Protective Life’s ProSaver Secure II Fixed Annuity offers a 7-year surrender charge period. This annuity from Protective Life that pays guaranteed interest for a defined number of years. ProSaver Secure II might be a great idea for investors who’re looking for simplicity and principal protection.
Choose the Fixed Interest Period
The ProSaver Secure II annuity from Protective Life is available in a number of fixed interest periods (1,3,4,6 years). The lesser the number of fixed-interest-rate years selected, the higher the percentage of interest credited to your account.
ProSaver Secure II Fixed Annuity Facts
Guaranteed interest rates
In addition to the length of the fixed-interest period (in years) interest rate paid on premiums will vary depending on the band each annuity belongs to. There is a low and high band. For the higher band annuity, you pay more premiums and earn higher interest rate compared to the low-band option.
Minimum and Maximum Premiums
- The minimum single premium for this annuity is $2,000 while the maximum single premium is $1,000,000.
- Flexible premiums are not accepted with the ProSaver Secure II Fixed Annuity.
- The minimum and maximum single premium amounts apply equally under the qualified and unqualified status.
- There are also provisions allowing for payroll deduction and premium additions. These have minimum values of $50 and a maximum value of $1,000,000.
- The annuity also provides for market value adjustment and free 20-day lookup period and a 60-day rate lock protection period. This may, however, vary by state.
Issue age
The ProSaver Secure II Fixed Annuity is issued to people aged between 0-85 years for the policy owner. The age restriction for annuitization stands at 95 years.
Rider availability
There are no rides available with the annuity.
Free Withdrawals
- This annuity allows policyholders to make free withdrawals per policy year each limited to a maximum 10% (15% in MN) the value of the annuity.
- Above the 10% free withdrawal amount, additional withdrawals will be charged for early withdrawals.
- The minimum free withdrawal amount is $250 and the minimum account value is $2,000.
Systematic Withdrawals
Systematic withdrawals are available with the ProSaver Secure II Fixed Annuity. These can only be done on a monthly, quarterly, semi-annual, or annual basis.
Nursing home confinement waiver
This reduces the charges if the annuitant or their spouses are confined for at least 30 consecutive days after the contract’s first anniversary. This will also apply if the spouse has a terminal illness.
Death Benefit
The company subdivides this into three scenarios. If the annuitant dies before the contract’s maturity date, the death benefit will be the greater of the accumulation value and the GMV. If the beneficiary spouse survives the annuitant, they may elect to go on with the policy as the owner. If the annuitant dies after the maturity date, the payments continue to a surviving owner or the beneficiary under the existing annuity option.
State Specific
If interested in the ProSaver Secure II annuity from Protective Life, check with your annuity advisor or financial specialist to learn about availability in your state.
