An insurer is selling a universal life insurance policy with a feature aimed at consumers who want to save for retirement.
Protective Life Insurance Company, a unit of Protective Life Corp., Birmingham, Ala., says its new Protective ProValue UL policy is a flexible-premium UL policy that offers “retroactive cash value interest credits that are applied at the end of the 19th and 20th policy years, along with prospective interest credits that are applied in policy year 21 and each year thereafter.”
The policy also offers the Life RSVP, or Life Insurance for Enhanced Retirement Solutions, Value and Protection, option.
The LifeRSVP option provides annual reviews and reports that can help policyholders see whether they are on track to meet their long-term financial objectives, Protective Life says.
Protective Life Insurance, which is responsible for backing the product guarantees, will be selling the policy and the LifeRSVP option through independent agents, broker-dealers and financial institutions, the company says.