Unexpected health care expenses can have a significant impact on retirement savings. Give clients an added layer of protection with SecurePay NH℠ benefit, available at no additional cost with Protective® Aspirations variable annuity with a lifetime income benefit.
Help clients ease the burden of long-term care costs
SecurePay NH benefit is one of the only variable annuity enhancements that allows clients to increase guaranteed income for a qualifying nursing home stay. This video explains how they can double their lifetime withdrawal rate up to 15% for five years1 to help cover long-term care costs.
Explore how SecurePay NH benefit increases income when it’s needed
Consider a client who wants a guaranteed income source to help prepare for health care costs in retirement. At age 60, they purchase Protective Aspirations variable annuity with SecurePay Protector℠ lifetime income benefit. See how they can activate the built-in SecurePay NH benefit to double their annual income, up to 15%, when a qualifying medical incident occurs.
Purchases at age 60
$100,000 initial purchase payment
Retires at age 65
$8,415/year
Annual guaranteed income payment begins with SecurePay Protector benefit
Medical incident at age 70
$16,830/year2
Annual guaranteed income payment increases for five years with SecurePay NH activated
This hypothetical illustration is for illustrative purposes only and is intended solely to demonstrate the features of Protective Aspirations variable annuity with SecurePay Protector lifetime income benefit. It should not be deemed a representation of past or future performance or a guarantee of future results. Rates of return may vary. Investments will fluctuate in value and may be worth more or less than their original cost when redeemed. Actual values may be higher or lower than those shown. Assumes a one-time $100,000 investment at age 60 with an income deferral of five years resulting in a single life withdrawal rate of 6% annually. The hypothetical gross rate of return is 0%, resulting in a withdrawal benefit base of $140,255 upon election at age 65. Once elected at age 70, the SecurePay NH rider resulted in a single life withdrawal rate of up to 12% for five years.
Combine features for more income flexibility
Clients can tap into additional features at no cost when they add a lifetime income benefit to Protective Aspirations variable annuity. This illustration shows how a client uses the SecurePay Reserve℠ feature to defer up to 3x their annual withdrawal amount for future needs, then activates SecurePay NH to help cover nursing home expenses.
Start offering a dynamic income solution designed for today’s retirement
Call us at 888-340-3428 to schedule a meeting with your Protective representative.
1 If single coverage is elected, SecurePay NH will double the current withdrawal rate, up to a maximum of 15%, if the covered person is confined to a nursing home. If joint coverage is elected, SecurePay NH will increase the lifetime withdrawal rate by 25% if one spouse is confined to a nursing home or double the current withdrawal rate if both spouses are confined to a nursing home, up to a maximum of 15%. SecurePay NH may not be available in all states and may not be available with new contracts in the future. In California, the withdrawal rate under SecurePay NH has a maximum of 10%. To qualify for SecurePay NH, the client(s) must be confined to a qualified nursing care facility, be unable to perform two out of six specified activities of daily living or be diagnosed with a severe cognitive impairment, and have not been in a nursing home one year before and after purchasing a lifetime income benefit. Proof of continued qualification is required for each contract year in which this benefit is claimed.
2 Assumes the qualifications for SecurePay NH continue to be met. Otherwise, annual withdrawal amounts revert to the level attained prior to starting SecurePay NH withdrawals.
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 are issued under rider form number VDA-P-6063. SecurePay Protector benefits are issued under rider form number VDA-P-6061. SecurePay NH benefits are 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.
Withdrawals reduce the annuity's remaining death benefit, Contract Value, cash surrender value and future earnings. Withdrawals may be subject to income tax and, if taken prior to age 59½, an additional 10% IRS tax penalty may apply. More frequent withdrawals may reduce earnings more than annual withdrawals. During the withdrawal charge period, withdrawals in excess of the penalty-free amount may be subject to a withdrawal charge.
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.5598026.04.24
2 Assumes the qualifications for SecurePay NH continue to be met. Otherwise, annual withdrawal amounts revert to the level attained prior to starting SecurePay NH withdrawals.
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 are issued under rider form number VDA-P-6063. SecurePay Protector benefits are issued under rider form number VDA-P-6061. SecurePay NH benefits are 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.
Withdrawals reduce the annuity's remaining death benefit, Contract Value, cash surrender value and future earnings. Withdrawals may be subject to income tax and, if taken prior to age 59½, an additional 10% IRS tax penalty may apply. More frequent withdrawals may reduce earnings more than annual withdrawals. During the withdrawal charge period, withdrawals in excess of the penalty-free amount may be subject to a withdrawal charge.
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.5598026.04.24