2008-11-09 02:12:02 -
www.protective.com - Protective Life Insurance Company Eric Miller Vice President and National Marketing Director 205-268-3029 eric.miller@protective.com or Eva Robertson Vice President, Investor Relations 205-268-3912 eva.robertson@protective.com Protective Life Insurance Company and West Coast Life Insurance Company announced the release of two new current assumption universal life policies, the Protective ProClassic(SM) UL and the West Coast LifeTime Advantage Plus(SM) UL. The Protective
ProClassic(SM) UL and the West Coast LifeTime Advantage Plus(SM) UL products continue to build on our experience and expertise as issuers of competitive and innovative permanent life insurance products.
Both the ProClassic UL and the Lifetime Advantage Plus UL are current assumption universal life insurance policies that offer affordable death benefit protection, with flexible coverage options, and the potential for tax-deferred cash-value accumulation.(1) In addition, both products offer a Lapse Protection Period that may vary by issue age and ranges up to 15 years (provided the minimum premium requirements are met net of loans and withdrawals).(2)
The ProClassic UL and the LifeTime Advantage Plus UL products were designed primarily for clients who wish to provide death benefit protection that may help enhance and transfer wealth to their loved ones. For greater flexibility, these products offer benefits and riders such as the Death Benefit Plus Rider, which provides additional insurance equal to the total amount of cumulative paid premiums. In addition, they are also available for Premium Financing through our approved plan providers.
"The introduction of Protective Life's ProClassic UL and West Coast Life's Lifetime Advantage Plus UL demonstrates our continued commitment to providing affordable permanent life insurance products, especially at a time when clients need it most," said John Deremo, Senior Vice President and Chief Distribution Officer of Protective Life Insurance Company's and West Coast Life Insurance Company's Life and Annuity Divisions "Adding these products to our UL portfolios illustrates our dedication to providing competitive and flexible products to our sales force and their clients."
Whether the need is for wealth preservation, retirement planning or business insurance applications, the Protective ProClassic(SM) UL and the West Coast LifeTime Advantage Plus(SM) UL can play an important role.
Drawing on over 200 years of combined service, Protective Life and West Coast Life deliver a competitive line-up of innovative, consumer-friendly life and annuity products, backed by a wide array of high-value sales tools, and dedicated marketing support. Both companies remain committed to providing quality service and being easy to do business with - making Protective Life and West Coast Life the companies of choice for top financial advisors, life insurance agents, brokers and their clients.
(1) The tax treatment of life insurance is subject to change. Neither Protective Life, West Coast Life, nor its representatives offer legal or tax advice. Purchasers should consult their attorney or tax advisor regarding their individual situation.
(2) In order for the lapse protection to be in force, accumulated premiums paid (less loans and withdrawals) must be equivalent to or greater than the accumulated minimum monthly premium. If only the minimum monthly premium is paid, there may be little or no surrender value upon maturity.
Protective ProClassic UL, policy form UL-15 and state variations thereof, is a flexible premium universal life insurance policy issued by Protective Life Insurance Company, 2801 Highway 280 South, Birmingham, AL 35223. Product features and availability may vary by state. Consult policy for benefits, riders, limitations, and exclusions. Subject to underwriting. Up to 2-year contestable and suicide period. Benefits adjusted for misstatements of age or sex. In Montana, unisex rates apply to all sexes.
West Coast LifeTime Advantage Plus, policy form WC-U15 and state variations thereof, is a flexible premium universal life insurance policy issued by West Coast Life Insurance Company, 343 Sansome Street, San Francisco, CA 94104. Product features and availability may vary by state. Consult policy for benefits, riders, limitations, and exclusions. Subject to underwriting. Up to 2-year contestable and suicide period. Benefits adjusted for misstatements of age or sex. In Montana, male rates apply to all sexes.
About Protective Life and West Coast Life Insurance Companies
Protective Life Corporation was established on a profound belief in the American dream: provide quality products with excellent service and success will follow. 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, our employees nationwide are dedicated every day to proving the wisdom of our collective vision: Doing the right thing is smart business.(R) Protective Life Corporation offers a broad portfolio of life and specialty insurance and investment products through its insurance company subsidiaries, Protective Life Insurance Company and West Coast Life Insurance Company.
Competitive products stress affordability and flexibility
