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Protective Life Launches ProtectiveRewards Variable Annuity; Next-Generation Design Stresses Long-Term Consumer Value.

BIRMINGHAM, Ala. -- Protective Life Insurance Company (NYSE:PL) today announced the introduction of a new variable annuity designed to help people more effectively prepare for and live through retirement. The new annuity, ProtectiveRewards(SM), combines competitive contract fees, innovative features designed to reward long-term investors, and guaranteed income options in retirement.

"We had one overriding objective in the development of ProtectiveRewards(SM)- to build a next-generation variable annuity designed to reward long-term investors focused on both accumulating wealth today and ensuring retirement income in the future," said John B. Deremo, Senior Vice President of Protective's Institutional Distribution Group. "We believe we hit that mark with ProtectiveRewards(SM)."

"ProtectiveRewards(SM) takes a back to basics approach to variable annuity investing, focusing on long-term consumer value," said Eric Miller, Vice President, National Marketing Director for Protective's Institutional Distribution Group. "We are very excited about ProtectiveRewards(SM). Financial representatives have asked for lower contract fees, meaningful features, and more consumer value. We have answered that call with ProtectiveRewards(SM)."

ProtectiveRewards(SM) includes the following features and benefits:

--Competitive Mortality and Expense Risk Charge

Mortality and Expense Risk Charge is just 0.95% (on an annualized basis).

--Persistency Reward (IPV-2127)

Designed to reward long-term contract holders during the accumulation phase, the Persistency Reward essentially reduces the ongoing cost of owning ProtectiveRewards(SM). It provides a reward (based on the value of amounts allocated to the variable sub-accounts) of:

--2.00% on the 8th contract anniversary,

--An annual reward of 0.20% beginning with the 9th contract anniversary and continuing until the 15th contract anniversary,

--An annual reward of 0.40% beginning with the 16th contract anniversary and continuing until the Annuity Commencement Date.

--Annuity Value Bonus (IPV-2125)

Designed to reward long-term contract holders who decide to annuitize their contract. It provides a bonus of 2.00% (based on the Contract Value) upon annuitization on or after the 10th contract anniversary. (Limitations and qualifications apply; see a prospectus for complete information.)

--Minimum Annuity Value Benefit (IPV-2124)

Designed to help protect contract holders who know they want to annuitize their contract. It guarantees a minimum value upon annuitization on the 7th contract anniversary. (Limitations and qualifications apply; see a prospectus for complete information.)

--Innovative Death Benefit Fee Options (IPV-2121, -2122, - 2123)

Offers a choice of three innovative fee options for any optional death benefit selected - an Asset Based Fee, a Death Benefit Based Fee, or a Net Amount at Risk Fee.

About Protective

Protective Life Corporation, the parent company of Protective Life Insurance Company, was established on a profound belief in the American dream. Since 1907, Protective Life Insurance Company has remained true to its core values: Quality, Serving People, and Growth. This unwavering commitment to doing the right thing for the people we serve has been rewarded with stable, long-term relationships and continuous growth. Today, Protective Life Corporation and its subsidiaries have over 2,500 employees nationwide, each dedicated to proving the wisdom of our collective vision: Doing the right thing is smart business(R).

All guarantees, including income payments and death benefits are subject to the claims paying ability of Protective Life Insurance Company.

Variable annuities are long-term investments intended for retirement planning. They involve the risk of investing in equity securities, including market risk and loss of principal. Investments in variable annuities are subject to fees and charges from the insurance company and the investment managers. Withdrawals of earnings will be subject to income tax and may be subject to a 10% IRS penalty tax if taken prior to age 59 1/2. Early withdrawals will reduce net earnings.

Variable annuities issued by Protective Life Insurance Company (PLICO). Securities offered by Investment Distributors, Inc. (IDI). Both located at 2801 Highway 280 South, Birmingham, AL 35223. PLICO and IDI are each subsidiaries of Protective Life Corporation. Protective Life Corporation is a separate company and is not responsible for the financial condition or contractual obligations of PLICO or IDI.

Policy form numbers IPV-2112, -2113 (and state variations thereof). A flexible premium deferred variable and fixed annuity contract.

Product features and availability may vary by state.

Investors should carefully consider the investment objectives, risks, charges, and expenses of the ProtectiveRewards(SM) variable annuity and its underlying investment options before investing. This and other information is contained in the prospectuses for the ProtectiveRewards(SM) 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.
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Publication:Business Wire
Date:Jul 6, 2004
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