• Registered Index-Linked Annuities

    A Protective® Market Defender Annuity is a registered index-linked annuity designed to help protect investments from a major loss while participating in market-linked growth based on the performance of a selected market index.

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    What is a Registered Index-Linked Annuity?

    Protective Market Defender is a registered index-linked annuity that allows for more generous participation in market gains than with traditional FIA's but allows for limited loss. This type of product references the performance of a particular market index to calculate gains or losses, but the investor is not directly placing money into that index.

  • Protection and growth for retirement

    Protective Market Defender can help defend your investments from major market downturns while allowing investors to participate in market-linked growth, and they can be tailored to the investor’s risk tolerance and investment preferences.

  • Benefits of a registered index-linked annuity

    Protection from major market downturns

    Protection from major market downturns

    Market losses triggered by an industry collapse or tragic event can happen at any time. Limit losses caused by major market downturns.

    Participation in market-linked growth

    Participation in market-linked growth

    Money is not invested directly in an index or stock market, but gains or losses are based on the performance of the index the investor chooses.

    No Annual Fees

    No Annual Fees

    There are no annual fees charged for Protective Market Defender, helping you keep more of what you earn.

    Access to Money

    Access to Money

    Withdraw a portion of contract value each year without incurring a withdrawal charge or market value adjustment

    Guarantee Income

    Guaranteed Income

    Options are available to annuitize the contract and allow for guaranteed income payments for the length of time you choose.

    Guarantee Income

    Protection for Loved Ones

    Protective Market Defender includes a death benefit at no additional cost. 

    1. An interim value calculation will apply. The interim value calculation may reduce the remaining contract value by more that the dollar amount of the withdrawal taken.

    2. Withdrawals in excess of the penalty-free amount may be subject to a surrender charge during the withdrawal charge period.

    3. Gains will be taxed as ordinary income upon withdrawal.

  • Why Protection from Market Downturns Matters

    For investors nearing retirement, it can be a priority to protect investments from a major loss. After all, when you’re nearing retirement, you may not have time for your investments to recover. You may also be surprised at how much it takes to recover and gain back the earnings you would have made without the downturn. The chart below shows the gains generally needed to bring your investments back to break-even.

  • Percentage Losses vs. The Gains Needed to Recover

    It’s important to have a plan to limit losses. The chart below shows the gains generally needed to recover from various levels of loss and bring investments back on plan.

    Loss Market Icon

    Loss Incured

    		 Growth Market Icon

    Gains need to recover

    -10%

    11%

    -20%

    25%

    -30%

    43%

    -40%

    67%

    -50%

    100%

    This chart is for illustrative purposes only and does not represent the performance of any security.

  • What makes registered index-linked annuities from Protective Life different?

    Protective Market Defender offers ways to position your investment for growth while addressing the potential for loss during down markets - without charging annual fees.

  • Explore retirement annuities with Protective Life

    Protective Life offers a wide variety of annuities to meet your needs. To learn more, call 1-800-833-8991.

    phone Call Us: 1-800-833-8991

  • How to Get Started with Registered Index-Linked Annuities

    Protective Market Defender can help you protect your money and diversify an investment by creating segments that allow for various levels of growth and protection. For each segment you’ll select the:

    1. Allocation amount or how much of your overall investment will be applied to particular segments.

    2. Allocation strategy, whereby you determine which segments will leverage a guaranteed interest strategy to earn a fixed rate of interest or utilize an indexed strategy  that earns interest or deducts losses based, in part, on the performance of the segment’s index over its term (see Guaranteed versus Indexed Strategy).

    3. Protection level or the maximum loss an indexed segment can experience due to negative index performance during a term (-5%, -10%, or -20%). The protection level is available for Indexed Strategies only.

    With Protective Market Defender you can choose up to 100 different segments with different start dates and strategies. First you allocate funds by segment and define the strategy for each. A segment will mature after a term of one year, at which point you can choose to renew the current allocation, create a new one, or allow the matured segment value to transfer to an interest-bearing Declared Rate Account to await allocation instructions. 

    Registered Index-Linked Annuities steps

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  • See how it works

    Here’s an example of how an initial purchase payment could be allocated.

    Registered Index-Linked Annuity initial purchase payment example

    Guaranteed Interest versus Indexed Strategy

    You can choose a strategy based on your needs and level of risk tolerance.

    • Guaranteed Interest: Segments using a guaranteed interest strategy earn a fixed rate of interest that is credited daily, beginning on the segment’s start date. The interest rate is determined in advance and is guaranteed for the segment term.

    • Indexed: Segments using an indexed strategy earn interest or deduct losses based, in part, on the performance of the segment’s index over its term. For segment values held to maturity, credits or deductions are applied at the end of the segment term. Indexed strategies include participation rates, caps and floors. (see "Common Questions" below).

  • See if Protective Market Defender could be the right option for you

    Levels of protection to limit the impact of major market downturns

    Protective Market Defender offers a variety of protection and growth options to help investors create a strategy that fits their retirement needs.

