Protective Offers L-Share Variable Annuity
November 9, 2008
Birmingham, Ala.-based Protective Life Insurance Company has launched ProtectiveRewards Elite variable annuity, an L-share contract designed for people who want “a balance of innovative product features along with competitive fee structures,” the company said.
“In today’s market, consumers want it all--competitively priced products, liquidity features, guaranteed lifetime income provisions and innovative features that add value to their retirement portfolio,” said Eric Miller, vice president and national marketing director for Protective’s Life and Annuity Division.
The new contract has a combined mortality and expense risk and administrative charge of 1.50% and the three-year surrender charge associated with L-share contracts—less than half as long as typical B-share contracts.
ProtectiveRewards Elite also offers Protective’s SecurePay guaranteed lifetime withdrawal benefits, as well as these options: SecurePay R72, a 7.2% compounding annual roll-up benefit; RightTime, which gives contract owners flexibility in timing the rider purchase; SecurePay ME, an impaired-risk option; SecurePay NH, which augments payments to contract owners in nursing homes; and a Guaranteed Minimum Accumulation Benefit (GMAB) which guarantees a return of premium.
The product is designed with advisers in mind as well as consumers. According to Protective, “ProtectiveRewards Elite can better meet the advisor’s needs with product compensation options that more closely match the growing orientation towards asset-based fees than previous designs.”
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