A Southern insurer is introducing new life insurance products.

Protective Life Insurance Company, a unit of Protective Life Corp., Birmingham, Ala., has started selling the Protective MultiTerm policy, a renewable and convertible term life policy, and the Select UL VI universal life policy.

The MultiTerm policy offers level premiums for initial premium periods of 10, 15, 20 or 30 years.

A new rate and banding structure may cut rates substantially for some policyholders, Protective Life says.

The UL policy comes with a feature that can keep a policy from lapsing. The product also comes with a choice of a level-pay premium structure and a short-pay structure.

The short-pay premium structure is designed customers who want to buy a policy with a single payment or a series of payments made over a short period, Protective Life says.