Protective Life Insurance Co.Protective Life Insurance Co. has introduced its first indexed annuity annuity: see insurance. annuity Payment made at a fixed interval. A common example is the payment received by retirees from their pension plan. There are two main classes of annuities: annuities certain and contingent annuities. , the ProSaver Index Choice. The product offers seven- or 10-year initial surrender To give up, return, or yield. The word surrender presupposes the possession or ownership of the thing that is to be returned or given up. It indicates a transfer of title as well as possession, but it does not express or in any way suggest the transaction of a sale periods, the choice of a fixed or indexed account, annual reset, credited interest linked, in part to the performance of the S&P 500 Index during the prior contract year, a higher interest-rate cap for contract values of $50,000 or more, and an annuity value bonus of 2% upon annuitization Annuitization The process of converting an annuity investment into a series of periodic income payments. Annuities may be annuitized regularly, over a long or short time period, or in some cases, in one single payment. on or after the 10th contract anniversary. |
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