Protective%%®%% Aspirations variable annuity product enhancements
We are excited to announce that on May 1, 2023, we are making the following updates and enhancements to the Protective® Aspirations variable annuity and its investment lineup.
Investment lineup enhancements
We are adding a new fund manager to the investment platform and 21 new funds, increasing our lineup to 118 investment options. We’ve also added six new Allocation Portfolios for simple asset allocation.
New Fund Manager:
New investment options:
- Fidelity® VIP Growth Portfolio Service 2
- Fidelity® VIP Growth & Income Portfolio Service 2
- Fidelity® VIP Disciplined Small Cap Portfolio Service 2
- Fidelity® VIP Emerging Markets Portfolio Service 2
- Fidelity® VIP International Capital Appreciation Portfolio Service 2
- Fidelity® VIP Strategic Income Portfolio Service 2
- Fidelity® VIP High Income Portfolio Service 2
- Fidelity® VIP Bond Index Portfolio Service 2
- Fidelity® VIP Value Strategies Service 2
- MFS® VIT Growth Series Svc
- MFS® VIT II Core Equity Portfolio Svc
- MFS® VIT II International Growth Portfolio Svc
- MFS® VIT II International Intrinsic Value Portfolio Svc
- MFS® VIT II MA Investors Growth Stock Portfolio Svc
- MFS® VIT II Research International Portfolio Svc
- MFS® VIT III Blended Research Small Cap Equity Portfolio Svc
- MFS® VIT III Global Real Estate Portfolio Svc
- MFS® VIT III Mid Cap Value Portfolio Svc
- MFS® VIT Mid Cap Growth Series Svc
- MFS® VIT New Discovery Series Svc
- MFS® VIT Total Return Series Svc
Allocation Portfolio updates:
- For new business, beginning on May 1, 2023, we will be closing the American Funds Insurance Series® Allocation Growth Portfolio (100% equity target allocation) to new sales and reallocations.
- We are adding six new Allocation Portfolios from American Funds
- Global Growth (80/20 target allocation) **
- Growth (80/20 target allocation) **
- Global Growth and Income (65/35 target allocation) **
- Growth and Income (65/35 target allocation) **
- Global Balanced Growth & Income (50/50 target allocation) *
- Balanced Growth & Income (50/50 target allocation) *
*Available with SecurePay Protector benefit during accumulation and distribution
**Available with SecurePay Protector benefit during accumulation only
Allocation by Investment Category (AIC) program guideline update
To increase investment flexibility with SecurePay Protector lifetime benefit we are increasing the maximum allocation allowable in the moderate category of the AIC program from 60% to 90%.
This change to the AIC program will apply to new and existing Protective Aspirations variable annuity contracts.
Learn more about how Protective Aspirations variable annuity can help you unlock your customer's full retirement potential.
Explore Protective Aspirations
These product enhancements to Protective Aspirations variable annuity are for new sales effective May 1, 2023.
- Tickets/Applications dated April 30, 2023, or earlier and received in good order will be issued with the current withdrawal rates:
- Cash/Applications/Any 1035 exchange paperwork related to these new tickets/applications must be received no later than May 15, 2023 (10 business days from effective date).
- Previously submitted Annuity tickets/applications that are awaiting funding from 1035 exchanges and/or Not In Good Order (NIGO) items will continue to be processed through existing procedures.
We are committed to providing you with the best-in-class sales support. If you have any questions, please contact your National Account Manager
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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 copyright, trademark, and/or other proprietary rights and laws.
Protective Aspirations variable annuity is a flexible premium deferred variable and fixed annuity contract issued by PLICO in all states except New York under policy form series VDA-P-2006. SecurePay Investor benefits issued under rider form number VDA-P-6063. SecurePay Protector benefits issued under rider form number VDA-P-6061. SecurePay Nursing Home benefits issued under form number IPV-2159. Policy form numbers, product availability and product features may vary by state.
Variable annuities are long-term investments intended for retirement planning and involve market risk and the possible loss of principal. Investments in variable annuities are subject to fees and charges from the insurance company and the investment managers.
Investors should carefully consider the investment objectives, risks, charges and expenses of a variable annuity, any optional protected lifetime income benefit, and the underlying investment options before investing. This and other information is contained in the prospectuses for a variable annuity and its underlying investment options. Investors should read the prospectuses carefully before investing. Prospectuses may be obtained by contacting PLICO at 800-456-6330.