Clients face a lot of uncertainties in retirement, such as unexpected expenses and health issues. Having predictable income shouldn’t be one of them. Protective Guaranteed Income Indexed Annuity with the Guaranteed Income Benefit has been redesigned to provide even more guarantees in three key ways: guaranteed income clients can’t outlive, a guaranteed rate cap for term interest crediting strategy and guaranteed flexibility for when life happens.

The following enhancements will be effective July 15, 2019:

Updated withdrawal rates to offer higher income opportunities at more retirement ages.
We understand that sometimes plans change. Our enhanced withdrawal rates help your clients retire with confidence when they need to – even if it is earlier than planned.

Additional interest crediting strategy to optimize growth opportunities.
The new Rate Cap for Term strategy offers clients more predictability with rate caps guaranteed for the length of the withdrawal charge period. It credits interest at the end of each contract year based on the S&P 500® index performance over that time. The interest rate cap is established on the contract issue date and remains in effect for the entire withdrawal charge period. After the withdrawal charge period ends, a new rate cap is declared prior to each subsequent contract anniversary.

In addition to these enhancements, we’re also changing the percentage of aggregate purchase payments used to calculate the Minimum Surrender Value from 100% to 87.5%.

Transition Rules

Current version of Protective Guaranteed Income Indexed Annuity:

  • The current version will be closed to new sales as of July 12
  • Tickets/Applications dated July 12, 2019 or earlier will be accepted and issued as the current version of Protective Guaranteed Income Indexed Annuity
  • Cash/Applications/Any 1035 exchange paperwork related to these new tickets/applications must be received no later than July 26
  • Previously submitted tickets/applications that are waiting funding from 1035 exchanges and/or Not In Good Order (NIGO) items will continue to be processed through existing procedures

Enhanced version of Protective Guaranteed Income Indexed Annuity:

Tickets/Applications dated July 15, 2019 and after will be accepted and issued with a fixed interest crediting strategy and the following indexed-linked interest crediting strategies:

  • Annual Point-to-Point
  • 2-Year Participation & Spread
  • Annual Rate Cap for Term

State Availability
The new Protective Guaranteed Incomes Indexed Annuity is available in all states except New York. It is currently not available in California but will be at a later date.

Required Product Training
If agents have already completed course FIAPGI for Protective Guaranteed Income Indexed Annuity, no additional training is required. If they have not completed this course, they may do so online at or using code FIAPGI. Currently trained agents may also use this link and code to review product features and learn more about the new strategies.

To learn more, please contact your Protective Life representative. We look forward to helping you embrace the retirement planning needs of our mutual customers.

Let’s deliver on our promises. Together.

For Professional Use Only. Not for Use With Customers.

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