Protective Life annuities

Overview

Protective Life is a Birmingham, Alabama, insurer whose annuities are issued by Protective Life Insurance Company in every state except New York, and by Protective Life and Annuity Insurance Company in New York. Its NAIC group, filed under its Japanese parent as the Dai-ichi Life Holdings group, ranked #24 among U.S. groups by 2024 individual annuity direct premiums written, according to NAIC market share data, with $5.58 billion in premiums and a 1.32% market share. Its life insurance products, history and claims process are covered in the Protective Life insurance profile.

Protective has been wholly owned by Daiichi Life Group of Tokyo since February 1, 2015. It does not have its own sales force: its annuities are sold through independent agents and marketing organizations, broker-dealers, banks and other financial institutions, so you will usually buy one through a financial professional who can also show you other insurers' products.

Protective is also known for acquiring other insurers' business, so many of its annuity owners did not buy from Protective originally. Its life profile lists the deals, including the 2018 Liberty Life and 2019 Great-West individual life and annuity blocks.

Annuities it sells

Protective's current lineup covers every major type except registered index-linked annuities, and several products build in lifetime income.

• Multi-year guaranteed annuity. Protective Secure Saver is a MYGA with guaranteed 5- and 7-year rate terms, a $10,000 minimum purchase (first year only) and three rate bands by purchase amount. It allows penalty-free withdrawals of up to 10% of contract value each year starting in year one and has built-in waivers for unemployment, terminal illness and nursing facility confinement. Withdrawal charges apply to larger withdrawals during the guarantee period, and a market value adjustment may apply.
• Fixed annuity with lifetime income. Protective Income Creator, for buyers 50 to 80 with a $25,000 minimum, locks an interest rate for 7 years and includes a lifetime income benefit that pays a set percentage of the net premium each year for life, plus the same 10% free withdrawal and waivers.
• Fixed indexed annuities. Protective Asset Builder II, from $10,000, credits interest linked to market indexes, including the Citi Flexible Allocation 6 Excess Return Index, and offers a cap that stays fixed for the whole surrender period. It has a return of purchase option, an annuitization bonus and an unemployment waiver. Protective Income Builder, for ages 50 to 85 with $25,000 to $1 million, adds a guaranteed lifetime income benefit whose benefit base grows by 10% of purchase payments a year for up to 10 years, plus a 15% benefit base bonus if you delay income at least five years. You can choose level or rising income. See fixed indexed annuities: caps, participation rates and trade-offs.
• Variable annuity. Protective Aspirations (Aspirations NY in New York), from $5,000, offers more than 120 investment options and a choice of two optional lifetime income benefits: SecurePay Protector, with a 7% annual compounding roll-up of the income base, and SecurePay Investor, with market-driven step-ups. Both can include SecurePay NH, which raises income for up to five years during qualifying health events. You carry the investment risk, and income benefits cost extra. See variable annuities: how they work, what they cost, who they suit and guaranteed lifetime withdrawal benefit riders.
• Immediate annuity. Protective ProPayer Income, for $50,000 to $1 million, pays for life or for 10 to 30 years, with lifetime options that can include a joint survivor, installment refund or cash refund. A PayPlus option adds yearly increases of up to 10% for an added fee, and a commutable value option lets you surrender a period-certain contract for a percentage of the adjusted purchase payment.

A roll-up percentage on an income benefit base is not an interest rate you can withdraw: the benefit base is used only to calculate lifetime withdrawals, and the contract's cash value can be much lower. Compare the guaranteed withdrawal amount, the rider charge and the surrender schedule, not the roll-up figure alone. The guides annuity surrender charges and free withdrawals and annuity fees, explained explain these costs.

Ownership and reinsurance

Protective's parent, Daiichi Life Group (formerly Dai-ichi Life Holdings), is a large Japanese life insurer listed on the Tokyo Stock Exchange. AM Best cites support from the parent in its ratings, and the parent has put in capital for Protective's acquisitions.

In March 2025 Protective agreed to cede about $9.7 billion of reserves to Resolution Life through reinsurance, covering structured settlement annuities and runoff secondary-guarantee universal life policies. Protective kept the administration, so affected annuity owners still deal with Protective, and Protective remains responsible for paying the benefits. Read reinsurance: the insurers behind your insurer for why such deals matter.

Financial strength

AM Best affirmed the A+ (Superior) financial strength rating of Protective Life Insurance Company and Protective Life and Annuity, with a stable outlook, on October 2, 2026. As of June 30, 2026, Protective's website listed AA- (Very Strong) from S&P, AA- from Fitch and Aa3 from Moody's, after reporting Moody's at A1 at the end of 2025. These ratings are in the upper tier for annuity writers (AM Best, S&P, Moody's and Fitch ratings explained).

If an insurer fails, state guaranty associations protect annuity values up to state limits; look up yours with the state guaranty association coverage lookup.

Who it suits

Protective suits buyers working with an independent agent, broker or bank who want a straightforward 5- or 7-year MYGA, guaranteed lifetime income built into a fixed or indexed annuity, or a variable annuity with income riders, from an insurer rated A+ by AM Best and AA- by S&P. It suits less well people who want to buy directly from the insurer, who want a registered index-linked annuity, or who would prefer a simple product over income riders with roll-ups and bonuses that take time to understand.

• Strengths: strong ratings (AM Best A+ affirmed October 2026; AA- from S&P and Fitch); a full range from MYGAs to immediate annuities; lifetime income options on fixed, indexed and variable products; a deep-pocketed Japanese parent.
• Weaknesses: sold only through intermediaries; income riders and roll-ups are complex and cost extra on the variable annuity; withdrawal charges and possible market value adjustments on fixed products; a below-average customer satisfaction ranking in J.D. Power's 2026 life insurance study (14th of 23), which measures life, not annuity, customers.

How to contact Protective Life