Protective Life Insurance Company (Protective Life), Birmingham, Ala. (NYSE: PL), has designed a new indexed annuity. The Protective Indexed Annuity was formatted to maximize flexibility in order to access contract value in order to supplement income during unforeseen circumstances.
The annuity contains a range of withdrawal charge schedules and three interest crediting strategies that allow customers to grow contract value over time. The product also contains principle protection.
Created with the understanding that consumers are eager to invest in their future but opposed to high risk options and the volatility of the market, the product seeks to capitalize on the post-recession mindset of many Americans.
In conjunction with the fixed interest crediting strategy, the annuity offers two indexed interest crediting strategies—annual point to point and annual tiered rate.
In other industry news:
Andesa Services, an Allentown PA.-based company that provides policy and plan administration and support solutions for life insurance and annuity carriers and producers, recently announced the launch of their Policy Self Service Portal.
The portal is designed to allow policy owners access and manage their policy information through a secure, web-based platform. Policy owners will be able to handle routine maintenance which will in turn reduce the need for carriers to run call centers, thus reducing customer service costs.
InsPro Technologies, an Eddystone, PA.-based provider of insurance policy administration systems, has expanded their Senior Market portfolio with the addition of fixed and indexed annuity product support.
The expansion, which will be fully integrated into InsPro Enterprise, their Senior Market solution for Long Term Care, Medicare Supplement, Specified Illness, and Critical Illness builds upon a strong foundation of product support.
The aging baby boomer population are prompting raising the demand for annuities and Inspro Enterprise enables business users to add multiple product variations and custom modifications dealing with pure fixed, pure indexed and a combination of the two.