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Frequently asked questions

If you have questions about life insurance for BB&T customers, we’re here to help. We’ve compiled a list of the most frequently asked questions below. Simply click on a question to read the answer.

Understanding the plan and product

What lengths of policy terms do you offer?
We offer term lengths 10, 15, 20, 25, 30, 35 and 40 years, with guaranteed level premiums for the length of time selected.
What are the minimum and maximum amounts of coverage you offer?
The product limits for Protective Classic Choice Term Life Insurance are $100,000 minimum per contract and $50,000,000 maximum per life.
Is this term life insurance?
Yes. Term life insurance is generally one of the most affordable types of life insurance offered. And with BB&T, you have the option to complete much of the traditional application process online if you wish.
What is a death benefit?
The death benefit is the amount paid to the beneficiary of the insurance policy upon the death of the insured person.
What happens after my initial benefit guarantee period is up?
Most people select a policy length to fit the amount of time they believe they will need coverage. You have the option to keep the policy after the initial benefit guarantee period – the initial length of the policy you select – or to allow the policy to lapse. If you choose to maintain your policy after the initial level benefit period ends, your guaranteed death benefit will remain the same; however, the amount of premium you pay for your coverage will increase. This is common among term life products.
What is the conversion option?
This is a policy feature that allows the owner to move a portion or all of the existing death benefit to a new policy without taking a physical exam. The owner can convert an existing policy into a permanent life insurance policy we offer, and we will always offer at least one permanent product for conversion. This is usually best suited for those who have medical problems that have developed since their term policy was issued. We use the customer’s current age to determine price. Assuming the policy minimums are met, the owner would have the option to keep the remaining death benefit from the original policy after all or some of it was converted to the other plan, or cancel the remaining death benefit.
Does the policy have any exclusions?
There is a suicide exclusion for the first two years. There is also a two-year contestability period for material misrepresentations on the application. These provisions are common clauses in the life insurance industry to protect against fraud. Protective Life will rely upon your answers to offer coverage and will then work to validate your answers. If we find that your answer is not accurate, we will assign the right risk class to your coverage.

Understanding eligibility

What is rate class?
A rate class is a calculation given to a policy based on a variety of mortality risk factors including, but not limited to, health, gender, age, weight, height and tobacco use. Underwriters review the applicant’s health information as well as other factors to determine what rate class will be assigned to the applicant. The rate classification that an insured receives affects the premium amount they will pay. Not all companies assess the same risk in the same way.
What are the minimum and maximum ages for purchasing this policy?

Issue Ages 10 - Year 15 - Year 20 - Year 25 - Year
Select Preferred 18-75 18-70 18-65 18-55
Preferred Non-Tobacco 18-75 18-70 18-65 18-55
Non-Tobacco 18-75 18-70 18-65 18-55
Tobacco 18-75 18-68 18-62 18-52

Issue Ages 30 - Year 35 - Year 40 - Year
Select Preferred 18-55 18-50 18-45
Preferred Non-Tobacco 18-55 18-50 18-45
Non-Tobacco 18-55 18-50 18-45
Tobacco 18-43 18-40 18-40
Who is eligible to buy the product?
Individuals purchasing through BB&T may purchase Protective® Classic Choice Term Life Insurance.

The application process

What are the initial steps in the application process?

Before you begin your application, you’ll first request a quote either online or on the phone. Your initial quote is tentative and your final premium may change based on your overall health.

  • Complete online quote or call us at 1-800-523-0719
  • Next start your online application or contact us at 1-800-523-0719
  • Complete a health assessment
Is the initial premium quoted subject to change?
We make every attempt to provide accurate premium quotes up front. Sometimes, however, people overestimate their health or activity level, or detailed information can reveal additional risk factors for the applicant.

Here’s how we handle this process:

After the application is received, an underwriter reviews your health assessment. Additional requirements may be necessary. Sometimes, based on family medical history or detailed review of the situation, an individual’s rate class may change. In this case, if it affects the premium, we notify you and discuss the various options available. If there are budget constraints, lowering the term length or the coverage amount may help bring costs in line with budgets. In any case, we will keep you informed of any changes along the way.
 
Knowledge Based Answers (KBA) - Why do we verify your identity?
This is an identity authentication method that asks questions based on detailed information. We’ve selected questions that only you would know the answers to so that we can verify that you are the legitimate owner of this application.
Why do we require your authorization to obtain and disclose your information?
The HIPAA (Health Insurance Portability and Accountability Act of 1996) document authorizes us to obtain information about you that is needed for the underwriting portion of your life insurance application. We’ve made it easy by providing you the ability to sign online. No mail, no fax - just a simple type and click.
What information do I need for the health assessment?

