An Alabama insurer is introducing what it says will be a relatively low-cost variable annuity product.

Protective Life Insurance Company, a unit of Protective Life Corp., Birmingham, Ala., says the new ProtectiveAccess XL variable annuity contract offers a total annual charge of 1.55% for mortality, expense risk charges and administrative charges.

Customers can buy a SecurePay Withdrawal Benefit rider that offers lifetime income annual withdrawal amounts ranging from 4.5% to 7% of the “benefit base.”

There are no surrender charges, Protective Life says.

Protective Life is responsible for backing the product guarantees.