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July 08, 2004 at 08:00 PM
NU Online News Service, July 8, 2004, 2:45 p.m. EDT
Protective Life Insurance Company, Birmingham, Ala., is introducing a variable annuity aimed at consumers who are saving for retirement.[@@]
The new ProtectiveRewards annuity offers an annual mortality and expense risk charge of 0.95%.
Rewards for long-time contract owners include a 2% persistency reward on the eighth contract anniversary; a 0.2% annual reward that will be paid on every contract anniversary from year 9 to year 15; and a 0.4% annual reward that will be paid on every contract anniversary from year 16 until the annuity begins paying out benefits.
