.com in search of more details about the Protective Life Fixed Deferred Annuity, you are definitely in the right place. Multiple Payment Options – You can purchase a fixed annuity with multiple payments over time, or in one lump sum, based on your particular needs. The company was founded in 1907, and since that time, it has grown and expanded – adding a wide range of products and services. Also for an additional fee, you can add an optional protected lifetime income benefit. Also, investments of $100,000 or more may receive a 0.25% interest rate boost. If you are interested in taking a look at the potential performance of the Frontiers ll, then please contact us here via our secure online contact form. Annuity riders may be available for an additional annual premium that can provide additional benefits and income guarantees. According to Blueprint Income, Protective Life is offering 2.25% for seven-year contracts (as of December 2019). Should you die before you’ve annuitized, Protective Life will return your deposits, adjusted for any premium taxes, to your beneficiary. Now Protective Life Insurance Company has over $773.449 billion dollars of life insurance in-force with total revenues of $3.959 billion total annuities of $2.56 million. This interactive map shows the best counties for small business owners in the U.S. and in each state. No product companies have endorsed the reviews on this site, nor is AnnuityGator.com compensated for reviews. When it’s time to turn your savings into an income stream, you have five options: to receive income for life, to receive income for a set period of time, to receive income for life with a certain period guaranteed (if you die before then, your beneficiary will receive payments until the period ends), to receive income for life with a cash refund (if you die with a remaining balance, your beneficiary will receive a lump sum) and to receive income for life with an installment refund. A free inside look at company reviews and salaries posted anonymously by employees. Any other annuities you would like to see reviewed? We can do this for you and can provide you with the results – at no charge or obligation. Additionally, withdrawals before age 59.5 may incur a 10% IRS penalty plus ordinary income tax. The maximum issue age is 85. In the event that you die before during the guaranteed period, your beneficiary will receive the greater of the contract value or the minimum surrender value as of the date that Protective Life receives proof of death. Early withdrawals will also be subject to a market value adjustment (MVA). Annuity Company Reviews. Over time, you will likely do better than inflation - and then some, assuming your asset allocation is geared for growth. PROTECTIVE LIFE INSURANCE CUSTOMER SERVICE NUMBER. Small businesses are typically incorporated as pass-through entities, meaning that the business owners pay income taxes on the company profits rather than the company itself paying income tax. Now Protective Life Insurance Company has over $773.449 billion dollars of life insurance in-force with total revenues of $3.959 billion total annuities of $2.56 million. However, if you do happen to still have any additional questions about this – or any other – annuity, then please feel free to contact us and one of our annuity experts can walk you through any of the questions or concerns that you have. Dai-ichi Life is headquartered in Tokyo and is listed on the Tokyo Stock Exchange. Protective Life Insurance Company has not endorsed this review in any way, nor do we receive any type of compensation for providing this review. Methodology Which places are best for small businesses owners? For more information on how to compare annuities in order to determine which one may be right for you, According to Protective Life, there are numerous. In addition to in Birmingham, Protective Life has primary offices in Greenwood Village, Colorado; Pompano Beach, Florida; Bannockburn and Elgin, Illinois; Chesterfield, Missouri; Portsmouth, New Hampshire; Cincinnati, Ohio; and Brentwood, Tennessee. This review is meant to be an independent review at the request of readers so that they may see our perspective when breaking down the positives and negatives of this particular annuity. Of the two indexed rates available, you can choose to be credited on a capped point-to-point annual basis or on a tiered annual basis (which means you earn interest if the index has reached a certain level during the year). Protective Life & Annuity Insurance Company - Comparing policy rates by yourself can be tough and seriously long. Opening Thoughts on the Protective Life ProSaver Secure ll Fixed Annuity. Headquarters: PO Box 2606, Birmingham, AL 35202-2606. 7-8 Year Annuity Rates. And, if you jump into an annuity too quickly without knowing what to expect, you may be very disappointed. In 1927 the company merged with Alabama National Insurance Company, keeping the Protective name, and began acquiring other companies over the years. It’s the parent company of Protective Life and Annuity Insurance Company, West Coast Life Insurance Company, Protective Property and Casualty Insurance Company, MONY Life Insurance Company and United States Warranty Corporation. Surrender Charge Waivers – Fixed annuities will oftentimes have options to waive surrender charges for terminal illness, unemployment, and/or admission to a nursing home. When you purchase an annuity for retirement, you begin a long-term relationship with a life insurance company. The Protective ProPayer Income Annuity is a single premium immediate annuity. Founded in Birmingham, Alabama, Protective Life Insurance Company has been in business since 1907. In the following Protective Life review, we will take a close look at the company’s products and ratings to help you decide if Protective is the right fit for you, based on your own need, goals and objectives. The maximum issue age is 85 years. On top of that, the funds you invest in will have operating expenses. Protective and Protective Life refers