Variable Universal Life Insurance

 In the event of your death, the income tax-free death benefit1 from your Protective Strategic Objectives II VUL policy will be paid directly to your beneficiaries to help them replace your income and maintain their standard of living. It may also help cover burial and final expenses, as well as other recurring or future expenses. You can increase your policy’s face amount after the first policy year (subject to underwriting), or decrease the face amount after the third policy year, without having to buy new coverage if your needs change.

Depending on whether you want potential cash value growth to lower your cost of insurance or increase your death benefit over time, you have the choice of a level (unchanging) death benefit or an increasing death benefit. The cost of insurance is the amount you pay each month for your base policy (a policy with no additional riders or benefits) and is based on the difference between your death benefit and your cash value.

• Option A (Level) - A level death benefit is generally less expensive over time, and upon your death provides your beneficiaries the face amount of the policy as the death benefit.  As cash value grows, the cost of insurance decreases. What’s more, the death benefit actually increases if cash value exceeds the level face amount of the policy. 
• Option B (Increasing) - With an increasing death benefit, cash value growth does not lower the cost of insurance. Instead, cash value is added to the face amount of the policy as the death benefit.

Short-term market volatility can have a significant effect on surrender value, or the amount you receive when the policy is cancelled. Especially during the early years of the policy, surrender value may not be sufficient to cover monthly charges and deductions, and the policy can lapse. Because you want the assurance of continued protection and income for loved ones, even during the early years of the policy, Protective Strategic Objectives II VUL offers a lapse protection feature at no additional cost. Your policy will not lapse during the lapse protection period, regardless of surrender value, provided that premium payments are current (equal to or greater amounts than the minimum premium required) and any outstanding policy loans or withdrawals are accounted for 

Because our lives are always changing and financial needs vary widely, flexibility is a must. Protective Strategic Objectives II VUL offers premium flexibility. You can make unscheduled premium payments to repay policy loans or contribute to cash value, subject to certain minimums and limitations. As your life and budget change, you may decide later on to pay higher premiums to grow more cash value. This can be advantageous if you expect your income to grow.

In addition to providing a death benefit, Protective Strategic Objectives II VUL lets you allocate to the variable account, fixed account or both to help grow tax-deferred cash value. Investments to the variable account are not guaranteed to grow and can lose money. 

Because Protective Strategic Objectives II VUL provides protection and tax-deferred cash value growth potential, your policy can be part of a life insurance retirement plan strategy for supplementing your retirement income. Sufficient funding of the policy, combined with market performance, can help grow your cash value.