NU Online News Service, March 1, 2005, 5:02 p.m. EST
A Birmingham, Ala., insurer has started selling equity indexed annuities.[@@]
The insurer, Protective Life Insurance Corp., a unit of Protective Life Corp., says returns on its new ProSaver Index Choice will depend partly on the performance of the S&P 500 index during the previous year.
Purchasers can choose between a 7-year or a 10-year initial surrender charge period and they also can choose between a fixed account or an indexed account that resets each year.