Term life insurance
The Protective® Classic Choice Term life product is designed to give you the affordability you need today with options for the future.
- Term periods from 10 to 40 years
- Coverage amounts from $100,000 to $50,000,000
- Options to convert to a permanent policy without a medical exam if your needs change.1
- Guaranteed, level premiums
- Income tax free death benefit to your beneficiaries
- Terminal illness rider — to allow for accelerated death benefits if your state allows this
1 Conversion options will vary based on term length and product availability. And pricing for your new policy is subject to change, though you will retain your original risk class.
Reasons to consider term life insurance
- Provides financial protection for a specific period of time, usually 10 to 40 years.
- Often used when you anticipate your family’s need for coverage lessening in the future.
- Usually less expensive than permanent life insurance.
- Does not build cash value.
- Premiums can increase once your initial coverage period ends – so be sure to plan for the end of your coverage period.
Getting a term life insurance quote with Protective Life is easy!
Common uses for term life insurance
Pros and cons of term life insurance
Common questions about term life insurance
Term life insurance policies provide coverage for a set period of time, i.e., 20 years. The death benefit is paid only if the insured dies during that timeframe. Term life is often less expensive than other life insurance policies but offers no cash value.
Term life insurance works by providing a fixed death benefit if the insured dies during the policy period, typically 10-40 years. The limited timeframe for payout makes term life less expensive than permanent life insurance.
While term life policies provide coverage for a limited timeframe, i.e., 20 years, whole life policies feature a guaranteed lifetime death benefit (when required premiums are maintained) and can build cash value that can be borrowed against. These additional whole life benefits make it more expensive than term life.
The amount of term life insurance needed varies by individual and often includes funding to replace income, pay off a mortgage and other debts, and/or cover specific expenses, like a child's education. Here's a tool to help with that calculation.
What is the difference between term and whole life insurance?
2 Not all term policies include this option. Check with your agent or company representative for specifics regarding your policy’s terms and conditions.
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Resources for you
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* The product quoted is the Protective® Classic Choice Term (ICC16-TL21 / TL-21) a term life insurance policy issued by Protective Life Insurance Company, Nashville, 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.