Income Provider Option endorsement - Choose how your death benefit is paid.

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.

What will happen to your family if you - or your spouse - pass away prematurely?
Would your family’s financial future be secure?

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Frequently Asked Questions


How could the Income Provider Option endorsement help me?

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.

Why would I use the Income Provider Option endorsement?

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.

How do I make the Income Provider Option endorsement work for me?

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.

  • Benefit period – You can choose a benefit period from one to 30 years
  • Payment schedule – Benefit payments can be made monthly, annually or on a specific day each year, like a birthday or holiday
  • Payment type – You can select a lump-sum payment, regular income stream benefit payments or a combination of both
  • Distribution – You can even have the benefit amount distributed to multiple beneficiaries, either equally or divided as you choose

What if I have multiple beneficiaries? Can I still use the Income Provider Option endorsement to help them?

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.

What if my situation changes? Will I be able to change the benefits?

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.

How much will adding the Income Provider Option endorsement cost?

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.

Is the Income Provider Option endorsement available on all Protective Life insurance plans?

The Income Provider Option endorsement is available with certain universal life insurance products, including Protective Custom Choice UL.

How can I find out more about the Income Provider Option endorsement?

For more information about the Income Provider Option endorsement, click here to view the Consumer Guide. You can also contact us here to learn more about life insurance products from Protective Life and how you can protect your loved ones with the Income Provider Option endorsement.

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.