Life Insurance frequently asked questions
"How to" questions
You can submit a request to change your address either online here or by contacting us at 1-800-487-6669. To change your address by mail the request must be signed and dated, and then mailed to:
PO BOX 4830
Syracuse, NY 13221
To fax your request please use our fax number: 1-866-505-0253. To make the change online you will need to login then navigate to the Policy Options screen within the My Policies menu.
You can submit a request to change your phone either online or by contacting us at 1-800-487-6669. To change your phone by mail the request must be signed and dated, and then mailed to:
PO BOX 4830
Syracuse, NY 13221
To fax your request please use our fax number: 1-866-505-0253. To make the change online you will need to login then navigate to the Change Address/Phone screen within the My Profile menu.
You will need to complete a change of beneficiary form. The form can be accessed online here. Upon completing the form, you should mail it to our office. Upon receipt of the completed form, we will forward to the policyowner an acknowledgement of the complete change.
Yes. Simply indicate the relationship(s) to the insured person(s) along with the full names of the proposed beneficiaries. All primary beneficiaries should be listed in Section 1 under First Beneficiary(ies). Joint beneficiaries will receive equal shares proportionate to the number of those beneficiaries who survive the insured.
You can contact Claims at 1-800-659-1058 or click here for more information to view Protective's online Claims Center.
You will need to complete a Transfer of Ownership form and mail it to our office. The form is now available for download on our website here. Upon review and receipt of the completed form, we will forward to the new policyowner an acknowledgment of the completed change.
Online, through service.protective.com, choose which policy you're interested in speaking to your financial professional about from the Policy Select page. Login or Register at service.protective.com.
Your Financial Professional's number is provided at on the right side of the policy detail for the respective policy you’re inquiring about.
Payments can be mailed to:
PO BOX 4830
Syracuse, NY 13221
or for overnight mail to
5788 Widewaters Parkway
Syracuse, NY 13214
Be sure to include your Policy Number on the check and indicate if the payment is for an outstanding loan.
The available cash value of any dividend additions and/or deposits may be:
- withdrawn in cash
- used to pay premiums on the same policy
- used to repay outstanding loan balances
Such withdrawals will affect the total death benefit payable but will not affect the base policy face amounts.
If you would like to with withdraw your dividends please contact Customer Service at 1-800-487-6669 or complete form 4979 - MONY Service Request now available for download on our website here.
If the insured's name has changed notify us of this change by sending notification in writing, contacting us at 1-800-487-6669 or by completing the form now available for download on our website here. We will send you confirmation in the mail of the change.
Fund Transfers can be processed when a specific Fund Transfer Form is completed. Fund Transfer Forms can be obtained online here or by contacting customer service at 1-800-487-6669. If you have enrolled for Telephone Authorization, you can complete a funds transfer request by contacting customer service.
Any outstanding indebtedness will be deducted from the proceeds payable at lapse, surrender, maturity, or payment of the death claim. Therefore, it is in the client's best interest to make loan repayments whenever possible. Loan repayments will also reduce future loan interest payments.
You can contact customer service at 800-487-6669 and we will provide you with a duplicate policy for a $35.00 fee or a Certificate of Insurance free of charge.
If you live in a community property state, we recommend that your spouse does sign the form.
The person, persons, or other entity designated to receive the policy proceeds.
Cash value is equal to the policy value less a surrender charge and outstanding loan, if any. Cash value can provide a source of funds for the policyowner through loans, partial surrender or full surrender.
The death benefit is the amount of money paid to the beneficiary at the time of the insured's death.
A level death benefit option means the death benefit only includes the face amount of the policy. An increasing death benefit means the death benefit includes the face amount of the policy and policy value.
The dividends may be paid in cash each year, kept on the policy to accumulate, earning interest, purchase additional insurance, or be used to pay part of the premium or outstanding loan amount.
Endowments are policies in which the cash value built up inside the policy, equals the death benefit (face amount) at a certain age. The age this commences is known as the endowment age. Endowments are considerably more expensive (in terms of annual premiums) than either whole life or universal life because the premium paying period is shortened and the endowment date is earlier. Endowment Insurance is paid out whether the insured lives or dies, after a specific period.
