Chelsey Tucker graduated with a Bachelor of History degree from Metropolitan State University in 2019. She now writes about insurance with her specialty being life insurance and has been quoted on Help Smart Phone and MEL Magazine.

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Dan Walker graduated with a BS in Administrative Management in 2005 and has been working in his family’s insurance agency, FCI Agency, for 15 years. He is licensed as an agent to write property and casualty insurance, including home, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com.

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Reviewed by Daniel Walker
Licensed Auto Insurance Agent

UPDATED: Mar 19, 2020

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Aetna vs. Protective Life Insurance Company

As the prices of goods and services rise, the necessity of many types of insurance has become commonplace. It is not seen as a beneficial perk anymore, but it is a requirement needed to stave off financial catastrophe in the wake of accident, illness, or other hazards. Two insurance providers that provide this kind of financial risk mitigation are Aetna and Protective Life Insurance Company.

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Aetna Business Model

Aetna was founded over 158 years ago and provides medical, pharmacy, and dental insurance to over 40 million members nationwide. It’s mission is to help provide health and financial security to the community it serves. Aetna has also been an influential entity for U.S. health care reform initiatives.

According to the Aetna business model, they not only want to provide health insurance, but they would like to educate their members about the most cost effective health care solutions available to them. Their main goal is to provide all Americans with access to quality healthcare. This goal easily complements their current broad customer base which includes individuals, part-time & hourly workers, college students, employer groups, government entities, and labor groups.

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Protective Life Insurance Company Business Model

Protective Life Insurance Company is the parent company operating through four subsidiary companies to provide life insurance, asset protection, and financial services to customers throughout North America. It’s goal is to enable its customers to “protect” their financial security by providing value-added, simplified insurance products. Protective Life Insurance Company has been doing this for over a hundred years.

Types of Insurance Products

Aetna and Protective Life Insurance Company provide a variety of insurance products to meet the growing demand of its customers. Many of the insurance products offered by both companies vary by state and are scalable to the unique needs of their clients.

Medical Insurance

Aetna’s three basic types of medical insurance plans are the Open Access Managed Choice Plan, Health Network Option, and Preventive and Hospital Care.

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Open Access Managed Choice Plan

Open Access Managed Choice Plan offers health insurance options that include both health maintenance organization (HMO) and preferred provider organization (PPO) benefits. Aetna boasts a large network of providers and specialists. Those who choose providers within the network are rewarded with lower out of pocket expenses and less paperwork. However, members may choose providers outside of the network if they are willing to pay a few extra expenses such as co-pays and deductibles.

The Open Access Managed Choice Plan covers items such as routine physicals, primary care and specialist office visits, prescription drugs, and labs / x-rays. A key feature of Aetna’s plan is that a member may go directly to a specialist without seeing a primary care physician first.

Health Network Option

Health Network Option is Aetna’s version of an HMO plan. Members gain cost savings by only seeing providers and specialists within a specified provider list. This option is only available in certain states. Visiting a non-network provider will incur more fees, paperwork, and less coverage. Office visits, labs/x-rays, and prescription drug coverage are provided under this plan.

Preventive and Hospital Care

Aetna’s Preventive and Hospital Care insurance is a very basic health insurance plan for those who do not make frequent hospital visits. The plan covers outpatient surgery, inpatient hospital stay, gynecological exams, and well child care. Members are allowed flexible deductibles to manage monthly payment costs.

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Dental Insurance

Aetna has three types of dental insurance to include Dental Maintenance Organization (DMO), Participating Dental Network (PDN), and Dental Indemnity.

Dental Maintenance Organization

Aetna’s DMO insurance is a low cost solution that allows members to choose a primary care dentist within the network and pay no deductibles. If needed, the members’ primary care dentist will make referrals to specialists.

Participating Dental Network

Aetna’s PDN allows its members to visit any dentist they would like. If they choose a dentist in the network, they receive the benefits of lower costs. They pay a percentage of the covered expenses in the form of co-insurance and a deductible. Aetna also sets a limit on the amount of benefits it pays for the year.

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Dental Indemnity

Aetna’s dental indemnity allows members to see any dentist they would like anywhere in the country. These members also pay co-insurance fees, a deductible, and any costs incurred beyond the Aetna limit of benefits set for the year.

Pharmacy

Aetna offers members ways to save on their prescription drug purchases over time. They offer benefits that reward members for choosing generic over name brand drugs. They also offer prescription home delivery programs that further slash the cost of members’ prescription drugs for those with long term illnesses.

Life Insurance

Aetna offers life insurance products that pay death benefits to members’ families upon the decease of the member such as funeral costs, college tuition, and some post funeral daily expenses. Aetna offers the following life insurance products.

  • Basic Term Life (basic benefits limited by the member’s job classification or earnings)
  • Supplemental Term Life (additional coverage to limited Basic Term Life
  • Accidental Death and Personal Loss (paid for accidents resulting debilitating injury)
  • Dependent AD&PL (paid for accidents resulting debilitating injury of a dependent)

Aetna also offers some unique life insurance benefits such as Accelerated Death Benefits where some life insurance benefits may be accessed by the member upon diagnosis of a terminal illness.

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Other Plans and Programs

Other insurance products covered by Aetna are Vision insurance, Disability insurance, Behavioral / Mental Health insurance, and preventive maintenance wellness programs. Aetna’s mission is to provide broad spectrum health care to Americans en masse.

Asset Protection

Protective Life Insurance Company provides asset protection insurance products that cover autos, marine craft, recreational vehicles, and power sports vehicles. They have been providing asset protection for over 50 years and boast industry relationships with various dealerships to provide excellent service in the U.S. and Canada.

Auto insurance provided by Protective Life Insurance Company covers new and used vehicles. Their marine craft coverage protects sports boats, power boats, and just about any personal water craft. Motor homes, campers, and trailers are covered under Protective Life Insurance Company’s asset protection plan for recreational vehicles. Motorcycles and all-terrain vehicles are protected under the power sports vehicle protection plan.

Life Insurance

Protective Life Insurance Company offers an impressive 6 different types of life insurance.

  • Term and Term Alternative Life (affordable premiums for guaranteed death benefits)
  • Universal (flexible premiums with potential cash accumulation)
  • Survivorship Life (insures two people)
  • Whole Life (cash value growth is tax deferred)
  • Single Premium Variable Life (combination death benefit and long term investment tool)
  • Variable Universal Life (personal and business use)

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Aetna and Protective Life Insurance Company

While Aetna has carved out its niche as a top health insurance provider that offers some life insurance, Protective Life Insurance Company seems to live up to its name by providing flexible life insurance products to meet a variety of customer needs and budgets.

Protective Life Insurance Company also offers retirement annuity options such as variable, fixed, and immediate annuities. Both Aetna and Protective Life InsuranceCompany seem to enjoy remaining within their niche categories while seeking to expand their customer base.

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