Protective Life Insurance Company understands being concerned about helping your loved ones maintain a source of income, and is proud to offer the Income Provider Option endorsement, a feature which lets you choose how your life insurance policy’s death benefit is paid.
Need to know more about how the Income Provider Option endorsement can protect your loved ones? Check out these answers to some frequently asked questions.
The Income Provider Option endorsement is available at no extra cost with Protective Life’s universal life insurance policies and can be a potential solution for meeting the income needs of your loved ones. This optional benefit allows you to predetermine how your policy’s proceeds will be paid after your death.
Because you choose the amount and duration of the payments, the Income Provider Option endorsement provides maximum flexibility to address your intentions and concerns. It offers the opportunity for you to influence the future financial welfare and interests of your loved ones by allowing you to structure payments with them in mind.
You can set up regular, recurring payments for your beneficiaries (loved ones) or a combination of an initial lump-sum payout and recurring income payments.
If you are gone, it is likely that your loved ones' lives will be suspended for some time. Unfortunately, the bills won't be. Utilities, groceries and mortgage payments will continue to come. The Income Provider Option endorsement can guarantee an income stream that replaces your paycheck for your family, helping to make sure they can continue to keep the lights on and cover unexpected expenses such as car repairs or medical bills.
In addition, the optional initial lump-sum payout can help with any immediate income needs like funeral and probate expenses, mortgage and auto loans and credit card debt.
When purchasing your universal life insurance policy from Protective Life, choose the Income Provider Option endorsement. You can then decide how you would like your policy’s death benefit to be paid.
Yes, you can name multiple beneficiaries and specify the amount for each beneficiary to receive. This is an important feature of the Income Provider Option endorsement which gives you more control over your life insurance policy’s death benefit.
Yes, while your life insurance policy is in force, you have the flexibility to change the benefit payment schedule if your needs or plans change. However, your beneficiaries may not change the plan after your death. This guarantees your wishes will be carried out exactly as desired.
There is no additional cost for adding the Income Provider Option endorsement to your life insurance policy. In fact, adding the Income Provider Option endorsement could even result in a reduction of premium compared to a traditional lump-sum death benefit policy.
The Income Provider Option endorsement is available with certain universal life insurance products, including Protective Custom Choice UL.
Additional questions? Call: 417-881-2080
Protective Custom Choice UL (UL-22) is a universal life insurance policy issued by Protective Life Insurance Company, Birmingham, AL. Policy form numbers, product features and availability may vary by state. Consult policies for benefits, riders, limitations and exclusions. Subject to underwriting. Up to a two-year contestable and suicide period. Benefits adjusted for misstatements of age or sex. In Montana, unisex rates apply.
The tax treatment of life insurance is subject to change. Neither Protective Life nor its representatives offer legal or tax advice. Please consult with your legal or tax advisor regarding your individual situation before making any tax-related decisions.
Income Provider Option endorsement (UL-E35) is an endorsement available only at issue on certain UL products issued by Protective Life Insurance Company. Actual terms and conditions contained in the product policy and the endorsement govern benefits provided. A portion of periodic payments may be reported as taxable income to the beneficiary. Consumers should consult their attorney or tax advisor regarding their individual situations. Please see the endorsement for more detailed information. May not be available in all states or on all currently-marketed UL products. State variations may apply. All payments and all guarantees are subject to the claims-paying ability of Protective Life Insurance Company.