But if there’s even a slight chance you’ll need to withdraw the money before the contract matures, you may be better off with a certificate of deposit (CD), which pays slightly less but also charges less for early withdrawals. These range from 0.35% to 1.68%. This means that you lock in your money for a chosen amount of time and Protective Life will pay a declared interest rate. Annuities can be complex. ©AnnuityGator. If you annuitize after renewing three times (so after the 10th anniversary of the contract), you may receive a 2% bonus. 7-8 Year Annuity Rates. Prior to purchasing any type of investment or insurance product, it is important that you do your own due diligence and that you consult a properly licensed professional if you should have any specific questions that relate to your individual circumstances. In addition to in Birmingham, Protective Life has primary offices in Greenwood Village, Colorado; Pompano Beach, Florida; Bannockburn and Elgin, Illinois; Chesterfield, Missouri; Portsmouth, New Hampshire; Cincinnati, Ohio; and Brentwood, Tennessee. The maximum issue age is 85 (you have to be younger than 86). With this annuity, you have four payout options: to receive payments for a certain period, to receive payments for life and with a guaranteed period (if you die before the period is over, your beneficiary will receive payments until the period ends), to receive payments for life with an installment refund (should you die with a remaining balance, your beneficiary will receive payments until the balance has been paid out) or to receive payments for life with a cash refund. contact us here via our secure online contact form. In 2019, Protective Life made its 57th acquisition. 5 & 6 year $100,000 fixed annuity rates as of 4/1/2020 from blueprintincome.com. Guaranteed Death Benefit – An annuity may also pay money directly to your beneficiaries when you pass away, which can help them to avoid a lengthy probate process. The Protective ProPayer Income Annuity is a single premium immediate annuity. Contracts can be for five, seven or 10 years. Therefore, it is essential that you go over the “fine print” before you move forward with the purchase. If you add the monthly maximum anniversary value death rider, the fee is 0.20%. You can selectively provide your consent below to allow such third party embeds. This investment is meant for long-term investors. There’s also an unemployment waiver. They are from: This annuity comes with a free death benefit. On top of that, the funds you invest in will have operating expenses. As with the Plus version, there are no front-end or annual charges with this annuity. In reality, the only way to truly know if this annuity will perform well for you is to have it tested. For more information on how to compare annuities in order to determine which one may be right for you, According to Protective Life, there are numerous. Protective Life Insurance Company has not endorsed this review in any way, nor do we receive any type of compensation for providing this review. (The minimum amount for each period is $2,000). If you allocate your money only to a fixed interest crediting strategy, you are probably just trying to keep even with inflation. Subject to stockholder approval, Dai-ichi Life is expected to acquire Protective Life Corporation by the end of 2014. AnnuityGator.com offers independent annuity product reviews. And if you change jobs, you could have a gap in coverage. The maximum surrender charge is 7%. Let’s begin the review of Protective Life Insurance by taking a look at the products they currently offer. Here, as is the case with many annuities that allow you to lock in an interest rate long term, there is a surrender period that correlates to the rate guarantee period. You want to be confident that company will back its promises for the long term. Your insurance agent will have seen and done it all before, and they recognize exactly what is vital to consider once browsing coverage options. Product availability and features may vary by state. Zoom between states and the national map to see the top spots in each region. Protective Indexed Annuity is a fixed indexed deferred annuity. According to Blueprint Income, Protective Life is offering 2.25% for seven-year contracts (as of December 2019). The maximum issue age is 85. Required fields are marked *. Protective offers some of the industry’s most affordable term life insurance rates and a policy that works in your favor. To find an advisor, use SmartAsset’s, Social Security benefits are a major part of many people’s retirement income stream. In this annuity review, we will be going over the following information about the Protective Life Fixed Deferred Annuity: Annuities can be complex. Yet, even with these nice features on the Fixed Deferred Annuity from Protective Life, this product could still fall somewhat short – and quite frankly, there may very well be a better alternative out there for you. Protective Life Insurance Company REQUIRED CARRIER SPECIFIC TRAINING (CST) INSTRUCTIONS Annuity Carrier Specific Product Training and state mandated NAIC Annuity Training (see NAIC ANNUITY SUITABILITY AND BEST INTEREST STANDARD STATE TRAINING REQUIREMENTS for regulation) must be completed prior to soliciting business.Failure to do so will By contacting us you may speak with an insurance licensed agent in your state, and you may be offered insurance products for sale. As of April 2019, Protective Life’s financial strength has been rated AA- (on a scale from D to AAA) by Standard & Poors, A1 (on a scale from C to Aaa) by Moody’s, A+ (on a scale from D to AAA) by Fitch and A+ (on a scale from D to A++) by A.M. Best. When you purchase an annuity for retirement, you begin a long-term relationship with a life insurance company. So, if you are ready to get started, let’s proceed! Protective Insurance Company has been in the business of offering financial enhancement and protection for more than 110 years. Whether or not you and your beneficiary get your money back - and then some - depends on how long you live. In our ranking of the 16 Best Life Insurance Companies of 2020, Protective Life comes in No. At the end of each guaranteed period, you can withdraw your money, transfer it to another available period, renew it for a year (during which time there are no early withdrawals penalties) or renew it entirely. At this rate, you may keep up with inflation. But there are surrender charges for early withdrawals. If you were to lose your job, you might lose that coverage. If your head is swimming in all the options, a financial advisor can help you cut through the complexity to determine the best annuity for your retirement income needs. The size of your payments are depends on your premium and age. Protective Life Insurance Reviews Protective Life Insurance Company offers multiple policies, including a Custom Choice Universal policy that includes aspects of both term and universal life insurance. Protective Life Insurance Company's wide range of products allows drivers to choose the right policies for their needs. But if you withdraw any principal (you’re allowed to take out earned interest from the prior year), you’ll pay a surrender charge. You would like to see reviewed add the monthly maximum anniversary value death benefit if you withdraw than. 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