Protective Life Insurance was founded in 1907 by Governor William Jelks. Just two years after its institution, the company already paid out its first death claim. More than 100 years later, Protective Life continues to reach out to the public through their ethos of service and trust, and their commitment to do the right thing. As their name declares, their mission is to "protect people's tomorrows, so they can embrace today".
With a strong foundation and an equally powerful vision, Protective Life Insurance offers multiple investment vehicles to ensure an individual's future. Foremost of these is its Life Insurance policies, which aim to protect the insured's loved ones in the event of an untimely death. Because each one has a different need, Protective Life Insurance offers a diverse range of options. The following is just a summary of each product type; for a more detailed coverage specification, contact Protective Life Insurance so a financial specialist can better advice you.
Term Insurance and Alternatives
Term Life Insurance guarantees coverage for the period the policy is in effect. This length of time is to be decided by the policyholder. If one is just starting a family, a longer period of coverage is advisable since no one would want to burden his wife and young children with financial worries. In the event of the insured's accidental death, his family will still be provided for.
An advantage of getting Term Insurance from Protective Life is that you can convert your fixed-term plan into a permanent life insurance. In this way, your coverage will not expire but will be in force for as long as the premium or policy plan is paid. Because a permanent life insurance is more expensive than the fixed-term, you may initially opt for Term Insurance, especially if you are just starting to earn. You will already enjoy protection at the same time you build your income, and as you become more financially stable you can convert to the pricier permanent coverage. This flexibility is a valuable feature in getting an insurance policy.
Whole Life Insurance
The Whole Life Insurance is an example of a permanent life insurance - you are covered for the duration of your life. Because it is more comprehensive, it is more expensive. However, it does offer interests for your payments, which can later be applied to pay off premiums. In addition, you can be paid dividends, which is the profit earned by the company from investing your deposits. Depending on your plan, you can withdraw your dividends or keep them for a chance of increasing their value further. With this wealth accumulation feature, a Whole Insurance is a very attractive option as it combines protection with savings.
Universal Life insurance
The Universal Life Insurance is another long-term insurance option. Protective Life Insurance offers a variety of universal life plans that can even have cash payouts. The death benefit is adjustable, and so are premiums. In the event a policyholder cannot pay his premium, his insurance coverage remains in force with the Lapse Protection policy. All these add-ons are decided by the policyholder before his plan is drawn to ensure that he will be covered more comprehensively for any eventuality.
Variable Universal Life Insurance
A variation of the Universal Life Insurance, this plan offers more flexibility while at the same time providing comprehensive lifetime insurance. It allows the policyholder peace of mind knowing that he is insured, at the same time giving him opportunities to grow his investments. With over 50 affiliate companies, the client can invest his money more confidently.
Single Premium Variable Life Insurance
This unique plan combines long-term life protection as well as wealth accumulation. This is therefore considered as both a life insurance and a savings vehicle. As it is called the Single Premium Variable Life Insurance, you only make a one-time payment. After this you can invest your money in more than 50 associate fund companies of Protective Life. Because you are with Protective, you are assured these investment groups are well-chosen and have the best potential of giving you considerable returns.
Survivorship Life Insurance
As the name implies, this is a Life Insurance for couples. Both persons are insured and the death benefit is paid to the beneficiaries after the demise of the second insured. This insurance may be more practical than getting separate policies as it can be more affordable.
With any type of life insurance, the client has the option to customize his plan. He can add more benefits to his policy, called riders, as he sees fit for his situation. The coverage and add-ons will of course affect the premium, so it is advisable that the client first assesses his financial capacity to pay for these. Although in many of these plans there is a cash-back or wealth accumulator option, one must bear in mind that investments take time to mature. A more financially stable investor may be able to wait longer for his money to grow, but novice employees may need quick cash incentives. This is definitely not guaranteed in any protective plan.
Other investment opportunities clients may want to consider are Protective's Retirement Savings and Annuities, as well as its Asset Protection Plans. There are various options for each of these programs too. Whatever you decide on, keep in mind it is all about saving now so you can enjoy a better future.