During the application process, you will be asked some routine questions (name, address, employer, income, etc.) along with questions about your medical history. Please note, you are always welcome to complete any portion or all of this application or questionnaire via phone if you prefer. In either case, it will be helpful to have the following information available:

  • Personal Information
  • Social Security and driver’s license numbers.
  • Other existing or pending life insurance policies, including company names, coverage amounts, and policy numbers, if available.
  • Type of visa, visa number, and expiration date if you are not a U.S. citizen.
  • Payment information for initial or recurring premium payment(s) (checking, savings, or credit card account information), if applicable.
  • Medical Information
  • Name, address, and phone number of your doctor(s) and hospital(s).
  • Current treatment you receive by any doctor or hospital; including surgeries, medications, dosages, and reasons.
  • Additional tests you have been advised to take and elective exam(s) or procedure(s) that have been scheduled.
 
What is a Paramed or Paramedical exam?
For some applicants through BB&T, a paramedical exam may not be necessary. However, should one be needed for your application, it will be administered for Protective Life by ExamOne and will consist of a blood and urine specimen collection, height and weight measurement, and blood pressure reading. Depending on your case, an electrocardiogram (EKG) and a cognitive test may be required.
Is a medical exam required?
In some instances we are able to offer a policy without the traditional medical exam. Depending on the applicant’s age, information and medical history, we may need additional information including a medical exam before we can underwrite a policy.
Who do I contact if I have questions about the status of my application or how to accept my policy online?
Please call our Resource Center at 1-800-265-1545. They will be able to help answer any questions you may have about the Electronic Policy Delivery process. You may also email the Resource Center at resourcecenter@protective.com.

Payments

When do I make my first payment?
The first payment is made after you have reviewed and accepted the policy’s terms and conditions.
Can I set up my payments on recurring credit cards?
Yes. You can set up recurring credit card payment in all states except Alaska, California, North Carolina, New Hampshire, Maryland, Washington D.C. and Pennsylvania. Credit cards accepted are Visa, MasterCard, American Express and Discover.
Can you change the death benefit amount before accepting the policy?
Yes. You can change the death benefit prior to having the policy issued with underwriting approval (subject to product minimum and maximum death benefits).
How do I change my Credit Card information?
Simply sign in to access your account. If you have not registered for an account, you may register online. To change your payment information, click on the “I want to” drop down menu and select “change premium payment information.”
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Still have questions?

We’re happy to help answer questions and discuss policy options. Call 1-800-523-0719 or contact us via email.
Protective® Classic Choice Term (ICC16-TL21 / TL-21) is a term life insurance policy issued by Protective Life Insurance Company, Brentwood, TN. Premiums increase annually after the initial guaranteed premium period. Not available in New York. Policy form numbers, product features and availability may vary by state. Consult policy for benefits, riders, limitations, and exclusions. There are no cash values. Up to a two-year contestable and suicide period. Benefits adjusted for misstatements of age or sex. In Montana, unisex rates apply. Any quote that is present is only an estimate and the actual premium and rate class will be determined after the underwriting process is completed. Neither Protective Life nor its representatives offer legal or tax advice. You should consult your attorney or tax advisor regarding your individual situation. The Company cannot increase the premium scale. All payments and all guarantees are subject to the claims paying ability of Protective Life Insurance Company. Crump Life Insurance Services, Inc., and its affiliates do not issue, underwrite insurance or pay claims under PLICO policies. Insurance is underwritten by PLICO.

Agent/Producer Compensation Disclosure: Agents/Producers receive compensation from an insurer or third party, which may differ depending upon the product or insurer. Additional compensation may be received by the Agent/Producer based on other factors including premium volume placed with the company and loss or claim experience.

Crump Life Insurance Services, Inc. a licensed insurance agency, is licensed to sell Protective Life products and may receive compensation from Protective. Crump Life Insurance Services, Inc. and its affiliates do not guarantee the services of any insurance Company. Protective Life and Crump Life Insurance Services, Inc. are separate independent entities and are not responsible for the financial condition, business, or legal obligations of the other. The California license number for PLICO is 07726.

Truist Life Insurance Services, a division of Crump Life Insurance Services, Inc., AR license #100103477, a wholly-owned subsidiary of Truist Insurance Holdings, Inc. Truist Insurance Holdings, Inc. is a wholly owned subsidiary of Branch Banking and Trust Company.

© 2020, Truist Financial Corporation. Truist, BB&T and the BB&T logo are service marks of Truist Financial Corporation. Member FDIC.

Protective is a registered trademark and Classic Choice is a trademark of Protective Life Insurance Company.

Insurance products are:
NOT FDIC INSURED • NOT BANK GUARANTEED • NOT A DEPOSIT • NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

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