A life insurer has come out with 3 new longevity and mortality protection products.
Protective Life Corp., Birmingham, Ala., says its Protective Life Insurance Company unit has introduced the ProtectiveRewards Elite “L share” variable annuity contract.
The Protective Life Insurance and West Coast Life Insurance units have introduced the Protective ProClassic UL and the West Coast LifeTime Advantage Plus UL current assumption universal life policies.
The ProtectiveRewards Elite VA contract is designed in a fashion that limits the total annual cost of mortality, expense risk charges and administration charges to 1.50%.
The contract also comes with a relatively short 3-year surrender charge period.
Options available with the contract are the SecurePay R72 feature, an optional 7.2% compounding annual roll-up benefit; SecurePay ME feature, an option that can increase permitted withdrawal amounts for purchasers with serious health problems; and a guaranteed minimum accumulation benefit feature.