As an online life insurance broker, we’re not limited to working with one specific life insurance company. By definition, a broker typically works with several companies but represents you, not the company.
Every life insurance company we make available to you has been carefully chosen to provide competitive prices, fast application processing and underwriting, and excellent customer service. Today, we’ll take a closer look at one such company: American General Life Insurance Company.
Protective Life was founded in 1907. As of late 2014, they have over $70 billion in assets. Their mission is to help customers find the financial security they so desperately need, enabling them to protect tomorrow and embrace today. It’s a liberating feeling – one experienced when focus is allowed to return to those things that enrich our lives the most. At the heart of the company’s business philosophy are four adopted values. Each equally shapes their identity and guides them in all that they do:
- Do the Right Thing
- Serve People
- Build Trust
- Simplify Everything
Protective Life has an A+ rating from AM Best rating service, and an AA- rating from Standard & Poor’s rating service. These company ratings represent a measure of a company’s claims paying ability and overall performance.
Features Included with Every Term Life Insurance Policy
These features are often called “riders” in life insurance lingo. This simply means they “attach to” or “ride along” with your policy. These two are included for free with your policy.
1. Terminal Illness Rider
Protective includes a Terminal Illness (TI) rider at no extra cost to you (in approved states). This benefit allows you to receive a portion of the death benefit if you become terminally ill, with a life expectancy of 12 months or less. The policy owner can request payment of up to 60 percent of the eligible death benefit, with a maximum of $1,000,000.
2. Conversion Option
An Exchange Option (EO) is included with no extra premium. You may convert the policy to select permanent life policies issued by Protective. You do not need to show evidence of insurability to convert your policy, as long as you do it during the first 20 years of the policy, or before you reach age 70.
Optional Features You can Add to Your Policy
You can buy these optional riders and they will also become a part of your policy.
1. Disability Benefit Rider
A Disability Benefit (DBR) rider is available with extra premium. It allows you to specify a monthly benefit amount to be credited to the policy if you have a total disability, and after a waiting period of six months. A total disability is the incapacity of the insured that is caused by sickness or injury and begins while both the policy and disability benefit rider are in force. Disability must prevent you from performing substantially all duties of your regular occupation the first five years of total disability. Thereafter, it must prevent you from engaging in any occupation you are qualified to perform. The benefit will continue to be credited to the policy for the duration of your total disability.
You can purchase this rider if you are between the ages of 18-55. It will expire on your 60th birthday.
2. Accidental Death Benefit Rider
An Accidental Death Benefit (ADB) rider is available with extra premium. This rider pays in addition to the base policy death benefit if you were to die in an accident. The benefit amount is up to the face amount of the base policy or a maximum of $250,000 on any one life (includes any such benefit already in force). For example, let’s say you have a $250,000 term life policy with the ADB rider attached. If you die in a covered accident, Protective will pay your beneficiary an additional $250,000 death benefit, for a total payout of $500,000.
You can buy this rider if you are between the ages of 18-60. It will expire on your 70th birthday.
3. Children’s Term Rider
The Child rider is also available with extra premium. It provides level term insurance on each insured child, up to age 25. One rider covers all children in the family and any new children born or adopted after the policy is issued, with no increase in cost. The minimum amount of coverage available is $1,000 and the maximum is $20,000. The annual cost is $5.40 per $1,000 of coverage, regardless of the number of children.
You can buy this Rider if you are between the ages of 18-60 and your children are between the ages of 15 days to 18 years. It expires if you reach age 65 , or when your youngest child reaches age 25, whichever happens first.
4. ExtendCare Rider
The ExtendCare rider can provide access to your death benefit if you are certified by a licensed health care practitioner in the past 12 months to be chronically ill. The maximum monthly benefit amount is $1,000 – $9,000. You can purchase this rider if you are between the ages of 20-80.
Protective offers a term life-like product called Custom Choice UL. Although technically a universal life policy, it’s designed and priced like term life. For example, there are no surrender fees or cash value accumulation like you would find in a typical universal life policy. The premium is guaranteed to remain the same for the life of the policy. Available coverage lengths are 10, 15, 20, 25, and 30 years. The minimum coverage amount is $100,000. A paramedical exam is required to apply for all policies.
Remember, working with an online life insurance broker has its advantages. Buying online allows you to complete the process at your own pace while avoiding pressure to buy. It also gives you a variety of life insurance companies to choose from.
Get started with a free quote and let us know if you’d like one of our licensed Insurance Professionals to help you choose the best life insurance company for you and your unique circumstances.