Protective Life Insurance Company is releasing the FutureSaver II annuity, a multi-year, guaranteed, flexible-premium fixed annuity contract.

The new product allows buyers to allocate funds to interest rate accounts with guarantee periods ranging from 2 to 10 years, according to Protective Life Insurance, a unit of Protective Life Corp., Birmingham, Ala.

The annuity pays a 1% initial bonus to customers who deposit $100,000 or more into the contract.

The annuity comes with an optional money back guarantee and options that make cash available for holders who suffer a terminal illness or need long term care, Protective Life Insurance says.

Protective Life Insurance is responsible for backing the product guarantees.