BIRMINGHAM, Ala.--(BUSINESS WIRE)--Protective Life Insurance Company and West Coast Life Insurance Company continue their tradition of product innovation with the release of the Income Provider Option for their universal life insurance products. The Income Provider Option is an optional, no cost endorsement, that provides a guaranteed income stream death benefit to designated beneficiaries.
The Income Provider Option allows policy owners choices in selecting the amount, duration and frequency of the guaranteed income payments. There is also an option to include an initial lump sum in order to help meet immediate needs such as a mortgage, medical bills, tuition, and final expenses. Income stream payments may be made for a period of 1 to 30 years, either monthly, annually or on a specific annually-recurring day such as a birthday, holiday or anniversary.
“Income replacement is extremely important to consumers purchasing life insurance,” says John Deremo, Senior Vice President and Chief Distribution Officer of Protective Life. “People are concerned about making sure their families can pay off large debts, such as final expenses and mortgages, as well as providing a secure, guaranteed source of income to pay for the ongoing expenses of daily living.”
“We were one of the first to offer an income stream death benefit with our Term Income Provider and Income Replacement Term policies,” continued Deremo. “Now we’re excited to extend that innovation and flexibility to our universal life portfolio with the Income Provider Option.”
About Protective Life and West Coast Life Insurance Companies
Protective Life Insurance Company and West Coast Life Insurance Company help to provide financial security through insurance and investment products. For over one hundred years, these historic companies have remained true to the core values of quality, serving people and growth. This unwavering commitment to treating people the way we would like to be treated has been rewarded with stable, long-term relationships and growth. Today, Protective Life and West Coast Life are among the nation's leading insurance companies, drawing on a heritage of strength and a tradition of innovation, while proving the wisdom of our collective vision: Doing the right thing is smart business.®
Protective Income Provider Option (UL-E35) is issued by Protective Life Insurance Company. West Coast Life Income Provider Option (WC-UE35) is issued by West Coast Life Insurance Company. Both located at Birmingham, AL. Actual terms and conditions contained in the product policy and the endorsement govern benefits provided. A portion of periodic payments may be reported as taxable income to the beneficiary. Consumers should consult their attorney or tax advisor regarding their individual situations.
All payments and all guarantees are subject to the claims paying ability of the issuing Insurance Company.