Protective Life life insurance

Overview

Protective Life is a Birmingham, Alabama, life insurer and annuity company known for term life sold through independent agents and for buying blocks of policies from other insurers. Its NAIC group, filed under its Japanese parent as the Dai-ichi Life Holdings group, ranked #7 among U.S. life insurance groups by 2024 individual life direct premiums written, according to NAIC market share data, with $5.52 billion in premiums and a 3.53% market share.

Protective has been wholly owned by Japan's Daiichi Life Group since February 1, 2015. The parent dropped the hyphen from its trade name, changing from Dai-ichi Life Holdings, effective April 1, 2026. Protective says it serves nearly 32 million customers, has about $1 trillion of life insurance in force and had $142.1 billion in total assets at the end of 2025. The group includes Protective Life Insurance Company, Protective Life and Annuity Insurance Company (its New York insurer), West Coast Life Insurance Company and MONY Life Insurance Company.

It sells through independent agents and brokers, broker-dealers, banks and affinity partners rather than its own sales force. Edward Jones, Allstate and Comparion are among the distribution partners it names. Term life can also be quoted and applied for online or by phone.

History

Former Alabama governor William D. Jelks organized Protective Life after leaving office and became its first president. The company was incorporated in Alabama on July 24, 1907. It merged with a rival, Alabama National Insurance Company, in 1927, and expanded sales to all 50 states in 1992. In 1981 the company reorganized under a holding company that became Protective Life Corporation, whose stock traded on the New York Stock Exchange until the Dai-ichi purchase.

Acquisitions are central to the story. Protective counts the January 2026 purchase of Portfolio Holding, a dealer finance-and-insurance business, as its 61st acquisition and its eighth under Dai-ichi ownership. Deals that matter to life policyholders include:

• MONY Life Insurance Company, bought from AXA Financial on October 1, 2013. MONY demutualized in 1998 and still has a closed block for policies in force at that time.
• Liberty Life Assurance Company of Boston's individual life and annuity business (2018) and Great-West Life & Annuity's individual life and annuity business (2019), both taken on through reinsurance.
• ShelterPoint, a New York disability and paid family leave insurer, bought in November 2024, which added an employee benefits segment.

Rich Bielen became the seventh CEO in 2017. Protective Life Insurance Company moved its legal domicile from Tennessee to Nebraska on December 31, 2024, though headquarters remain in Birmingham. In March 2025 Protective agreed to cede about $9.7 billion of reserves, covering structured settlement annuities and runoff secondary-guarantee universal life policies, to Resolution Life through reinsurance. Protective kept the administration of those policies, so affected owners still deal with Protective.

Life insurance products

Protective's current life lineup is short and leans toward guarantees rather than market-linked growth. It does not list an indexed universal life product.

• Classic Choice term comes in 10-, 15-, 20-, 25-, 30-, 35- and 40-year terms for ages 18 to 75, with $100,000 to $5,000,000 of coverage. It is renewable to age 95 and has a 31-day grace period. Accelerated underwriting can skip the medical exam for some applicants after health questions and a phone interview. The optional Conversion Choice rider with ExtendCare adds a conversion option to permanent coverage and access to long-term care funds; it is not available in New York or California.
• Lifetime Assurance UL is guaranteed universal life with level premiums and a death benefit guaranteed to an age the buyer picks, from 90 to 121. Issue ages run 18 to 85. A built-in return of premium endorsement lets the owner get back part of the premiums paid starting in year 10.
• Dynamic Plus UL is a fixed universal life policy with no-lapse protection up to age 90, persistency bonuses in years 6 and 11 and issue ages from birth to 80.
• Strategic Objectives II is a variable universal life policy for ages 0 to 80 with a $100,000 minimum and more than 35 investment options.
• Estate Maximizer II is single premium whole life for legacy planning, with approval up to $225,000 after four questions and no exam.
• Executive UL is an employer-paid universal life benefit for groups of at least 15 executives.

