Policyholders of Protected Home Mutual Life Insurance Co. have approved a deal whereby the company will be absorbed by National Guardian Life Insurance Co.

A vote was held on Monday with 5,000 of Protected Life's policyholders approving the deal and 300 voting against the merger. Results were released on Thursday.

In July, Protected Life announced it would be absorbed by the much larger Madison, Wis.-based NGL.

"The merger is on track to be completed as originally scheduled for Nov. 30,'' said Robert Van Auken, president and chief executive officer of Protected Life.

At that time, Protected Life will cease to exist and its downtown Sharon headquarters will become an office under the new ownership with the name of Traditional Life Insurance Division of National Guardian Life. All existing Protected Life insurance policies in force will automatically be folded into NGL.