Protective%%®%% Aspirations variable annuity enhancements and updates
August 28, 2023
We are excited to announce that on August 28, 2023, we are making the following enhancements and updates to the Protective® Aspirations variable annuity.
Increasing maximum equity exposure during distribution
We're increasing the maximum equity exposure allowable for investment selections during the distribution phase of the SecurePay ProtectorSM benefit.
- For new and existing contracts with the SecurePay ProtectorSM benefit, the Protective Balanced Toward Growth Allocation Portfolio, a pre-set allocation of sub-accounts with 60% equity exposure, will be available after the benefit election date.
Investment lineup enhancements
We are adding 11 new funds, increasing our lineup to 129 investment options.
New investment options
- BlackRock International V.I. I
- BlackRock Advantage SMID Cap V.I. Fd III
- Fidelity® VIP Asset Manager Growth Portfolio Service 2
- Fidelity® VIP FundsManager® 70% Portfolio Service 2
- Goldman Sachs VIT Mid Cap Value Svc
- Invesco V.I. Main Street Mid Cap Fund - Series II
- Janus Henderson VIT Enterprise Svc
- MFS® VIT Utilities Svc
- T. Rowe Price All-Cap Opportunities Port I
- T. Rowe Price Moderate Allocation I
- T. Rowe Price Mid-Cap Growth Port II
Allocation Portfolio updates
The American Funds Insurance Series® Allocation Appreciation portfolio is being renamed Equity Focus and we will be removing the following three American Funds Insurance Series Allocation Portfolios from the lineup. No action is needed for existing contracts.
- Allocation Balanced
- U.S. Balanced
- Allocation Global Balanced
SecurePay InvestorSM benefit withdrawal rate increase
We are increasing the withdrawal rates on the SecurePay InvestorSM benefit by 0.50% at every age.* SecurePay Investor is a cost-effective income rider with no investment restrictions¹ designed to help maximize growth potential and provide guaranteed income.
New guaranteed lifetime income withdrawal rates for the SecurePay Investor benefit at key retirement ages*
WD Age
62
65
67
70
72
Single WD Rates
3.70%
4.00%
4.20%
4.50%
4.70%
Joint WD Rates
3.20%
3.50%
3.70%
4.00%
4.20%
*For guaranteed lifetime income percentages for every age see the Product Comparison Grid.
Transition rules
Protective will be increasing the withdrawal rates for the SecurePay Investor benefit available on the Protective Aspirations variable annuity for new sales effective August 28, 2023.
- Tickets/Applications dated August 27, 2023, or earlier and received in good order will be issued with the current withdrawal rates.
- Cash/Applications/Any 1035 exchange paperwork related to these new tickets/applications must be received no later than September 12, 2023 (10 business days from effective date).
- Previously submitted Annuity tickets/applications that are awaiting funding from 1035 exchanges and/or Not In Good Order (NIGO) items will continue to be processed through existing procedures.
- Tickets/Applications for the Protective Aspirations Variable Annuity dated August 28, 2023, and after will be accepted and issued with the new withdrawal rates.
To learn more about this retirement solution, contact your Protective representative.
We're here for you
We’re ready to help you deliver the protection and security your clients deserve. Reach out to us anytime for questions and support, and we’ll get in touch with you as soon as possible.
1Allocation of Purchase Payments or Contract Value to the Fixed Account is not permitted under the SecurePay Investor.
Protective refers to Protective Life Insurance Company (PLICO), Nashville, TN. Variable annuities are distributed by Investment Distributors, Inc. (IDI), a broker-dealer and the principal underwriter for registered products issued by PLICO. Protective is a registered trademark of PLICO.
The Protective trademarks logos and service marks are property of Protective Life Corporation and are protected by copyright, trademark, and/or other proprietary rights and laws.
Protective Aspirations variable annuity is a flexible premium deferred variable and fixed annuity contract issued by PLICO 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 long-term investments intended for retirement planning and involve market risk and the possible loss of principal. Investments in variable annuities are subject to fees and changes from the insurance company and the investment managers.
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.
WEB.4878583.05.23
Protective refers to Protective Life Insurance Company (PLICO), Nashville, TN. Variable annuities are distributed by Investment Distributors, Inc. (IDI), a broker-dealer and the principal underwriter for registered products issued by PLICO. Protective is a registered trademark of PLICO.
The Protective trademarks logos and service marks are property of Protective Life Corporation and are protected by copyright, trademark, and/or other proprietary rights and laws.
Protective Aspirations variable annuity is a flexible premium deferred variable and fixed annuity contract issued by PLICO 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 long-term investments intended for retirement planning and involve market risk and the possible loss of principal. Investments in variable annuities are subject to fees and changes from the insurance company and the investment managers.
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.
WEB.4878583.05.23