Finding ways to protect your family in the event of death is always one of the most important items to check off your to-do list. It’s also a somewhat intimidating process. It’s hard to know where to find the best life insurance policies and what you should be looking for. Things are changing in 2019 with life insurance, and it’s essential for you to stay up to date and understand your options.
Life insurance policies are now offering more built-in benefits and additional protection than ever before. As far as picking the best company, well, leave that to us. We can help with that and point you in the right direction.
Protective Life Insurance is one of those companies that hasn’t only been around for a long time with a proven track record but also offers some of the most comprehensive policies that your hard-earned dollars can purchase. Here are some of the specifics on Protective Life. We will also cover some of the additional benefits to keep your eye on.
More on Protective Life Insurance Company
Protective Life is now entering their 112th year in the Life Insurance Industry. Beginning in 1907 and headquartered out of Alabama, Protective has always shown a positive track record and maintained a clean and trustworthy reputation with its policyholders. Protective Life Now operates in all 50 U.S. States.
In 1993 Protective went public and acquired West Coast Life and Chase I
Although this isn’t the most essential item to consider when purchasing life insurance, financial strength is undoubtedly an item I would double check when making any purchases. It helps to prove the liquidity of the company and goes to show how stable their outlook will remain from a financial standpoint.
Products Offered with Protective Life
Protective Life Insurance does offer a wide range of life insurance products. They can meet the needs and demands of just about anyone and currently provide families and business owners the following forms of life insurance coverage.
• Whole Life Insurance
• Universal Life Insurance
• Term Life Insurance
• Children’s Life Insurance
When it comes to the term products with Protective Life, they really stand out from the crowd. They offer some of the most competitive pricing and offer a product/feature that many other life insurance companies have yet to adapt.
The Protective Custom Choice UL is the product I’m referring too. This is a term product but allows for unique customizations. The policy can extend past the initial term and offer additional options such as the following
Decreasing Coverage at A Level Premium (After Initial Term Expires)
Annuitized Payments to Beneficiaries for Lower Premiums (Protective IPO Rider)
Both options can be highly beneficial to you as the consumer and the policyholder. You see, many term life insurance policies just expire at the end of the term period such as the following.
• 10 Years
• 15 Years
• 20 Years
• 25 Years
• 30 Years
Now, what are you going to do? You’re older. The premiums are higher. You still need protection. Well, having these options built in can allow you to maintain your policy and keep the same premiums. The only caveat is the coverage will begin to decrease.
That’s okay though. Hopefully, later in life, your needs for protection have also decreased, and many items that were previously financed are now paid for. The kids are married and support themselves, and you get to spend most of your free cash on golfing and fishing. Hats off to you.
That’s the way life should be.
Permanent Products with Protective Life Insurance Company
With Protective Life, your permanent life insurance options look much like any other life insurance company on the market. You will have the following options when shopping Protective Life’s permanent products.
• Universal Life
• Variable Universal Life
• Indexed Universal Life
• Survivorship Universal Life
The advantages of permanent life insurance are clear, but we will take a brief dive into them. First, you’re covered for life. Assuming you don’t miss any payments and lapse the policy or surrender the policy to access the cash value.
You never need to worry about redoing the life insurance process again assuming your needs don’t change and items such as your burial, final debts, and even medical expenses can be taken care of later in life.
Whoa, medical expenses covered later in life? Does that mean I can access cash while living? Glad you asked because yes, that’s exactly what it means. Protective Life Insurance is one of the companies currently offering what’s known as Accelerated Death Benefits Riders (ADB’s). Here’s what this entails and how it can benefit you and your family.
Living Benefits with Protective Life- Accelerated Death Benefit Riders (ADB’s)
First off, the old way of buying life insurance is gone, and it’s hopefully not coming back. The old way of purchasing life insurance was merely to pay the company a premium in exchange for a check when you drop dead. Nothing fancy about it. You die, your family is protected. Enough said.
It’s Not Always About Payments at Death. Welcome to The Present and Future
This form of life insurance is going to be your saving grace when you don’t drop dead, but you do drop down due to illnesses, injuries and other unfortunate circumstances. We all know you need protection for when you meet your maker, but have you ever thought about what or who is covering those huge medical bills?
What’s going to cover your hospital stays, bypass surgeries or cancer treatments? Who’s going to pay for your family to fly in when you’re terminally ill?
Better yet, who’s going to take care of you when you’re terminally ill? Are you going to place that burden on your family? Your spouse? Your kids or Grandkids?