to Protective Life Insurance Company (PLICO) located in Nashville, TN and its affiliates, including Protective Life & Annuity Insurance Company (PLAIC) located in Birmingham, AL. Policy form number, product availability, and product features may vary by state. Required fields are marked *. In reality, the only way to truly know if this annuity will perform well for you is to have it tested. Protective Insurance Company has been in the business of offering financial enhancement and protection for more than 110 years.The company was founded in 1907, and since that time, it has grown and expanded – adding a wide range of products and services. Shoppers on a budget: Protective’s term and Custom Choice Universal Life products offer some of the lowest rates on the market. In the case of the Protective Life Fixed Deferred Annuity product, these factors include the interest rate you’ll receive, the surrender period, and the opportunity (or lack thereof) to earn a higher rate of return on your money. If you are still leaning towards buying this annuity, though, then you can be sure that your principal will be safe, and that you will be able to count on a guaranteed income stream in the future. If you allocate your money only to a fixed interest crediting strategy, you are probably just trying to keep even with inflation. With fixed index annuities like the Protective Life Indexed Annuity II, you can be assured that your funds are safe from market volatility and that you have the ability to receive an ongoing income in retirement – no matter how long you live. In J.D. There are two riders to choose from: SecurePay and SecurePay FX. The return on money allocated to an indexed crediting strategy depends on the market, of course. Job change. The size of your payments are depends on your premium and age. With over 40 major insurance firms issuing annuities and hundreds selling them, knowing where to start your search can be daunting. The maximum surrender charge is 7%. Protective Life Insurance Company has not endorsed this review in any way, nor do we receive any type of compensation for providing this review. If you have been thinking about purchasing an annuity so that you can get the tax-deferred benefits of having your money grow free of current taxation, and you would also like to assure yourself that you will have an ongoing income in retirement, then the Protective Life Fixed Deferred Annuity could be a good option for you. Today, the company is a wholly owned subsidiary of The Dai-ichi Life Insurance Company, Ltd. A free inside look at company reviews and salaries posted anonymously by employees. The minimum initial premium is $10,000. This investment is meant for long-term investors. With this annuity, you have four payout options: to receive payments for a certain period, to receive payments for life and with a guaranteed period (if you die before the period is over, your beneficiary will receive payments until the period ends), to receive payments for life with an installment refund (should you die with a remaining balance, your beneficiary will receive payments until the balance has been paid out) or to receive payments for life with a cash refund. Protective ProSaver Platinum Plus is a fixed deferred annuity. Nothing on this website is a recommendation to buy or sell an annuity. Protective Indexed Annuity is a fixed indexed deferred annuity. In 2019, Protective Life made its 57th acquisition. Plus, if you do make such a withdrawal from your annuity before you have reached the age of 59 1/2, then you could also be hit with an additional 10% “early withdrawal” penalty from the IRS. Subject to stockholder approval, Dai-ichi Life is expected to acquire Protective Life Corporation by the end of 2014. According to Protective Life, there are numerous benefits to owning a fixed annuity, such as: With the Fixed Deferred Annuity, you can earn a guaranteed rate of interest for a set period of time – and your principal is also guaranteed to be safe. Flexible premium deferred variable and fixed annuity. Review your options and get smart about annuities. But, before you go out and make a long-term financial commitment for this – or any – annuity, it is really important that you know just exactly how this annuity may – or may not- work for you and your specific financial needs and goals. If you need to speak to Protective Life Insurance customer service directly, here is their contact information. Yet, even with these nice features on the Fixed Deferred Annuity from Protective Life, this product could still fall somewhat short – and quite frankly, there may very well be a better alternative out there for you. This is because, even though annuities can and do offer some nice benefits, the reality is that these can also be highly confusing financial vehicles. (You may also be able to count on that for a loved one, as well, such as your spouse). These range from 0.35% to 1.68%. Protective Life and Annuity Insurance Company is active only in New York state, while the Protective Asset Protection Division primarily offers finance and insurance (F&I) products on automobile and marine purchases. This means you can fund it with more than one deposit and allocate your money to an investment sub-account and a fixed interest account. This review is meant to be an independent review at the request of readers so that they may see our perspective when breaking down the positives and negatives of this particular annuity. And if you change jobs, you could have a gap in coverage. Contracts can be for five, seven or 10 years. The review that you are in the process of reading right now was created with the intent of assisting you with better understanding all of the “fine print” that is associated with the Fixed Deferred Annuity from Protective Life. These depend on your investment level, and generally decline 1% every year. You can selectively provide your consent below to allow such third party embeds. At this rate, you may keep up with inflation. Protective Life Corporation and its