Annuity product guarantees rely on the financial strength and claims-paying ability of the issuing insurer. Opening Thoughts on the Protective Life ProSaver Secure ll Fixed Annuity. The Protective Dimensions Annuity is a flexible premium deferred variable and fixed annuity. 13 with a score of 3.7. The minimum purchase amount is $10,000, and you can make subsequent contributions of a minimum $50 within the next 12 months. Protective Life was founded in 1907 in Birmingham, Alabama. This review is meant to be an independent review at the request of readers so that they may see our perspective when breaking down the positives and negatives of this particular annuity. Protective Life Insurance Company has not endorsed this review in any way, nor do we receive any type of compensation for providing this review. That’s where having an Annuity Investigator who loves math comes in. This annuity also has a healthcare waiver that allows you to withdraw money without a penalty in the event you or a spouse are diagnosed with a terminal illness or must go to a qualified medical care facility (such as a nursing home) for at least 30 consecutive days. Both guarantee the ability to make withdrawals based upon the value of your lifetime income benefit base even if your contract value falls due to a market downturn. The tradeoff, though, for protecting your money from losses is a lower potential for growth. In J.D. They are from: This annuity comes with a free death benefit. That said, fees will cut into your earnings. Term Life Insurance. If you have been thinking about purchasing an annuity so that you can get the tax-deferred benefits of having your money grow free of current taxation, and you would also like to assure yourself that you will have an ongoing income in retirement, then the Protective Life Fixed Deferred Annuity could be a good option for you. Now Protective Life Insurance Company has over $773.449 billion dollars of life insurance in-force with total revenues of $3.959 billion total annuities of $2.56 million. We also use content and scripts from third parties that may use tracking technologies. They will kick in if you take out more than the allowed 10% each year. 225 Protective Life reviews. You want to be sure that company has the experience, character and strength to serve you now and in the future. Of the two indexed rates available, you can choose to be credited on a capped point-to-point annual basis or on a tiered annual basis (which means you earn interest if the index has reached a certain level during the year). Protective Life is now the primary subsidiary of Protective Life Corporation, with other subsidiaries including Protective Life and Annuity Insurance Company, West Coast Life Insurance Comp… According to Blueprint Income, Protective Life is offering 2.25% for seven-year contracts (as of December 2019). As of December 2019, Protective Life’s brochure describes the minimum interest rate as between 1% and 3%. What’s more, any withdrawals before you reach age 59.5 will be subject to a 10% IRS penalty and income tax. Low Risk – Fixed annuities offer protection for your principal, and they allow you to earn a set interest rate, based on the options you select. Small businesses are typically incorporated as pass-through entities, meaning that the business owners pay income taxes on the company profits rather than the company itself paying income tax. We have been at this for quite a while not – far longer than our “copycat” competitors – and we have therefore become known as a highly trusted source of annuity information. It became a wholly owned subsidiary of the Dai-ichi Life Insurance Company, Ltd. in 2015. With features like no exclusions, you can be assured that your policy is doing what it’s meant to: protecting your loved ones. In 2019, Protective Life made its 57th acquisition. If you were to lose your job, you might lose that coverage. Any withdrawal before the first anniversary of the contract or that amounts to more than the earned interest during the prior year is considered early. Your payout options are the same as for the annuities above (lifetime income, income for a certain period, lifetime income with a certain period, lifetime income with a cash refund or lifetime income with an installment refund). Additionally, if you make early withdrawals (which are any withdrawals that exceed the allowed amount), you will incur surrender charges. And, if you choose the lifetime income option, you can also count on an income in the future that will last as long as you need it to. The maximum issue age is 85 years. The minimum initial purchase amount is $10,000, and you can make subsequent payments of at least $100 thereafter (or $50 if set up as an automatic payment). Next, we compared the total amount of small business income to the overall amount of income reported in each region. Protective ProSaver Platinum Plus is a fixed deferred annuity. So, if you are ready to get started, let’s proceed! Both waivers may not be available in some states. The maximum issue age is 85. The Protective ProSaver Platinum is also a fixed deferred annuity. The maximum issue age is 99. Let’s begin the review of Protective Life Insurance by taking a look at the products they currently offer. This, then, could have a major impact on your future purchasing power – and could even cause you to have to cut back on making purchases of the items and services that you need in the future. SmartAsset analyzed data to find the best places for small business owners in the country. But there are fees for early withdrawals, called surrender charges. Because of this, income taxes can play a major role in determining the financial success of a given small business. 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