A subsidiary of Protective Life Insurance Company is following the lead of its parent company and introducing a single-premium immediate annuity that could be particularly appealing to retirees with health problems.

West Coast Life Insurance Company, San Francisco, says its new West Coast Life Income Advantage Plus Annuity contract offers 3 relatively unusual options.

One option, a commutable benefit option, will give an annuity owner the ability to surrender an annuity in exchange for a portion of the purchase payment, according to West Coast Life.

A second option will let purchasers prepare for inflation by setting annuity benefit payments to rise as much as 10% per year.

A third option, medical underwriting, could increase payments or decrease the purchase price for purchasers who have suffered from heart attacks, strokes or other medical conditions, according to West Coast Life.

West Coast Life is part of Protective Life Insurance, which introduced a similar product earlier this month.

Protective Life Insurance is a unit of Protective Life Corp., Birmingham, Ala.,

West Coast Life is responsible for backing the Income Advantage Plus Annuity product guarantees.