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.