Protective Life Insurance Co. in Birmingham, Ala., said Tuesday that it had introduced a single-premium immediate annuity that adds three options to traditional immediate annuity benefits.
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Its Protective ProPayer Income Annuity offers a commutable benefit option that lets owners surrender the annuity and get back a portion of their purchase payment. The PayPlus Option lets annuity owners choose how much their payment will increase - up to 10% - on each payment anniversary.
The annuity also offers an option that lets those with certain medical conditions, including a history of heart attacks, strokes, or Alzheimer's disease, apply for special medical underwriting.
