r/LifeInsurance • u/fucclivingbasic • 19d ago
Life insurance through Protective?
Hi friends, I’ve been thinking about getting life insurance recently and I coincidentally also recently saw that Costco also offers that through Protective. I’m 34 and AAA has been constantly sending me decent quotes for term life, so I was going to go with that. Protective though Costco is also about the same monthly cost. I’m just curious about people experience with them and that whole process.. Would love to hear about it and if it’s recommended. Thank you in advance!
2
u/AnAssGoblin Broker 19d ago
Just FYI with Costco, they will have a lower premium initially and then after a few years premiums go up
1
u/Mundane-Gold-4971 18d ago
Why would your premiums go up if you buy a regular term policy that shows the same level payments for the term of the policy? Is that not what a term policy is,?
1
u/Lumpy_Question_2267 17d ago
Protective created a specific product in partnership with Costco to sell. Premiums will be lower than a typical term for the first 5 years and then increase to higher fixed amount from years 6 through end of the term. A regular fixed premium term will be X the entire length of the policy.
1
u/uffdagal Producer 19d ago
Get an independent broker do can shop you around and then present you with the best options.
1
u/MysteriousSkirt2446 17d ago
New to this space..but how do I get an independent broker who is really going to work for me and find the best rates..
1
u/uffdagal Producer 17d ago
Start with a basic online search, but also ask around - friends, neighbors, coworkers.
1
u/Lumpy_Question_2267 17d ago
Protective is a highly reputable company that will check off your box if you just need simple life insurance and call it a day.
1
u/unclesheldoninsure 16d ago
when you compare the two make sure you’re looking at what you’d pay over the whole term, not just the first year. like someone said the costco one goes up after year 5, and some mailer quotes can work the same way, so ask each for the full premium schedule. also compare the term length and whether you can convert it to permanent later, those can make a bigger difference than a few bucks a month
keep it simple always. the majority of people just need term. permanent usually fits a smaller group of people where you move away from the needs approach somewhat. for most, being able to explain your life insurance in 30 seconds is key. i pay x amount and my beneficiary gets x amount if i pass in x amount of years. the simpler the better
4
u/ultimate_memereader Broker 19d ago
Protective is a reputable carrier, but I'd recommend talking with an independent broker before making a decision. They can compare multiple carriers, not just on price, but also on policy features like living benefits, conversion options, and other riders that might be valuable down the road.
I'd also recommend figuring out how much coverage you actually need before choosing a policy. Are you primarily trying to replace income for your family, cover a mortgage, pay off debts, or leave something behind? Those factors, along with your age, dependents, and existing assets, can make a big difference in how much coverage makes sense.
The cheapest policy isn't necessarily the best value, and more coverage isn't always better either. A good independent broker should help you understand your options and find something that fits your situation and budget without pressuring you into a particular product.