Protective life joins airline's Mileage program.
That is now possible under terms of a deal reached between the world's largest airline company and Protective Life Insurance Co., Birmingham, Ala., which in March joined the American Airlines AAdvantage Program and launched its MileageCredit variable annuity to program members. Under the program, every dollar invested in the annuity earns one AAdvantage mile, which can be redeemed for air travel, vacation packages and upgrades. Protective said miles will be awarded for initial purchase payments and may be awarded for subsequent purchase payments.
Protective also disclosed that MileageCredit's overall fees and expenses may be higher and the surrender-charge period longer than for annuity contracts that do not offer airline mileage. Over time, the value of the mileage could be more than offset by this difference, Protective said.
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|Article Type:||Brief Article|
|Date:||May 1, 2004|
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