Protective Life Insurance Company

Protective Life Insurance Company Details

Contact Information

Address: Protective Life Insurance Company is the main subsidiary of Protective Life Corporation, a financial service holding Company based in Birmingham, Alabama. It was founded, in 1907.

Life and health insurance customers:
PO Box 12687
Birmingham, AL 35202-6687
1-800-866-9933
email: ladphs@protective.com

Variable life insurance customers:
PO Box 1928
Birmingham, AL 35282-8238
1-800-265-1545
email: vulservice@protective.com

Annuity customers:
PO Box 1928
Birmingham, AL 35282-8238
1-800-456-6330
email: annuityservice@protective.com

West Coast Life insurance customers:
PO Box 12687
Birmingham, AL 35202-6687
1-800-866-9933
email: wclphs@wclife.com

Company History:

In 1907, William Dorsey Jelks established the Protective Life Insurance Company. It paid its first death claim in 1909.   Later in 1927, Alabama National Insurance Company merged with Protective Life Insurance Company. Protective Life acquired West Coast Life In 1997. Protective Life marked its 100th anniversary in 2007, a year after it acquired Chase Insurance Group. In 2013, Protective Life Insurance Company took over MONY Life Insurance Company.

Protective Life Insurance Products:

Protective Life Insurance offers plans in Life insurance products, which consist of universal life, and variable universal life. The products are marketed through a network of brokers and marketing organizations.

They also offer annuities, stable value products, asset protection, automobiles, watercraft and recreational vehicles insurance, as well as acquisitions of policies originating from other companies.

A universal life policy is an account where a cash value increases at an interest rate as prescribed by the company. A variable universal life policy on the other hand, is a cash value account that’s invested in the markets through fund managers.

Term/universal life insurance plans run for duration of between 10 to 30 year terms (premium is fully assured for whole term length).

Company Facts:

In 2010, Protective Life earned the 2010 Optimas Workforce Management Magazine Award.

The company is very active in philanthropy. This is carried out through Protective Life Foundation. They support at-risk youth education among other civic and community initiatives.

The company has the following subsidiaries: Protective Life Insurance Company, Protective Life and Annuity Insurance Company, West Coast Life Insurance Company, Lyndon Insurance Group, Inc. and Affiliates.

The company was started with borrowed capital.

Employees:

The corporation has more than 2,200 employees according to company records (2012).

Financial Strength:

Protective Life has an overall revenue of $3.62 billion .Its total assets are $57.4 billion. Prospective has a market capitalization of $2.35 billion (2012). It is among the Fortune 1000 list of companies.

Coverage area:

Protective Life has a wide network of offices in Illinois, Alabama, California, Minnesota, Nebraska, Ohio Tennessee and Missouri. It also has a wide network of agents and brokers who market its services across the country.

Protective Live Insurance Company rating:

Major rating agencies consistently rank Protective Life as a top company in terms of financial muscle and performance. The independent agencies consider such variables as capitalization, asset quality and overall performance. The ratings show a diversified business profile of Protective, and it has favorable operating results. The company had an increase in Pre-tax operating results in the past. All this put together shows the company as a reliable and reputable company to do business with.

Protective Live InsuranceCustomer Rating:

The Company rating is 4 star rating. This is majorly as a result of the company’s sound financial position, claims payment record and overall business operation flexibility. However, despite the company’s sound financial standing, numerous complaints have been recorded about its customer service staff. Other than the customer service staff, the rest of the company’s employees are rated as exemplary workers.

Process of changing policy:

A consumer can quickly change his policy by updating the change of policy forms. This can be done either online or at the company’s wide branch network. The finer financial and legal details must be stated clearly.




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