Is Protective Life a good annuity company?
Yes, Protective Life is a well-capitalized carrier with a long track record. AM Best rates it A+ (Superior), with matching top-tier marks from S&P Global and Moody's, and it has operated continuously out of Birmingham, Alabama since 1907. Since 2015 it has been a wholly owned subsidiary of Dai-ichi Life, one of Japan's largest insurers, and AM Best specifically points to that parent's backing as a reason for the strong rating. Protective's guaranteed rates on its MYGAs regularly land among the more competitive offers on the market, which makes it a solid pick for fixed and index-linked annuity buyers who also want a highly rated carrier.
Protective Life at a glance
| Legal name | Protective Life Insurance Company (PLICO) |
|---|---|
| New York contracts issued by | Protective Life & Annuity Insurance Company (PLAIC) |
| Parent company | Protective Life Corporation, a subsidiary of Dai-ichi Life Insurance (Japan) |
| Founded | 1907, Birmingham, Alabama |
| Headquarters | Birmingham, Alabama |
| AM Best rating | A+ (Superior) |
| Total assets | More than $130 billion |
| What it sells | MYGAs (ProSecure, Achiever), fixed index annuities (Market Achiever), SPIAs, variable annuities |
Where Protective Life sits on the AM Best scale
A+ is grade 2 of 13. Most buyers look for A- or better for a long-term contract.
- A++
- A+Protective Life
- A
- A-
- B++
- B+
- B
- B-
- C++
- C+
- C
- C-
- D
Today's rates for Protective Life
Rates change often and vary by state, term and deposit size. Get today's numbers for your state, side by side with other top-rated carriers. Free, with no obligation.
Protective Life's financial strength and ownership
Protective Life has run out of Birmingham, Alabama since 1907, making it well over a century old, and it has kept operating through every major downturn the country has seen since then, including the Great Depression and the 2008 financial crisis. In 2015, Dai-ichi Life Holdings of Japan, one of that country's largest insurers, completed a full buyout of the company, making Protective a wholly owned subsidiary. AM Best explicitly names that parent's financial support as one reason behind Protective's strong rating.
Foreign ownership does not weaken your protections here. The U.S. operating company is separately capitalized and still answers to state insurance regulators, and your contract still carries the same state guaranty association backstop as any domestically owned carrier. What changes is simply where the ultimate capital sits, and in this case that capital comes from one of the largest insurers in the world.
Protective Life financial strength ratings
| Rating agency | Rating | What it means | Outlook |
|---|---|---|---|
| AM Best | A+ | Superior | |
| S&P Global | AA- | Very strong | |
| Moody's | Aa3 | Excellent | |
| Fitch | AA- | Very strong |
These marks put Protective alongside other large, well-capitalized carriers such as Pacific Life and Principal. Two entities carry these ratings: Protective Life Insurance Company issues contracts in most states, while New York residents receive contracts from a sister company, Protective Life & Annuity Insurance Company. Variable annuity securities move through a related underwriter, Investment Distributors Inc.
A rating measures the company, not the product. It tells you how likely the insurer is to keep its promises, not whether a specific annuity is the right fit for you.
Confirm Protective's current rating directly with AM Best, since ratings can shift over time, and check the guaranty association limit in your own state.
What annuities does Protective Life sell?
- Multi-year guaranteed annuities. Sold under the ProSecure and Achiever names, these lock in a fixed rate for a set number of years.
- Fixed index annuities. The Market Achiever series credits interest tied to index movement while protecting your principal from index losses.
- Single premium immediate annuities. Protective Income Annuity turns a lump sum into guaranteed payments that begin within a year.
- Variable annuities. Available for clients who want direct market exposure, offered through a related securities underwriter.
Every product in the lineup pays its full contract value to your named beneficiary at death, which keeps that money out of probate.
Protective's MYGA and fixed annuity products
ProSecure series
Protective's core multi-year guaranteed annuity comes in terms ranging from 3 to 7 years. Once you lock in a rate, it holds for the entire term while your money grows tax-deferred, and you can withdraw up to 10% of the value each year without a surrender charge. The minimum deposit is $10,000.