A terminal illness accelerated death benefit is built into most policies. Other riders include ExtendCare (chronic illness), accidental death, waiver of premium and children's term coverage.

Other products

Protective sells fixed annuities (Income Creator, Secure Saver), indexed annuities (Asset Builder II, Income Builder), a variable annuity (Aspirations) and an immediate annuity (Propayer Income). It also offers vehicle service contracts and GAP coverage through car dealers, ShelterPoint's statutory disability and paid family leave products, executive benefits, and stable value products for institutions.

Buying and service

Most buyers reach Protective through an independent agent, broker or financial institution, which lets them compare its prices with other insurers. Term coverage can also be started online. Owners can pay premiums and manage policies through the online account at myaccount.protective.com. Life policy service is at 800-866-9933, variable life at 800-265-1545 and annuities at 800-456-6330.

Because Protective buys so many blocks of business, many of its customers never bought from Protective. Policies originally issued by Liberty Life or Lincoln that Protective administers use the main life service line. MONY Life and Equitable Financial Life Insurance Company of America policies serviced by Protective have their own line, 800-487-6669, and a Syracuse, New York, mailing address. If a letter says your policy is now serviced by Protective, the guide when your life insurance policy is sold to another company explains what changes and what doesn't.

Claims

Beneficiaries can start a claim online at claims.protective.com or by calling 800-424-1592 (Monday to Friday, 7 a.m. to 5 p.m. Central). Protective says it mails claim packets to beneficiaries within five business days. Each beneficiary returns a completed claim form, a certified death certificate and identification. For claims under $500,000, paperwork can be emailed to [email protected] or faxed to 205-268-6833. Larger claims go by mail to Claims, P.O. Box 12486, Birmingham, AL 35202. Protective says payment is issued within six business days of approval, by ACH, check or an immediate benefit account. The same process applies to policies it services that were issued by Athene, Equitable Financial, Lincoln National, MONY and Zurich companies.

Ratings and reputation

AM Best affirmed the A+ (Superior) financial strength rating and "aa-" issuer credit rating of Protective Life Insurance Company, Protective Life and Annuity and MONY Life, with a stable outlook, on October 2, 2026, as it had on September 4, 2025. It pointed to a very strong balance sheet, strong operating performance and support from its parent, Dai-ichi Life. As of June 30, 2026, Protective's website listed financial strength ratings of AA- (Very Strong) from S&P, AA- from Fitch and Aa3 from Moody's; at the end of 2025 it had reported Moody's at A1.

Its customer satisfaction scores are below average. In the J.D. Power 2026 U.S. Individual Life Insurance Study, released in October 2026, Protective Life ranked 14th of 23 brands with 636 points, against a study average of 649, up from 20th in 2025.

Protective was the defendant in McHugh v. Protective Life Insurance Co., in which the California Supreme Court ruled in August 2021 that California's lapse-protection laws, effective January 1, 2013, also apply to policies that were already in force on that date. Those laws require a 60-day grace period, notice at least 30 days before a policy terminates for nonpayment, and an annual reminder that owners can name someone else to receive lapse notices. Because the case turned on how to read state law, the ruling applies to other insurers' California policies too.

Who it suits

Protective suits shoppers who want term coverage through an independent agent, including 35- and 40-year terms, or guaranteed universal life built for a fixed death benefit at a level premium. Working through an independent agent makes it easy to compare. It suits people less well if they want indexed universal life, participating whole life with dividends, or a company with strong customer satisfaction scores.

• Strengths: Strong financial strength ratings (A+ AM Best, AA- S&P and Fitch); term lengths up to 40 years with conversion options; guaranteed UL with a return of premium feature; a deep-pocketed parent that has put in capital for acquisitions.
• Weaknesses: Below-average score (14th of 23) in J.D. Power's 2026 life study; no indexed universal life or participating whole life; many policyholders end up with Protective through acquisitions rather than by choice; ExtendCare conversion rider not available in New York or California.

How to contact Protective Life