Protective ProPayer Income Annuity
Protective Life Insurance Company
An immediate annuity that converts a single lump sum payment into reliable income that begins right away. Designed for retirees who want guaranteed income with flexibility in how payments are structured.
Key Features
Immediate Income Start
Payments start immediatelyIncome payments begin shortly after purchase, with no accumulation period
Flexible Payment Options
5-30 year certain period; life options with single or joint survivorChoose how long payments last: a fixed period, for life, or life with a refund feature for heirs
Investment Range
$10,000 minimum; $1 million maximumMinimum and maximum investment limits to suit different retirement portfolios
PAYPlus Option
Up to 10% annual increase on prior year paymentOptional feature providing annual compounding income increases to help offset inflation
Commutable Value Option
80-100% return depending on contract year and certain period lengthEmergency access to a percentage of your adjusted investment if circumstances change significantly
Age Eligibility
Age 99 or younger; age 85 or younger for cash refund optionAvailable to a wide range of ages with a special restriction on the cash refund option
Highlights
Convert a lump sum into guaranteed income that starts immediately
Choose from multiple payment options including life income, certain period, or joint and survivor
Optional PAYPlus feature provides annual income increases up to 10% to help keep pace with inflation
Commutable Value Option allows emergency access to a portion of your remaining investment
Flexible investment amounts from $10,000 to $1 million
Best For
Retirees and pre-retirees who have accumulated savings and want to convert a lump sum into guaranteed, predictable income for retirement while maintaining some flexibility in payment structure.
Consider Alternatives If
Individuals who need access to their full investment amount in the near term or who cannot afford to lock away capital into an annuity contract.
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