Protective Life Insurance Company made it onto our Top 12 Marijuana Friendly Life Insurance Company List. Although most life insurance companies will outright decline any marijuana use. Even in states where it’s perfectly legal. Protective Life Insurance and marijuana consumption merit further discussion because they have fairly stringent rules. They will not outright decline you for smoking. But you can’t smoke very much.
Our review of Protective Life discusses policies available to recreational smokers, how they compare in terms of rates, and underwriting details. This article will also take a brief look at Protective’s history and it s financial ratings.
You can get rates any time by using the Instant Quote tool on the left. (Top if you are on mobile.) The underwriting guidelines for Protective Life Insurance and marijuana are toward the bottom of this post.
Protective Life Insurance Company History
Protective Life was started by Governor William Dorsey Jelks in 1907. The company experienced steady growth due to its popularity. Fifty years later in 1957, the company would have almost $1 billion of life insurance policies sold which is an impressive feat.
The company acquired Life and Annuity Insurance Company in 1983 and later added West Coast Life Insurance Company. Later on in 2006 Protective would acquire Chase Insurance Group.
Dozens of other life insurers would join this company and they recently partnered with Dai-ichi Life which is Japan’s 2nd biggest life insurance company.
Currently the company sells in all 50 states and owns a number of subsidy companies.
The company has vastly grown in size. As of 2014, Protective has over $357 billion worth of life insurance in force with over $70 billion worth of assets. The company is ranked in the top 1% of all life insurance companies in America. Their headquarters are based in Birmingham, Alabama.
Protective Life Insurance Company’s Financial Strength
Knowing the financial strength of any life insurer is a very important piece of information which everyone should learn about when buying life insurance.
You need to feel comfortable the company can honor its claims. You also want to be assured the company responsibly manages its assets. This information is easy to obtain because this information is provided by financial rating agencies.
Financial rating agencies review the financial stability of life insurers on an annual basis and rate their financial strength. This information is publicly available online.
Let’s take a look at the how Protective rates from the perspective of these financial rating agencies. You always want to see a high financial rating because a low rating could be a red flag. A low rating should be cause for concern because the company may be incurring some financial difficulties
Protective Life Financial rating results are as follows:
A.M. Best – A+ (Superior which is 2nd highest of 15 ratings)
Standard and Poor’s – AA- (Very Strong and the 4th highest of 21 ratings)
Fitch – A+ (Strong and the 5th highest rating of 22 ratings)
Moody’s – A2 (Good and the 6th highest rating of 21 ratings)
Clearly, Protective Life is a company which you can rely upon to pay its claims to your loved ones. We consider this company to be very financially solid.
Protective Life Insurance and Marijuana – Available Products
What life insurance products are available for Protective Life Insurance Company and marijuana consumption?
Protective has broad range of life insurance products to allow you to find the right coverage for your family including:
- Term life insurance
- Universal Life
- Life Insurance Riders
Protective Term Life Insurance
Term life insurance is one of the most popular forms of life insurance sold today because of its affordability. It is the most basic form of life insurance you can buy because it offers death benefits only. Since there is no guarantee that the life insurance company will have to pay a claim, it is dramatically lower in price. It also does not have many of the extra features of a permanent policy, like the cash value accumulation.
Protective Life offers a “level term” policies. This means the premiums are guaranteed for the term length of time you choose. The terms which you can opt for include 10, 15, 20 and 30 years. These policies are available for those ages 18 to 80. The company offers coverage amounts between $100,000 – $10,000,000 ore more for death benefits. You can add other features called riders which enhance the coverage of your policy.
Protective Permanent Life Insurance
Permanent policies are more costly because the coverage is for life. Additionally, you not only are covered by death benefits, they also feature a cash value accumulation component which grows through the life of the policy.
Protective Life Insurance Company offers the following forms or permanent life insurance including:
• Universal Life Insurance – This policy offers flexibility in how you manage both your premiums and death benefits. It also allows you to borrow against the policy. You also have a guaranteed minimal interest rate specified in the policy.
• Custom Choice Universal Life – Provides the freedom to adjust both your premium and coverage amount.
• Variable Universal Life Insurance – Provides variations in how you manage the financial planning in the cash value accumulation portion.
• Survivor Universal Life – Offers coverage for two people under a single policy and a single premium. Benefits are payable until the second person dies.
How Protective Life Insurance Prices Compare
One of the key things to know is how the prices for Protective Life Insurance Company and marijuana consumption compare with other companies.
We ran several scenarios that compares how Protective term life insurance prices rate against their competitors. Protective frequently ranks in the lowest 10 of price results for term insurance.
Their prices are very competitive and are some of the most affordable for marijuana users in the business.
Underwriting Guidelines for Protective Life Insurance and Marijuana
If you smoke marijuana recreationally, with a medical marijuana card, or even if you work in the marijuana industry, it’s important to know how protective life insurance and marijuana are underwritten.
We did some research on the underwriting approach of this company and our results are as follows:
• Usage Frequency – Any Amount
• Risk Classification – “Standard Tobacco” at best. (They may offer substandard or decline depending on frequency of use and whether marijuana use is recreational or for medical purposes.)
• THC on Insurance Lab Test? – No
Our Analysis of Protective Life Insurance and Marijuana Rates
It may be worth looking at Protective if you smoke with extreme infrequency. They are worth looking at if you smoke tobacco products in addition to marijuana. With tobacco, you will get smoker rates regardless of whether you also indulge in a little cannabis. Yet for people who do not smoke tobacco products and do smoke cannabis, you are more likely to get better rates with either Prudential or Met Life.
How Marijuana Life Insurance Can Help Recreational Smokers with Life Insurance
The agents here at Marijuana Life Insurance are independent agents. This means that we work for you and not the life insurance companies. We are one of the very few agencies which specialize in marijuana use. Our agents have access to over 70 of the top rated life insurance companies in America.
We know which life insurers are marijuana friendly. The reason is because there are still many life insurers which will automatically decline you if you smoke marijuana. We can help find your family the coverage it needs and at the most affordable rates.
If you smoke marijuana with a medical marijuana card, we also specialize in finding coverage because of an underlying medical condition. We know which companies are more lenient for a range of health issues. Marijuana Life Insurance can find you an affordable life insurance solution.
We can also help you if you work in the marijuana industry as an owner or if you are an employee.
If you want to learn more about Protective Life Insurance and marijuana then contact Marijuana Life Insurance at (888) 987-8447. We are here to help and all calls are 100% confidential.