    Opportunities to participate in market-linked growth

    With the help of a financial professional, investors can create a sound plan to help limit the impact of major market downturns and capture upside returns.

  • Explore retirement annuities with Protective Life

    Protective Life offers a wide variety of annuities to meet your needs. To learn more about available annuity options, call 1-800-833-8991. 

    phone Call Us: 1-800-833-8991

  • Common questions about Protective Market Defender

    • What is the segment start date?

      The segment start date is the date the segment is established. Segments are generally established on the first and third Wednesday of each month.

    • What is the maturity date?

      The maturity date is the date a segment is scheduled to end.

    • What is the term?

      The term is defined in the contract as the period of time from a segment’s start date through its maturity date, currently one year. A term will not necessarily correspond with calendar dates.

    • What is the participation rate?

      The participation rate is multiplied by index performance and is used to determine how much interest is credited to a segment value.

    • What is a cap?

      A cap is the maximum percentage of positive index performance that can be applied to a segment at the end of its term. The cap is declared in advance, prior to the segment’s start date.

    • What is a floor?

      A floor is the maximum percentage loss a segment can experience due to negative index performance, even if negative index performance exceeds that percentage. This protection level limits the impact of market downturns on indexed strategies because investors can select a floor (-5%, -10%, or -20%) that establishes the maximum percentage loss a segment can experience, even if negative index performance exceeds the selected floor. This is the level of protection for the segment.

    • Is there a limit to the number of segments allowed?

      With Protective Market Defender, you can have up to 100 existing segments in your contract.

    • What is the declared rate account?

      The declared rate account is an interest bearing account that receives and holds purchase payments. It also receives and holds matured segment values that haven’t been reallocated. Amounts applied to this account will remain there until allocation instructions are executed.


  • This product is a complex insurance and investment vehicle. Before you invest, you should speak with a financial professional about the Contract’s features, benefits, risks and fees and whether the Contract is appropriate for you based on your financial situation and objectives.

    Annuities are long-term insurance contracts intended for retirement planning. 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 16 period, withdrawals in excess of the penalty-free amount may be subject to a withdrawal charge.

    MSCI EAFE Index Information
    THIS PRODUCT IS NOT SPONSORED, ENDORSED, SOLD OR PROMOTED BY MSCI INC. (“MSCI”), ANY OF ITS AFFILIATES, ANY OF ITS INFORMATION PROVIDERS OR ANY OTHER THIRD PARTY INVOLVED IN, OR RELATED TO, COMPILING, COMPUTING OR CREATING ANY MSCI INDEX (COLLECTIVELY, THE “MSCI PARTIES”). THE MSCI INDEXES ARE THE EXCLUSIVE PROPERTY OF MSCI. MSCI AND THE MSCI INDEX NAMES ARE SERVICE MARK(S) OF MSCI OR ITS AFFILIATES AND HAVE BEEN LICENSED FOR USE FOR CERTAIN PURPOSES BY PROTECTIVE LIFE. NONE OF THE MSCI PARTIES MAKES ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, TO THE ISSUER OR OWNERS OF THIS PRODUCT OR ANY OTHER PERSON OR ENTITY REGARDING THE ADVISABILITY OF INVESTING IN PRODUCTS GENERALLY OR IN THIS PRODUCT PARTICULARLY OR THE ABILITY OF ANY MSCI INDEX TO TRACK CORRESPONDING STOCK MARKET PERFORMANCE. MSCI OR ITS AFFILIATES ARE THE LICENSORS OF CERTAIN TRADEMARKS, SERVICE MARKS AND TRADE NAMES AND OF THE MSCI INDEXES WHICH ARE DETERMINED, COMPOSED AND CALCULATED BY MSCI WITHOUT REGARD TO THIS PRODUCT OR THE ISSUER OR OWNERS OF THIS PRODUCT OR ANY OTHER PERSON OR ENTITY. NONE OF THE MSCI PARTIES HAS ANY OBLIGATION TO TAKE THE NEEDS OF THE ISSUER OR OWNERS OF THIS PRODUCT OR ANY OTHER PERSON OR ENTITY INTO CONSIDERATION IN DETERMINING, COMPOSING OR CALCULATING THE MSCI INDEXES. NONE OF THE MSCI PARTIES IS RESPONSIBLE FOR OR HAS PARTICIPATED IN THE DETERMINATION OF THE TIMING OF, PRICES AT, OR QUANTITIES OF THIS PRODUCT TO BE ISSUED OR IN THE DETERMINATION OR CALCULATION OF THE EQUATION BY OR THE CONSIDERATION INTO WHICH THIS PRODUCT IS REDEEMABLE. FURTHER, NONE OF THE MSCI PARTIES HAS ANY OBLIGATION OR LIABILITY TO THE ISSUER OR OWNERS OF THIS PRODUCT OR ANY OTHER PERSON OR ENTITY IN CONNECTION WITH THE ADMINISTRATION, MARKETING OR OFFERING OF THIS PRODUCT.