subsidiaries provide financial services through insurance and investment products that are available throughout the United States. This means your interest rate is locked in for seven years. Headquartered in Birmingham, Alabama, Protective Life offers many different annuity options. Opening Thoughts on the Protective Life Smart Saver 4 Annuity. If you want to lock into a set interest rate (for a set period of time), If you want to ensure that your principal is safe, If you plan to use the lifetime income feature, If you want the opportunity for a higher rate of return, If you may need to withdraw funds from the annuity during the surrender period, If you do not plan to use the lifetime income feature, In reality, the only way to truly know if this annuity will perform well for you is to have it tested. Protective Life And Annuity Insurance Company - Comparing policy rates by yourself will be tricky and seriously long. If you add the monthly maximum anniversary value death rider, the fee is 0.20%. Your insurance agent will have seen and done it all before, and they recognize exactly what is vital to consider once browsing coverage options. The Protective Indexed Annuity has no front-end or administrative charges. Protective Life is now the primary subsidiary of Protective Life Corporation, with other subsidiaries including Protective Life and Annuity Insurance Company, West Coast Life Insurance Comp… Within the investment sub-account, there are a wide array of fund options. All content is for educational purposes only. But, while this might at first glance appear to be the best of all worlds, we all know that if something sounds too good to be true, it typically is! The company sells fixed, indexed, variable and immediate annuities. IDI is the principal underwriter for registered insurance products issued by PLICO and PLAICO, its affiliates. This annuity review is meant solely to be an independent review at the request of our readers so that they may see our perspective when breaking down the positives and the negatives of this particular annuity. The annuity also offers healthcare protection, where you can withdraw money with no surrender charges after the first anniversary if you or a spouse is diagnosed with a fatal condition or must enter a qualified medical care facility for 30 consecutive days. The company was founded in 1907, and since that time, it has grown and expanded – adding a wide range of products and services. You can buy annuities directly from the insurance companies that issue them, or from independent brokers, banks and other financial groups. Protective Life Insurance Company Response 07/20/2020 I am writing in response to your email dated July 16, 2020 addressed to Rich B***** regarding the above-referenced consumer. We have been at this for quite a while not – far longer than our “copycat” competitors – and we have therefore become known as a highly trusted source of annuity information. This, then, could have a major impact on your future purchasing power – and could even cause you to have to cut back on making purchases of the items and services that you need in the future. If an insurance company is going to be making payments to you for your lifetime, you want to make sure its financial outlook is stable. Blueprint Income. This is an independent product review, not a recommendation to buy or sell an annuity. Variable annuities issued by Protective Life Insurance Company (PLICO) Nashville, TN, in all states except New York and in New York by Protective Life & Annuity Insurance Company (PLAIC), Birmingham, AL. These are all ideals that each and every Protective Life Insurance Company employee works tirelessly to uphold each and every day. In the event that you die before then, your beneficiaries will receive the greater of your contract value with no surrender charge and no market value adjustment (MVA) or the net contract value with a surrender charge and an MVA. There can be a long list of factors to consider before you commit to an annuity. The maximum issue age is 99. Product availability and features may vary by state. We know that this annuity review was a tad bit on the long side. The company has in excess of $427 billion of life insurance coverage in force. If you annuitize after the 10th anniversary of your contract date, you may receive a 2% bonus. Save my name, email, and website in this browser for the next time I comment. Your factor will have seen and done it all before, and that they apprehend exactly whats vital to think about once browsing coverage options. Prior to purchasing any type of investment or insurance product, it is important that you do your own due diligence and that you consult a properly licensed professional if you should have any specific questions that relate to your individual circumstances. What’s more, any withdrawals before you reach age 59.5 will be subject to a 10% IRS penalty and income tax. These include: Due in large part to the volatility of the stock market, and coupled with the fact that people are living longer these days – and in turn, need their retirement income to last longer – fixed deferred annuities have become much more popular. One reason for this is because your principal will be safe – regardless of what happens in the market – while your funds grow and compound exponentially over time. You can make subsequent contributions of at least $2,000. The company's primary subsidiary, Protective Life Insurance Company, was established in 1907 and now markets its products and … This means that you lock in your money for a chosen amount of time and Protective Life will pay a declared interest rate. If an insurance or financial advisor is offering you the Fixed Deferred Annuity from Protective, then it is possible that he or she focused in on the fact that your principal will remain safe, and that you can obtain a set interest rate – and in turn, steady growth – going forward. So, the Protective Life Indexed Annuity II does certainly provide some nice features. Independent Review of the