Achiever Annuity
A simpler fixed annuity built for buyers who want principal protection and a guaranteed rate without extra features layered on top. It offers flexible payout choices and is sold through independent agents nationwide.
Protective's fixed index annuity
Market Achiever
This FIA credits growth based on index performance while a guaranteed floor keeps a market downturn from reducing your contract value. Crediting strategies include a point-to-point option tied to the S&P 500 and a fixed-rate alternative, and an optional income rider adds guaranteed lifetime withdrawals for buyers planning ahead. It suits accumulation over roughly 7 to 10 years, and its death benefit works the same way as the rest of the Protective lineup.
Who is Protective Life best for?
- MYGA buyers who want a top-tier AM Best rating paired with rates that hold up well against the competition.
- Conservative buyers rolling over CDs or savings who value the combination of a strong rating and more than a century of operating history.
- Income buyers who want a guaranteed lifetime payout from a large, nationally available carrier.
- FIA buyers who want a straightforward income rider design and solid agent support behind it.
Contact Protective Life
| Contact method | Details |
|---|---|
| Website | protective.com |
| Customer service | 1-800-866-3555 |
| Mailing address | Protective Life Insurance Company, P.O. Box 1928, Birmingham, AL 35201 |
| Hours | Monday through Friday, 7 a.m. to 6 p.m. Central time |
Other annuity companies to consider
- Ibexis: another rate-competitive carrier worth comparing on MYGA pricing
- Prudential: large, diversified carrier with a broad annuity shelf
- EquiTrust: index annuity specialist with a wide crediting menu
- Transamerica: broad product lineup across fixed, index and variable annuities
Pros and cons
Pros
- A+ from AM Best, matched by top-tier marks from S&P Global and Moody's
- MYGA pricing that regularly ranks among the more competitive offers from an A+ carrier
- 117-plus years of continuous operation, dating to 1907
- The financial backing of Dai-ichi Life, one of Japan's largest insurers
- Available in all 50 states plus D.C.
- A full shelf spanning fixed, index and immediate income annuities
Cons
- Foreign ownership through Dai-ichi Life, which some buyers prefer to avoid in favor of a domestic parent
- A smaller fixed index annuity menu than carriers that specialize in indexed products
- Variable annuity options that are harder to find through independent channels
Frequently asked questions
How financially secure is Protective Life?
Protective Life's A+ (Superior) mark from AM Best points to a strong long-term ability to pay claims. Your state's guaranty association adds a further layer of protection up to a state-set dollar limit if an insurer were ever unable to pay. Limits vary by state, so look up yours, and confirm Protective's current rating directly with AM Best before funding a contract.
Does a Protective Life annuity include a death benefit?
Yes. Every Protective Life annuity pays the full contract value to your named beneficiary, which lets that money pass outside of probate. Some fixed index annuity contracts also offer an enhanced death benefit as an optional rider, so ask your strategist what is available on the specific product you are considering.
What kinds of annuities does Protective Life sell?
The lineup runs from multi-year guaranteed annuities and fixed index annuities to immediate and variable annuities, each sold through independent agents and financial professionals. Exact products and features shift by state, so confirm with your strategist what is currently available where you live.
How do I buy a Protective Life annuity?
There is no direct-to-consumer path. Purchases run exclusively through licensed agents and financial professionals appointed with the company. A licensed independent strategist can put Protective side by side with other top-rated carriers so you can compare rate, design and financial strength before you choose.
Written and reviewed by
James Forren Warren
Licensed Retirement Income Strategist · License #20551202
James Forren Warren is a licensed Retirement Income Strategist with Tax Free Wealth Plan. For the past five years he has helped individuals and families turn their savings into retirement income they can count on. He writes and reviews the annuity research on this site and keeps it plain: what a product does, what it costs you, and who it actually fits.
Sources
Educational only, not investment, tax or legal advice. Tax Free Wealth Plan LLC is a licensed insurance agency, not a registered investment adviser or broker-dealer. Annuities are not bank deposits, are not FDIC insured and are not guaranteed by any government agency. Guarantees are backed solely by the claims-paying ability of the issuing insurance company. Features, rates and availability vary by state and change over time; the contract and disclosure documents govern.