    ALTHOUGH MSCI SHALL OBTAIN INFORMATION FOR INCLUSION IN OR FOR USE IN THE CALCULATION OF THE MSCI INDEXES FROM SOURCES THAT MSCI CONSIDERS RELIABLE, NONE OF THE MSCI PARTIES WARRANTS OR GUARANTEES THE ORIGINALITY, ACCURACY AND/OR THE COMPLETENESS OF ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. NONE OF THE MSCI PARTIES MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE ISSUER OF THE PRODUCT, OWNERS OF THE PRODUCT, OR ANY OTHER PERSON OR ENTITY, FROM THE USE OF ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. NONE OF THE MSCI PARTIES SHALL HAVE ANY LIABILITY FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS OF OR IN CONNECTION WITH ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. FURTHER, NONE OF THE MSCI PARTIES MAKES ANY EXPRESS OR IMPLIED WARRANTIES OF ANY KIND, AND THE MSCI PARTIES HEREBY EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE, WITH RESPECT TO EACH MSCI INDEX AND ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL ANY OF THE MSCI PARTIES HAVE ANY LIABILITY FOR ANY DIRECT, INDIRECT, SPECIAL, PUNITIVE, CONSEQUENTIAL OR ANY OTHER DAMAGES (INCLUDING LOST PROFITS) EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

    S&P 500® Index Information

    The S&P 500 Index is a product of S&P Dow Jones Indices LLC, a division of S&P Global, or its affiliates (“SPDJI”), and has been licensed for use by Protective Life. Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC, a division of S&P Global (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Protective Life. It is not possible to invest directly in an index. Protective Market Defender Annuity is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, any of their respective affiliates (collectively, “S&P Dow Jones Indices”). S&P Dow Jones Indices makes no representation or warranty, express or implied, to the owners of the Protective Market Defender Annuity or any member of the public regarding the advisability of investing in securities generally or in Protective Market Defender particularly or the ability of the S&P 500 Index to track general market performance. Past performance of an index is not an indication or guarantee of future results. S&P Dow Jones Indices’ only relationship to Protective Life with respect to the S&P 500 Index is the licensing of the Index and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or its licensors. The S&P 500 Index is determined, composed and calculated by S&P Dow Jones Indices without regard to Protective Life or the Protective Market Defender Annuity. S&P Dow Jones Indices have no obligation to take the needs of Protective Life or the owners of Protective Market Defender Annuity into consideration in determining, composing or calculating the S&P 500 Index. S&P Dow Jones Indices is not responsible for and has not participated in the determination of the prices, and amount of Protective Market Defender Annuity or the timing of the issuance or sale of Protective Market Defender Annuity or in the determination or calculation of the equation by which Protective Market Defender Annuity is to be converted into cash, surrendered or redeemed, as the case may be. S&P Dow Jones Indices has no obligation or liability in connection with the administration, marketing or trading of Protective Market Defender Annuity. There is no assurance that investment products based on the S&P 500 Index will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment or tax advisor. A tax advisor should be consulted to evaluate the impact of any taxexempt securities on portfolios and the tax consequences of making any particular investment decision. Inclusion of a security within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, nor is it considered to be investment advice.

    NEITHER S&P DOW JONES INDICES NOR THIRD PARTY LICENSOR GUARANTEES THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE S&P 500 INDEX OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY PROTECTIVE LIFE, OWNERS OF THE PROTECTIVE MARKET DEFENDER ANNUITY, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE S&P 500 INDEX OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND PROTECTIVE LIFE, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.

    Protective® is a registered trademark of Protective Life Insurance Company and Market Defender is a trademark of Protective Life Insurance Company.

    All payments and guarantees are subject to the claims-paying ability of Protective Life Insurance Company. Neither Protective Life nor its representatives offer legal or tax advice. Purchasers should consult with their legal or tax advisor regarding their individual situations before making any tax-related decisions.

    Protective Life refers to Protective Life Insurance Company and its affiliates. Securities offered by Investment Distributors, Inc. (IDI) the principal underwriter for registered products issued by PLICO, its affiliate. Both located in Birmingham, AL.

    Protective Market Defender is a deferred annuity contract with fixed and indexed-linked interest crediting features issued under contract form series IMG-P-2016. Protective Market Defender Annuity is issued by Protective Life Insurance Company located in Birmingham, AL. Contract form numbers, product availability and product features may vary by state. Protective Market Defender is not an investment in the securities market or any index. Indexed interest could be less than that earned in a traditional fixed annuity, and you could experience a loss of principal due to negative index performance.

    Investors should carefully consider the investment risks of Protective Market Defender Annuity before investing. This and other information is contained in the prospectus. Investors should read the prospectus carefully before investing. Prospectuses may be obtained by contacting PLICO at 800.456.6330.

    Annuities are not a deposit, not insured by any federal government agency, carry no bank or credit union guarantee, are not FDIC/NCUA insured and may lose value.

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