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.

Protective Life says it will offer producer compensation options designed for producers who prefer asset-based compensation as well as options aimed at producers who prefer more traditional compensation structures.

Protective Life Insurance is responsible for backing the VA product guarantees.

The new UL products offered by Protective Life Insurance and West Coast Life offer a lapse-protection period that can last as long as 15 years, depending on the age of the insured when policies are issued.

Features available with the UL contracts include a Death Benefit Plus Rider, which provides additional insurance equal to the total amount of cumulative paid premiums, and potential compatibility with approved premium financing providers.

Protective Life Insurance and West Coast Life are responsible for backing the UL product guarantees.