A policy illustration gives you a projection of future values for your policy. The projection shows premiums, cash values, and death benefit amounts on a year-by-year basis.
The Insured is the person whose life the policy insures. The Insured is the Owner of the policy unless someone else is named as Owner.
Interest Sensitive Whole Life (ISWL) is a guaranteed fixed level premium non-participating permanent life insurance policy that offers insurance protection and Cash Value Accumulation. Thesecon MONY ISWL delivers in one product what consumers find the most desirable features of Whole Life and Universal Life Insurance.
Survivorship, or second-to-die, insurance simultaneously covers two lives and pays a death benefit upon the second death. Survivorship Universal Life provides premium flexibility without losing coverage, so long as the cash value of the policy is sufficient to cover the necessary monthly deductions to maintain coverage. The potential for cash value accumulation is based on the crediting of a competitive interest rate to the fund value on a monthly basis.
Survivorship, or second-to-die, insurance simultaneously covers two lives and pays a death benefit upon the second death. Last Survivorship Variable Universal Life provides premium flexibility without losing coverage, so long as the cash value of the policy is sufficient to cover the necessary monthly deductions to maintain coverage. Survivorship Variable life is a financial protection product that offers adjustable premium payments and Death Benefit choices while allowing a possible build-up of Cash Value based on the policy’s market-driven subaccounts and/or competitive interest crediting rates.
Survivorship, or second -to-die, insurance simultaneously covers two lives and pays a death benefit upon the second death. Last survivor whole life insurance remains in-force during the lifetime of the last insured provided that the premiums are paid as specified in the policy contract.
This is a life insurance policy that provides coverage for a limited period of time with consistent premiums over the length of the coverage.
A partial surrender is simply taking available cash value from the policy while keeping the policy in-force. This action will decrease the death benefit. Partial surrenders may affect how long your policy will stay in-force. Therefore, you may need to increase your premium at some time.
A policy is a legal contract between you and us. A policy is issued in return for the approved application and the payment of premiums through the contract period.
A refund of excess premium paid to the owner of an individual participating life insurance policy. Such a dividend is paid out of the insurer’s divisible surplus.
The Policyowner owns the insurance policy. While the insured is living, the policyowner may exercise all rights given by the policy or allowed by us. These rights include changing beneficiaries, changing ownership, enjoying all policy benefits, and exercising all policy provisions.
At this time, the following life insurance products are available through service.protective.com. Note that only active in-force contracts, policies and accounts will be displayed.
- Interest Sensitive Whole Life
- Last Survivor Universal Life
- Last Survivor Variable Universal Life
- Last Survivor Whole Life
- Universal Life
- Variable Universal Life
- Whole Life
Simply put, a surrender charge is an early withdrawal charge deducted from the policy value.
This is the net cash value build up that the policyowner may receive if the policy is cancelled.
This is a life insurance policy that provides coverage for a limited period of time.
The amount payable to a beneficiary upon the death of the insured. This generally represents the face amount of the base policy, the face amount of any additional coverage on the insured provided under a rider, the face amount of any dividend additions, the cash value of any dividend deposits, less any outstanding indebtedness (loan balance and loan interest).
This represents the guaranteed cash value of the base policy, if any, the cash value of any accumulated dividends, if any, less any outstanding indebtedness (loan balance and loan interest) that would be paid upon termination of the contract.
A Universal Life Policy provides either a level or increasing death benefit. The premium can be flexible if there is enough cash value in the policy to cover the mortality and other expense charges. Loans and partial surrenders are permitted on Universal Life policies. However, premiums may need to be increased when loans or partial surrenders are made to offset the monthly mortality and expense charges.
The Variable Universal Life policy is a financial protection product that offers adjustable premium payments and Death Benefit choices while allowing a build-up of Cash Value based on the policy’s market-driven subaccounts and/or competitive interest crediting rates. Premium Variances can occur without losing coverage as long as the Cash Value of the policy is sufficient to cover the monthly deductions necessary to maintain policy coverage.
Life insurance that remains in-force during the lifetime of the insured provided that the premiums are paid as specified in the policy.