An insurer says it is making some of its annuity products more flexible.
Protective Life Insurance Company, a unit of Protective Life Corp., Birmingham, Ala., says it has introduced a new Participation Rate crediting option for holders of its Protective ProSaver Index Series annuities.
The new strategy credits interest at a rate equal to a specified percentage of any increase in the S&P 500 index during the contract year, with no cap on interest that may be credited, Protective Life says.
Once a contract is purchased, the "participation rate" may change annually, but it is guaranteed to be at least 25% of any increase in the S&P 500 index, Protective Life says
