October 15, 2024 Newswires

Protective Makes Enhancements to Its Protective® Aspirations Variable Annuity

Business Wire

Enhancements include new advance payout options, nursing home withdrawal rate cap increase and new maximum daily value death benefit

BIRMINGHAM, Ala.--(BUSINESS WIRE)--
Protective Life Corporation, a subsidiary of Dai-ichi Life Holdings, Inc. (TSE:8750) today announced enhancements to its flagship variable annuity product, Protective Aspirations variable annuity, which is issued by its principal subsidiary Protective Life Insurance Company (“Protective”) and debuted in 2022. These new options were added to provide customers with more choices and flexibility based on their evolving needs.

“Our latest enhancements are a testament to our commitment to design products that fit the modern consumer’s lifestyle and expectations. Protective Aspirations variable annuity aims to provide maximum income and flexibility for our clients,” said Aaron Seurkamp, SVP, President, Protection & Retirement. “We believe these improvements will not only address current retirement goals but also anticipate future needs, helping to ensure a more confident retirement for our customers.”

Product enhancements include:

New advance payout options added to the SecurePay Protector^SM benefit: In addition to SecurePay Protector’s standard, guaranteed lifetime income payout option, 3-, 5-, 8- and 10-year advance payout options are now offered to provide more choice and control to when customers can begin receiving income.
SecurePay NH withdrawal rate cap increased to 15%: The SecurePay NH benefit, a nursing home enhancement available with both income benefits in Protective Aspirations variable annuity, has been improved from 10%, now providing up to a 15% withdrawal rate.
New Maximum Daily Value death benefit: Available up to age 77, the new Maximum Daily Value death benefit provides the greater of contract value, premiums less withdrawals, or the greatest daily value up to the deceased owner’s 83^rd birthday.

Customers and financial professionals can learn more about Protective^® Aspirations variable annuity and the newly launched enhancements by visiting https://finpro.protective.com/retirement/variable-annuities/protective-aspirations.

Protective Aspirations variable annuity is issued by Protective Life Insurance Company (Nashville, TN) in all states except New York under policy form series VDA-P-2006. SecurePay Investor benefits issued under rider form number VDA-P-6063. SecurePay Protector benefits issued under rider form number VDA-P-6061. SecurePay Nursing Home benefits issued under form number IPV-2159. Policy form numbers, product availability and product features may vary by state.

Variable annuities are offered by Investment Distributors, Inc. (IDI), the principal underwriter and distributor for registered products issued by Protective Life Insurance Company, its affiliate.

Investors should carefully consider the investment objectives, risks, charges and expenses of a variable annuity, any optional protected lifetime income benefit, and the underlying investment options before investing. This and other information is contained in the prospectuses for a variable annuity and its underlying investment options. Investors should read the prospectuses carefully before investing. Prospectuses may be obtained by contacting PLICO at 800-456-6330.

About Protective

Protective has helped people achieve protection and security in their lives for 117 years. Through its subsidiaries, Protective offers life insurance, annuity and asset protection solutions and is helping more than 14.4 million people protect what matters most. Protective’s approximately 3,600 employees put people first and deliver on the company’s promises to customers, partners, colleagues and communities - because we’re all protectors. With a long-term focus, financial stability and commitment to doing the right thing, Protective Life Corporation, a subsidiary of Dai-ichi Life Holdings, Inc., had $118 billion in assets, as of December 31, 2023. Protective is headquartered in Birmingham, Alabama, and is supported by a robust virtual workforce and core sites in the greater Cincinnati area and St. Louis. For more information about Protective, visit www.protective.com.