Protective Life Offers New Choices in Variable Annuity Living Benefits
March 03 2008 - 12:58PM
Business Wire
Protective Life Insurance Company today announced updates to the
popular SecurePay Withdrawal BenefitSM. The enhanced offering now
includes a choice of two lifetime withdrawal benefits: The original
SecurePay Withdrawal Benefit, or The new �SecurePay with Roll-Up�
option. Each benefit offers a selection of innovative optional
features such as RightTimeSM (an option to buy the rider at issue
or at a later date), SecurePay MESM (an option that may result in
higher annual withdrawal amounts for clients with qualifying
medical conditions), and a new Guaranteed Minimum Accumulation
Benefit. SecurePay with Roll-Up In addition to offering many of the
benefits found in the original SecurePay Withdrawal Benefit (such
as lifetime annual withdrawal benefits of up to 6% and an annual
Benefit Base step-up provision), the SecurePay with Roll-Up option
offers the potential to double the annuity�s initial Benefit Base
after 10 years. The compounding �roll-up� increases the Benefit
Base by 7.2% each contract anniversary (adjusted for withdrawals)
during a 10-year roll-up period, providing clients a guaranteed
minimum increase in the Benefit Base regardless of market
performance. Guaranteed Minimum Accumulation Benefit Another new
feature, the Guaranteed Minimum Accumulation Benefit (GMAB), offers
clients an additional safety net in the form of a �return of
purchase payments� guarantee. This ensures that 10 years after the
purchase of the benefit, the annuity value will be no less than the
total of the purchase payments made during the first year of the
contract (adjusted for withdrawals), even in the event of negative
investment performance. The benefit also offers a step-up option
five years after the benefit is purchased. This enables clients to
lock-in the fifth year contract anniversary value and reset the
10-year guarantee period. The GMAB option is only available when
SecurePay or SecurePay with Roll-Up is also purchased. The new
benefits, which offer clients the opportunity to select the options
that best fit their individual needs, are available with all
ProtectiveAccess� XL and ProtectiveRewards B2A� variable annuities
purchased on or after March 3, 2008 (subject to state
availability). �Protective Life designs products with consumers in
mind,� said Eric Miller, Vice President and National Marketing
Director for Protective�s Life and Annuity Division. �We recognize
that variable annuity buyers have a wide variety of individual
needs and long-term objectives. We strive to deliver the innovative
products, features and flexibility needed for truly personalized
solutions. These enhancements to our living benefit options
demonstrate our commitment to delivering new choices with both
security and flexibility in mind.� More information available
Consumers are encouraged to contact their insurance and financial
advisors for more information about Protective Life�s variable
annuities and living benefits as well as Protective Life�s other
life insurance and annuity products. These products are designed to
help address critical needs throughout various stages of the
financial lifecycle, and may play meaningful roles in building,
protecting, distributing and transferring wealth. Financial
Advisors interested in selling Protective Life variable annuities
and living benefit options should check with their Broker/Dealer
regarding availability or contact the Protective Annuity Sales Desk
at (800) 628-6390 for more information. Important Consumer
Information Purchase of SecurePay, SecurePay with Roll-Up or the
Guaranteed Minimum Accumulation Benefit has certain requirements
(including how contract value must be allocated), is available at
an additional cost, and will affect the underlying annuity contract
features. For complete details, please read the prospectus.
SecurePay, SecurePay with Roll-Up, the Guaranteed Minimum
Accumulation Benefit and the Medical Evaluation option are each
subject to state availability. Variable annuity contracts issued by
Protective Life Insurance Company (PLICO). Securities offered by
Investment Distributors, Inc. (IDI). Both located at 2801 Highway
280 South, Birmingham, AL 35223. PLICO and IDI are each
subsidiaries of Protective Life Corporation. Protective Life
Corporation is a separate company and is not responsible for the
financial condition or the contractual obligations of PLICO or IDI.
SecurePay benefits provided by rider form number IPV-2154 (and
state variations thereof). SecurePay with Roll-Up benefits provided
under rider form number IPV-2157 (and state variations thereof).
Guaranteed Minimum Accumulation Benefit provided under rider form
number IPV-2158 (and state variations thereof). Medical Evaluation
endorsement provided under policy form number IPV-2156 (and state
variations thereof). All guarantees are subject to the
claims-paying ability of Protective Life Insurance Company. Keep in
mind that variable annuities are long-term investments intended for
retirement planning and involve market risk and the possible loss
of principal. Investments in variable annuities are subject to fees
and charges from the insurance company and the investment managers.
Investors should carefully consider the investment objectives,
risks, charges, and expenses of a variable annuity, any GLWB or
GMAB rider, and the underlying investment options before investing.
This and other information is contained in the prospectuses for a
variable annuity and its underlying investment options. Investors
should read the prospectuses carefully before investing.
Prospectuses may be obtained by contacting PLICO at (800) 628-6390.
Not a Deposit Not Insured by Any Federal Government Agency No Bank
Guarantee Not FDIC Insured May Lose Value About Protective Life
Insurance Company Protective Life Insurance Company was established
on a profound belief in the American dream. Since 1907, Protective
Life Insurance Company has remained true to its core beliefs:
quality, serving people, and growth. This unwavering commitment to
treating people the way we would like to be treated has been
rewarded with stable, long-term relationships and growth. Today,
Protective Life is one of the nation�s leading insurance companies,
proving the wisdom of our Company�s vision: Doing the right thing
is smart business�.
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