Protective Life Custom Choice UL Review

Protective Life’s Custom Choice UL is truly a unique product.  It allows you to customize a level premium and death benefit period of like a term policy.  Once that period has expired, you have the option to continue the policy with more modest coverage without increasing your premiums for many years. It offers a convenient option for those who may need a smaller amount of coverage later in life without having to deal with applying for a new policy when health issues might be a challenge.  The Custom Choice UL allows premium flexibility, a generous conversion feature and several optional riders that can be added to enhance the coverage. It is also one of the lowest priced options on the market.  Here’s how it works.

How Does Protective Life Custom Choice UL Work?

Custom Choice UL offers coverage for 10, 15, 20, 25 and 30 year terms where the annual premium and death benefit remain level.  Once the term expires, the policyholder can continue to pay the same annual premium amount, but the death benefit will decrease each year. Here is an example how the policy would work using a 40 year old male with a “preferred” health rating needing a level benefit of $1,000,000 of coverage for 25 years with the option to continue lower coverage amounts in the future.

The premium and the death benefit remain level for the first 25 years.  Beginning in year 26, the death benefit begins to decrease each year but the premium remains the same.  Once the death benefit reaches $10,000, it will no longer reduce but the premium will begin to increase each year until age 121.

Protective Life Custom Choice UL Premium Flexibility

Although in most cases, the product is set up to have level premiums throughout the life of the policy, it can be set up with more flexibility if needed.  For instance, if you have budget considerations, the policy can be set up so you pay lower premiums during the first years of the policy and make up the difference in later years.  Your agent can show you different premium payment options to meet your needs if you want to take advantage of this feature.

Protective Life Custom Choice Income Provider Option

Another way to customize coverage is by using the Income Provider Option.  This is an excellent feature that allows you to give your beneficiaries a smaller lump sum up front if you were to pass away and a stream of income in the future.  Your beneficiaries would have the funds to handle any immediate needs and a future stream of income that would mimic what you would have provided had you still been living.  This is important as many large, one-time, lump sum life insurance payments are often mismanaged. For example, let’s say you needed $1,000,000 of life insurance and wanted to make sure your family got a lump sum when you passed away and a stream of income in the future as well.  You could customize your policy so it paid out $200,000 upon your death and $40,000 per year for 20 years. Another benefit of this feature is that it will also reduce the price of your annual premiums. In some cases you can save 15% or more on annual premiums by adding this feature to your policy.

Protective Life Custom Choice UL Conversion Feature

Custom Choice UL can be converted into any of Protective’s permanent products after the first policy year.  The policyholder can convert within the first 20 policy years or up to age 70, whichever comes first.  Proof of insurability is not required.  Protective Life allows conversion into any of its permanent life insurance products.  This is a very generous conversion feature.  Most companies restrict the permanent products available during the conversion process.

Protective Life Custom Choice UL Optional Riders

Terminal Illness/Accelerated Death Benefit (included in base policy) – If you become terminally ill, you can accelerate 60% of the policy death benefit or $1,000,00, whichever is less.

Accidental Death Benefit Rider – Will pay an additional amount if your death is accidental.

Children’s Term Rider – This rider provides death benefit protection for all natural, adopted and stepchildren ages 15 days through 17 years at the time your policy is issued in increments of $1,000 up to $20,000.  The rider also covers future children from age 15 days, or date of adoption.

Disability Benefit Rider – If you become disabled, this rider will continue to pay the premiums for as long as the disability continues.

Extended Care Rider – Allows you to access the death benefit for a monthly benefit amount up to specified limits if you are diagnosed with a chronic illness.

About Protective Life

Protective Life has been around since 1907.  As of December 31, 2013 the company had $357 billion of coverage in force.  They are highly rated by the major independent ratings organizations: A.M Best – A+, Standard & Poor’s – AA-, Fitch – A, Moody’s – A2.  Anyone purchasing an insurance product from Protective Life should feel extremely confident the company will be able to pay any of its obligations. Protective Life’s premiums are among the lowest in the industry for term life insurance coverage.

Is Protective Life Custom Choice UL Worth It?

Custom Choice UL is an excellent product that provides a complete solution for term coverage.  It allows you to lock in guaranteed level premiums for the life of the policy.  You can maintain a higher coverage amount for a specified term when the need is greater like when you are raising a family.  It also allows you to maintain more modest coverage after the term has expired, when the need for life insurance diminishes like in your retirement.  With the Income Provider Option, you can make sure that your loved ones have a predictable stream of income that lasts for many years.  Protective Life’s Custom Choice UL is one of the lowest priced policies on the market, providing tremendous overall value. See how Protective’s rates stacks up to the competition by getting a free quote here.  If you are interested in more information about Protect Life’s Custom Choice UL product, please feel free to call us at (888) 687-9444.

Archstone Insurance Services, LLC is an independent agency that shops over 40 of the top life insurance carriers to provide huge savings on life insurance coverage for our clients.  We are happy to answer any questions you might have about any of the insurance products we offer, your planning needs or your existing coverage.  Feel free to call us directly at (888) 687-9444 or email us at info@archstoneagency.com.  You can also visit our website at www.archstoneinsurance.com.