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Increased withdrawal rates for Protective® Income Builder indexed annuity

December 19, 2022


With ongoing market uncertainty and higher cost-of-living expenses, it's more important than ever to find better ways to protect retirements. In our continuous effort to help you offer competitive annuities to meet your customers' retirement income goals, we've increased the guaranteed lifetime withdrawal rates for the Guaranteed Income Benefit available with our Protective Income Builder indexed annuity. This update is effective December 19, 2022 for new sales.

Here's a look at the new guaranteed lifetime withdrawal rates for key retirement ages*

Issue age
62
65
67
70
72
Single withdrawal rates
5.90%
6.40%
6.60%
6.90%
7.10%
Joint withdrawal rates
5.40%
5.90%
6.10%
6.40%
6.60%
*Withdrawal rates at key retirement ages for Level Income option shown for single persons and spouses are based on the benefit being taken within the first year. For guaranteed lifetime income percentages for every age, see the Product Comparison Grid.

Transition rules:


Protective will be increasing the withdrawal rates for the Guaranteed Income Benefit available on the Protective Income Builder indexed annuity for new sales effective December 19, 2022.


  • Tickets/applications dated December 18, 2022, 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 January 4, 2023 (10 business days from the effective date).
  • Previously submitted annuity tickets/applications that are awaiting funding from 1035 exchanges and/or Not In Good Order items will continue to be processed through existing procedures.
  • Tickets/applications for the Protective Income Builder indexed annuity dated December 19, 2022, and after will be accepted and issued with the new withdrawal rates.

To learn more about this protected lifetime income solution, contact your Protective representative.

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All non-guaranteed components of the indexing formula may change and could be different in the future. Indexed interest could be less than that earned in a traditional fixed annuity and could be zero. For product details, benefits, limitations, and exclusions, please consult the product guide and disclosure statement. These documents describe the terms and conditions that control the insurance company’s contractual obligations

Protective Income Builder is a limited flexible premium deferred indexed annuity contract with a limited market value adjustment, issued under policy forms FIA-P-2010 and FIA-P-2011, and state variations thereof. For Idaho, the contract form number is ICC15-FIA-P-2011. The Guaranteed Income Benefit is provided under rider policy form ICC17-FIA-P-6048 and state variations thereof. Protective Income Builder is issued by Protective Life Insurance Company located in Nashville, TN. Policy form numbers, product availability and features may vary by state.

Protective Income Builder is not an investment in any index, is not a security or stock market investment, does not participate in any stock or equity investment, and does not contain dividends.

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