Company Information
Company Name
Protective Life
Product Name
Protective Life Secure Saver 7
Description
The Secure Saver 7 is a flexible premium, fixed annuity with a seven-year rate guarantee. Additional premiums are accepted during the first contract year. After the five year term, all funds are available for full withdrawal or transfer. If no action is taken, a new one-year interest rate is applied, but the contract does not renew.
Three interest rate bands are available. The highest rate is for deposits over $75K. The second highest is for amounts between $25K – $74.9K and the lowest, third band is for amounts between $10K – $24.9K. There are no surrender penalties at death and both qualified and non-qualified funds are accepted.
AM Best Rating
A+
URL
Product Type
MYGA (Multi-Year Guaranteed Annuity)
Free Withdrawals Yr1 / Yr2+
10% / 10%
Rate
4.35%
Term
7 Years
Minimum Investment
$ 75,000
Maximum Investment
$1,000,000 without prior approval
Maximum Age
85
Surrender Schedule
9%, 8%, 7%, 6%, 5%, 4%, 3%, 0%
What We Like About This Annuity
Account offered from an A+ rated insurance company. Three interest rate bands available with 10% free withdrawals all years. Account does not automatically renew.
Notable Features
Nursing home, terminal illness, and unemployment waivers are all included at no extra cost. Notably, all three apply to spouses of the policyholder as well.
Other Popular Products
Protective Life is best known for their competitive life insurance policies. They offer great term rates as well as popular universal and whole life coverage. More recently, their fixed and immediate annuity accounts have gained recognition.
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About Protective Life Insurance Company
Headquartered in Birmingham, AL, this A+ rated insurance company also has corporate offices in Cincinnati, OH and St. Louis, MO. They have offered insurance protection for over 110 years for consumers and businesses alike.
They specialize in life insurance and annuities through their large family of companies. Their mission is to work hard to ensure financial success for their customers, shareholders, partners, and employees.