Protective Life Insurance Company has developed a living benefit option for consumers who are not sure whether they want to pay for a living benefit.

Protective Life, a unit of Protective Life Corp., Birmingham, Ala., says its new SecurePay guaranteed minimum withdrawal benefit includes a RightTime option.

The RightTime option gives a consumer the ability to choose whether to add the SecurePay withdrawal benefit today or to add it and start paying for it later, Protective Life says.

Protective Life will be making the SecurePay benefit available on all variable annuity contracts written on or after May 1 in states in which the benefit option has been approved, the company says.

The SecurePay benefit comes with single and joint spousal lifetime withdrawal options, with annual withdrawal amounts ranging from 4.5% to 7% of the benefit base, Protective Life says.

In some cases, Protective Life may increase annual withdrawal amounts for clients with health problems, the company says.

Protective Life is responsible for backing the SecurePay guarantees.