Hopefully not, and the good news is that you don’t have to. When you purchase a life insurance policy from a company like Protective Life, you can now add this accelerated death benefit rider. Here’s what it can do for you.
Benefits of The Accelerated Death Benefit Rider with Protective
First and foremost, and the part you are probably itching to hear is the pure and simple fact that you can access and claim your death benefit (face value of the policy) without passing away.
Again, you’re not misreading this. If you meet the criteria which we will cover shortly, you can pick up your smartphone and call Protective Life and say, “Show Me the Money.”
They will ask what qualifying event has occurred, you tell them, mail a few papers and the money is yours. It’s as easy as riding a bike.
Of course, all good things come with a few rules. Let’s touch on those briefly. The primary purpose of the ADB rider is to help cover and offset cost you may experience when you are dealing with a terminal illness.
Terminal Illness with Protective Life
Terminal Illness is the only method/criteria of accelerated death benefits that Protective Life currently offers but it’s still a fantastic option to add into your life insurance policy coverage.
To qualify under the terminal illness portion of the ADB rider with Protective Life, you would need to be diagnosed with an illness where your life expectancy is expected to be 24 months or less. Yes, they require verification of this from a physician.
How Much of My Death Benefit Can I Accelerate with Protective Life Insurance?
Great question. If you do meet the criteria for your ADB rider to be placed into effect, you can currently accelerate 60% of the face value or death benefit of your policy. This also has a maximum presently set at 1,000,000.00.
This just means you can’t get provided more than 1,000,000 in ADB benefits regardless of if you qualify for the terminal illness rider to kick into action. Nonetheless, this is still a huge benefit that can significantly impact the landscape of your family’s financial futures.
Example of the Accelerated Death Benefit in Action with Protective Life
We already covered how your maximum ADB payout will cap at 1,000,000 in coverage. For this example, let’s assume that your original policy had a face value (death benefit amount) of 500,000.00.
This means that if you just lived a Rockstar, marathon running, gym-going healthy lifestyle but still passed away before the policy expired and never exercised your ADB’s, your family would have just received the 500,000.00 after your passing.
Let’s assume however the opposite happened. Your policy is still active and in force, but you have fallen terminally ill and been informed you have 24 months or less to live. Now you can qualify to accelerate your death benefits before passing.
Since we are only 60% of the face value at one time, your ADBs could provide you 300,000 cash in this situation.
500,000 x .60 %= 300,000.00 In Your Pocket.
What Can I Use My ADB’s Benefits On, where can I Spend It?
Wherever you choose. Protective Life Insurance and other life insurance companies do not place restrictions on where you spend your accelerated benefits. In most situations, they are used to remove medical debt and pay for care but if you prefer to use it for something else, have at it.
The choice is yours.
They are not going to come looking for receipts to see where you have spent the benefits that are rightfully entitled to you for being a trustworthy premium payer over the years.
What’s the Catch with Accelerated Death Benefits with Protective?
No catch. No gimmicks. No additional premium or cost either. What people do fail to realize in some circumstances is that the benefits are not just tossed your direction without something in exchange. In this scenario, you are exchanging that portion of death benefits to be reduced from your final death benefit check.
Here is what I mean.
If you use the example we used previously, you would have taken 300,000 in advance from your 500,000-dollar life insurance policy. When you do this, you are reducing the final death benefit that will be provided to your family. Here’s a look at the math for you.
500,000- 300,000.00 (ABR Accelerated) = 200,000.00 (Remaining at Death for Beneficiaries)
That’s it. No other attachments except in most circumstances a small administrative fee will be placed on the final tally of your benefits. With most life insurance companies, this never exceeds 300.00.
How Do I Get Started with Living Benefits Through Protective?
First and foremost, you need to compare your options, but Protective surely is a fantastic pick. However, other great life insurance companies do exist that we also recommend. Companies such as the following.
All these companies listed offer living benefits and they may even offer a more comprehensive package that also includes critical and chronic care. This may be something looking into. The easiest way to get started is to fill out the instant quote form on the left.
It’s going to break down all your options and help you find the best possible match for a life insurance company offering living benefits. If you need help at any point in the process, be sure to reach out to Go Living Benefits at the number provided at the top right of this page.
We would love to help, and this is what we do best.
When It’s All Said and Done, Ignore the Old Way of Buying Life Insurance
The past is in the past, and the old life insurance policies have been forgotten. They should be at least. Protecting ourselves at death is no longer good enough for our families and can put our loved ones in harm’s way.
Make the right choice and start considering life insurance that has you covered no matter what unfortunate circumstances are thrown your direction.
You deserve that much, and so does your family.