1 Provided the state is not the beneficiary of the contract.
2 Additional underwriting is required if the application does not qualify for a 10-minute approval decision.
3 If the insured becomes chronically ill (not able to perform two of the six activities of daily living), the owner may accelerate up to 75% of the death benefit (maximum of $250,000). This benefit varies by state. Not available in California. This benefit will be added to the contract at no additional charge unless the contract owner declines it at time of application. The owner can elect to receive an accelerated payment, which is the lesser of: 1) up to 75% of the benefit base for chronic illness; or 2) $250,000. The amount of accelerated death benefits cannot exceed the annual limits for payments that would be free of current federal income tax. The benefit base is equal to the contract death benefit at the time of the first acceleration. A minimum of 10% of the benefit base must remain in force after the accelerated payment is made. An acceleration charge is added to the accelerated payment to determine the total accelerated amount, which will reduce the death benefit by an amount greater than the accelerated payment. The acceleration charge is calculated by multiplying the accelerated payment by 1/5 for chronic illness. When there is outstanding indebtedness, a portion of the accelerated payment will be withheld to reduce the outstanding indebtedness. Chronic illness means the insured is (1) unable to perform at least 2 of the 6 activities of daily living or (2) requires substantial supervision to protect the insured from threats to health and safety due to permanent severe impairment. Receipt of the accelerated death benefit may affect eligibility for public assistance programs. Contract owners should consult their tax advisor regarding any tax implications. Availability and features may vary by state.
4 If the insured has a terminal illness, less than 24 months to live (12 months in FL and NY), the owner may accelerate up to 85% (87% in FL and NY) of the death benefit (maximum of $250,000). This benefit varies by state. Not available in California. This benefit will be added to the contract at no additional charge unless the contract owner declines it at time of application. The owner can elect to receive an accelerated payment, which is the lesser of: 1) up to 85% (87% in FL & NY) of the benefit base for terminal illness; or 2) $250,000. The benefit base is equal to the contract death benefit at the time of the first acceleration. A minimum of 10% of the benefit base must remain in force after the accelerated payment is made. An acceleration charge is added to the accelerated payment to determine the total accelerated amount, which will reduce the death benefit by an amount greater than the accelerated payment. The acceleration charge is calculated by multiplying the accelerated payment by 1/17 (1/29 in FL & NY) for terminal illness. When there is outstanding indebtedness, a portion of the accelerated payment will be withheld to reduce the outstanding total indebtedness. A terminal illness is a medical condition expected to result in the insured’s death within 24 months (12 months in FL & NY). Receipt of the accelerated death benefit may affect eligibility for public assistance programs. Contract owners should consult their tax advisor regarding any tax implications. Availability and features may vary by state.
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Protective refers to Protective Life Insurance Company, founded in 1907, and its affiliated companies, including Protective Life and Annuity Insurance Company.
Protective® is a registered trademark of Protective Life Insurance Company. The Protective trademarks, logos, and service marks are property of Protective Life Insurance Company and are protected by trademark and/or other proprietary rights and laws.
Life insurance and annuity products are issued by Protective Life Insurance Company, Omaha, NE, in all states except New York, where products are issued by Protective Life and Annuity Insurance Company, Birmingham, AL. Protective Life Insurance Company does not solicit business in the state of New York, nor is it authorized to do so. Variable products are distributed by affiliated broker-dealer Investment Distributors, Inc., Birmingham, AL.
Guarantees are subject to the financial strength and claims-paying ability of the issuing insurance company. Product features, availability, and issuing companies may vary by jurisdiction.
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Investment and Insurance products are: NOT A DEPOSIT OR OTHER OBLIGATION OF, OR GUARANTEED BY, A BANK OR CREDIT UNION | MAY GO DOWN IN VALUE | NOT FDIC/NCUA INSURED | NOT INSURED BY ANY FEDERAL AGENCY | NOT GUARANTEED BY ANY BANK OR SAVINGS ASSOCIATION
