Innovative New Universal Life Insurance Products Now Available from Protective Life and West Coast Life

BIRMINGHAM, Ala.--(BUSINESS WIRE)--Protective Life Insurance Company and West Coast Life Insurance Company continue to drive innovation with the release of two new innovative universal life insurance products. Protective OneStep Life and West Coast Life OneStep Life are flexible premium universal life insurance policies that offer initial premiums 25% less* than other guaranteed universal life insurance product options (based on underwriting class).

“These savings make it affordable for families to purchase an adequate amount of permanent coverage, when it otherwise may not have been possible.”

Both products provide a lower entry-level premium concept to guaranteed** death benefit coverage. Consumers pay lower level premiums for the first five policy years, which will increase in year 6 to higher guaranteed* level premiums, and remain level throughout the selected lapse protection duration of the policy.

The Protective OneStep Life and West Coast Life OneStep Life products also retain the features and flexibility of universal life insurance, including a built-in lapse protection provision and lapse protection duration options to address ever-changing consumer needs.** Both products offer several options for customizing a policy and lapse protection duration options to ages 90, 95, 100 and 121.*** The lapse protection duration and face amount are selected by the policyholder.

“Industry research shows 56% of consumers state the reason for not purchasing life insurance as the policy being too expensive and they cannot afford the premium,” says John Deremo, Senior Vice President and Chief Distribution Officer of Protective Life. “With the Protective OneStep Life and West Coast Life OneStep Life products, consumers will enjoy an initial 25% premium cost-savings over other guaranteed universal life product options,” Deremo continued. “These savings make it affordable for families to purchase an adequate amount of permanent coverage, when it otherwise may not have been possible.”

LIMRA: 2009 U.S. Buyers and Non-buyers of Life Insurance

About Protective Life and West Coast Life Insurance Companies

Protective Life Insurance Company and West Coast Life Insurance Company help to provide financial security through insurance and investment products. For over one hundred years, these historic companies have remained true to the core values of quality, serving people and growth. This unwavering commitment to treating people the way we would like to be treated has been rewarded with stable, long-term relationships and growth. Today, Protective Life and West Coast Life are among the nation's leading insurance companies, drawing on a heritage of strength and a tradition of innovation, while proving the wisdom of our collective vision: Doing the right thing is smart business.^®

* Initial premium savings in policy years 1 – 5 is based on underwriting class and compared to other available guaranteed UL product options.

** The policy will not lapse due to insufficient funds as long as the Lapse Protection Account value equals or exceeds policy debt. The amount of premium and any charges determine if the lapse protection is in effect. Loans, partial surrenders, policy changes, and any delinquent premium outlays will affect the length of the protection. The lapse protection guarantees the policy death benefit only, not the cash or surrender value. Refer to policy and endorsements for complete limitations, terms, and conditions

*** Preferred Tobacco and Tobacco classes illustratable only to age 100 and 121.

Protective One Step Life, policy form UL-15 and state variations thereof, and WCL OneStep Life, policy form WC-U15 and state variations thereof, are flexible premium universal life insurance policies issued by Protective Life and West Coast Life Insurance Companies, 2801 Highway 280 South, Birmingham, AL 35223. Product features and availability may vary by state. Consult policy 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. All payments and all guarantees are subject to the claims paying ability of Protective Life Insurance Company.

Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=6778453&lang=en