Question 1

How much is life insurance?

Accepted Answer

Likely less than you think. A recent industry study shows consumers believe life insurance costs nearly 3 times the actual price.* To get a fast, free quote for the Protective® Classic Choice Term life product, visit our quote engine.

*Source: LIMRA, Facts about Life 2017

Question 2

I'm considering term insurance. What kind do you have?

Accepted Answer

We do offer a portfolio of products that provides you affordable protection with a guaranteed fixed premium and coverage level for a specified period of time. With a Protective® Classic Choice Term life policy, you could get protection you need today with options for the future.

Question 3

How does life insurance work?

Accepted Answer

When you apply for life insurance, the insurance company assesses your potential risk of dying and sets the premium accordingly. You pay the premium to the insurance company, and if you die while the policy is in force, the insurance company pays your heirs a death benefit.

Question 4

How much life insurance do I need?

Accepted Answer

It depends on your situation. Your agent can help you determine how much money your beneficiaries might need. Things to consider are:

• Any immediate expenses, such as hospital bills, funeral costs and estate taxes

• Ongoing and future expenses like a mortgage, household expenses, food, tuition and healthcare

• Additional expenses that might arise from you not being there, i.e. childcare costs and household maintenance

• The amount of your current assets, including checking and saving accounts, investments and any other life insurance you may have

Question 5

I already have life insurance with my employer. Is that enough?

Accepted Answer

For most people, no. First, employer-based policies often don't provide enough coverage to replace your income for very long. Second, employer-based policies typically end soon after you leave the job. This means if you quit your job or get laid off or fired, your family could find themselves without coverage when they need it.

Question 6

Will my family pay taxes on my death benefit?

Accepted Answer

In most cases, the death benefit goes to your beneficiaries tax-free.

Question 7

What happens to my policy if my life insurance company goes bankrupt?

Accepted Answer

Any insurance company selling life insurance belongs to a state-mandated organization called a guaranty association. So if the life insurance company goes bankrupt, the guaranty association will still likely offer you some coverage. The rules and amount of coverage varies by state. In the end, checking your potential insurance company's financial strength rating before you buy is important. View Protective Life's ratings here.

Question 8

What can I expect from the medical exam?

Accepted Answer

These routine exams can usually be done in 25 minutes or less. They include height, weight and blood pressure checks, urine and blood samples and a request for medical records. Protective Life covers the cost of your exam, depending on the carrier.

Question 9

Can I get life insurance without a medical exam?

Accepted Answer

Yes, but there may be limits to the amount of coverage that you can purchase without a medical exam, depending on the carrier.

Question 10

If I have a medical condition, will that stop me from getting life insurance?

Accepted Answer

Not necessarily. It depends on the medical condition, the insurance company, the policy and other factors. Some medical conditions could simply mean paying a higher premium.

Question 11

I don't have any dependents. Do I still need life insurance?

Accepted Answer

Even without kids or a spouse, you may have other family members to protect from things like unpaid debts or your funeral costs. Many single people also want to provide for aging parents who might be relying on their children as they get older.

Question 12

Do I need life insurance for my business?

Accepted Answer

It can make sense if you're a partner in a business. A buy-sell agreement can be helpful if you or your partner should die. The policy allows the remaining partner(s) to buy out the deceased partner's interests at a pre-negotiated price. Another way life insurance can help is key person insurance. Key person insurance provides the owner(s) money to help replace the loss of a key person.

Question 13

Why should I get life insurance for kids?

Accepted Answer

Simply put, to protect their financial future. By getting life insurance for your child when they're young, they can benefit from exceptionally low rates that won't increase as they get older. Even if your child develops a condition later, they're still covered.