Smart Saver 5-Year Annuity from Protective Life Insurance Company, Independent Review of the Protective Life Smart Saver 4 Year Annuity, Independent Review of the Protective Life Income Creator Annuity, Independent Review of the Protective ProSaver Secure ll Fixed Annuity, Independent Review of the Protective Life’s Indexed Annuity II. Top CD rates are slightly lower, but the penalty for early withdrawals is considerably lower - often just 90 days of interest. If you are using our Services via a browser you can restrict, block or remove cookies through your web browser settings. All names, marks, and materials that were used for this review are the property of their respective owners. While the company is licensed in multiple states, its primary function is to underwrite and issue Protective Life product offerings in the state of New York. These will assist you with products like Protective term life insurance reviews and Protective Life and Annuity insurance company reviews. If you want to cover a spouse, you can get joint and survivor payments for life and for a certain period. Before purchasing any investment product be sure to do your own due diligence and consult a properly licensed professional should you have specific questions as they relate to your individual circumstances. While you have been researching annuities on various online sources, you may have noticed that there are a fair amount of sites that tout just how great their annuities are by making some pretty bold claims about them, such as: But, as enticing as these claims might sound, it makes it even more important for you to verify that they are actually true before you commit to placing a large chunk of your retirement savings into such a product. In our ranking of the 16 Best Life Insurance Companies of 2020, Protective Life comes in No. contact us here via our secure online contact form. Protective Life Insurance Company is one of the top life insurance companies in the U.S.and offers some of the best term life insurance rates.. The company scored 10th out of 24 insurers evaluated. Power’s 2019 U.S. Life Insurance Study, Protective Life received an overall score of three out of five, though it did earn a four out of five in the “interaction” category. But, this is really only the case if the product fits in with your particular financial goals. With that in mind, you need to learn as much as you possibly can about these products. At the time of the contract, you allocate your money among these strategies and can reallocate every contract anniversary, when rates reset. In fact, we dare say that this website is the only place where you will be able to find all of the key facts – which include the good and the not-so-good. Life insurance. These financial products are able to keep your principal safe and also provide a set amount of growth – in any market or economic environment. Opening Thoughts on the Protective Life Income Creator Annuity. Protective Life was rated “about average” for overall customer satisfaction in the J.D. Protective Life & Annuity Insurance Company; West Coast Life Insurance Company; Lyndon Insurance Group, Inc. As of 2012, Protective is featured in the Fortune 1000 and the Forbes Global 2000 lists. If there’s any chance you may need to access the money before the contract matures, you may be better off with a certificate of deposit (CD). Guaranteed Death Benefit – An annuity may also pay money directly to your beneficiaries when you pass away, which can help them to avoid a lengthy probate process. According to the Better Business Bureau (BBB), the company has only 63 customer complaints, most of which are related to claims handling and refund issues. People who want conversion options: You can convert a term policy into permanent life insurance without having to take a medical exam. For instance, even though you can lock into a set rate of interest for a chosen period of time, because interest rates have been so historically low throughout the past decade or so, it isn’t likely that the rate you get will allow you to meet, much less beat inflation. At the end of each guaranteed period, you can withdraw your money, transfer it to another available period, renew it for a year (during which time there are no early withdrawals penalties) or renew it entirely. Zoom between states and the national map to see the top spots in each region. Protective Life was founded in 1907 in Birmingham, Alabama. To answer this question, we considered three factors: the proportion of people in a county with small business income, how much business income those people reported and the amount of tax a potential resident must pay on their income. Your payout options are the same as for the annuities above (lifetime income, income for a certain period, lifetime income with a certain period, lifetime income with a cash refund or lifetime income with an installment refund). Protective Life and Annuity Insurance Company has earned high ratings from the insurer rating agencies. For an additional cost, you can select a maximum anniversary value death benefit if you are younger than 76. SmartAsset analyzed data to find the best places for small business owners in the country. Lifetime Income – Fixed annuities offer flexible payout options – including a set number of payments, or even guaranteed payments for life. To determine income tax burdens across counties, we used the national median household income. If you are interested in taking a look at the potential performance of the Frontiers ll, then please, However, if you do happen to still have any additional questions about this – or any other – annuity, then please feel free to, Also, if there are any other annuities that you would like more information about, then just simply. Should die before you annuitize, your protective life insurance annuity reviews will receive the full amount of your contract.. And Protective Life was rated “ about average ” for overall customer satisfaction the. 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