04/24/2024 | Press release | Distributed by Public on 04/24/2024 12:41
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Protective Strategic Objectives II VUL
An Individual Flexible Premium Variable and Fixed Life Insurance Policy |
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Issued by
Protective Variable Life Separate Account and Protective Life Insurance Company 2801 Highway 280 South Birmingham, Alabama 35223 Telephone: (800) 265-1545 |
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SPECIAL TERMS
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3
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UPDATED INFORMATION ABOUT YOUR POLICY
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5
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IMPORTANT INFORMATION YOU SHOULD CONSIDER ABOUT THE POLICY
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5
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FUND APPENDIX - FUNDS AVAILABLE UNDER THE POLICY
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FUND-1
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FEES AND EXPENSES
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Charges for Early Withdrawals
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If you withdraw money from your Policy after the first year, a withdrawal charge equal to the lesser of 2% of the amount withdrawn or $25 will be deducted from the Policy Value. For example, if you were to withdraw $100,000 from your Policy, you would be assessed a withdrawal charge of $25.
If you surrender the Policy within the first 10 Policy Years, you will be subject to a surrender charge of up to 5.65% of your Initial Face Amount. For example, if you surrender your Policy in the first Policy Year and the Initial Face Amount was $100,000, you could pay a surrender charge of up to $5,650.
For additional information about charges for surrenders and early withdrawals, see "CHARGES AND DEDUCTIONS" in the Prospectus.
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Transaction Charges
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In addition to withdrawal and surrender charges, you may be subject to other transaction charges, including charges on each premium paid under the Policy, charges in connection with a decrease to your Policy's Face Amount and transfer fees.
For additional information about transaction charges, see "CHARGES AND DEDUCTIONS" in the Prospectus.
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Ongoing Fees and Expenses (annual charges)
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In addition to surrender charges and transaction charges, you are also subject to certain ongoing fees and expenses under the Policy, including fees and expenses covering the cost of insurance ("COI") under the Policy, administration, mortality and expense risk, loans and the cost of optional benefits available under the Policy. Such fees and expenses may be set based on characteristics of the Insured (e.g., age, sex, and rating classification). You should review the Policy specifications page of your Policy for rates applicable to your Policy.
You will also bear expenses associated with the Funds available under the Policy, as shown in the following table:
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Annual Fee
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Minimum
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Maximum
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0.10%
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1.15%
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RISKS
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Risk of Loss
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You can lose money by investing in this Policy, including loss of principal.
For additional information about the risk of loss, see "PRINCIPAL RISKS OF INVESTING IN THE POLICY" in the Prospectus.
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RISKS
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Not a Short-Term Investment
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The Policy is not a short-term investment and is not appropriate for an investor who needs ready access to cash. The Policy is designed to provide benefits on a long-term basis. Although you are permitted to take withdrawals or surrender the Policy, surrender charges and federal and state income taxes may apply. Consequently, you should not use the Policy as a short-term investment or savings vehicle. Because of the long-term nature of the Policy, you should consider whether purchasing the Policy is consistent with the purpose for which it is being considered.
For additional information about the investment profile of the Policy, see "PRINCIPAL RISKS OF INVESTING IN THE POLICY," "CHARGES AND DEDUCTIONS," "USE OF THE POLICY" and "TAX CONSIDERATIONS--Taxation of Insurance Polices" in the Prospectus.
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Risks Associated with Investment Options
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An investment in the Policy is subject to the risk of poor investment performance and can vary depending on the performance of the investment options, or Funds, available under the Policy. Each investment option (including the Fixed Account investment option) will have its own unique risks, and investors should review these investment options before making an investment decision.
For additional information about the risks associated with Investment Options, see "PRINCIPAL RISKS OF INVESTING IN THE POLICY," "THE COMPANY AND THE FIXED ACCOUNT," "THE VARIABLE ACCOUNT AND THE FUNDS" and "FUND APPENDIX: FUNDS AVAILABLE UNDER THE POLICY" in the Prospectus.
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Insurance Company Risks
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An investment in the Policy is subject to the risks related to Protective Life, including that any obligations (including under the Fixed Account investment options), guarantees, or benefits are subject to the claims-paying ability of the Company. More information about the Company, including its financial strength ratings, is available upon request by calling toll-free 1-888-353-2654.
For additional information about Company risks, see "PRINCIPAL RISKS OF INVESTING IN THE POLICY" and "THE COMPANY AND THE FIXED ACCOUNT" in the Prospectus.
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Policy Lapse
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Your Policy could terminate if the value of your Policy becomes too low to support the Policy's monthly charges. Your Policy may also Lapse due to insufficient premium payments, poor investment performance, withdrawals, unpaid loans, or loan interest. There is a cost associated with reinstating a Lapsed Policy. Death Benefits will not be paid if the Policy has Lapsed.
For additional information about Policy Lapse, see "PRINCIPAL RISKS OF INVESTING IN THE POLICY," "PREMIUMS," "LOANS," and "LAPSE AND REINSTATEMENT" in the Prospectus.
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RESTRICTIONS
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Investments
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While you may transfer amounts in the Sub-Accounts (which invest in shares of a corresponding Fund) and the Fixed Account, certain restrictions and transfer fees apply with regard to the number and amount of such transfers. Transfers are also subject to the excessive trading and market timing polices described in the Prospectus.
We reserve the right to remove or substitute Funds as investment options.
For additional information about Investment Options, see "TRANSFERS" and "ADDITION, DELETION, OR SUBSTITUTION OF INVESTMENTS" in the Prospectus.
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Optional Benefits
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Optional benefits, including Policy loans, are subject to additional charges. Some optional benefits are available only at the time your Policy is issued and may not be available for all Owners or Insureds. The maximum loan amount we allow at any time may not exceed 99% of the Policy's Cash Value reduced by any Policy Debt or any lien outstanding (including accrued interest) on the Valuation Day your loan request is received.
For additional information about the optional benefits, see "OTHER BENEFITS AVAILABLE UNDER THE POLICY" and "SUPPLEMENTAL RIDERS AND ENDORSEMENTS" in the Prospectus.
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TAXES
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Tax Implications
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You should consult with a tax professional to determine the tax implications regarding the purchase, ownership, and use of a Policy. Withdrawals and surrenders may be subject to income tax and will be taxed at ordinary tax rates. In addition, withdrawals and surrenders may be subject to an additional tax depending on the circumstances.
For additional information about tax implications, see "TAX CONSIDERATIONS" in the Prospectus.
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CONFLICTS OF INTEREST
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Investment Professional Compensation
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Some investment professionals have and may receive compensation for selling the Policy to investors, which may include commissions, revenue sharing, compensation from affiliates and third parties. These investment professionals may have a financial incentive to offer or recommend the Policy over another investment.
For additional information about compensation, see "SALE OF THE POLICIES" in the Prospectus.
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Exchanges
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Some investment professionals may have a financial incentive to offer an investor a new policy in place of the one he or she already owns. You should only exchange your policy if you determine, after comparing the features, fees, and risks of both policies, that it is preferable for you to purchase the new policy rather than continue to own the existing policy.
For additional information about exchanges, see "EXCHANGE PRIVILEGE" and "TAX CONSIDERATIONS--Section 1035 Exchanges" in the Prospectus.
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Asset
Allocation Type |
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Fund - Investment Adviser;
Sub-Adviser(s), as applicable |
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Current
Expenses |
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Average Annual Total Returns
(as of 12/31/2023) |
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1 Year
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5 Year
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10 Year
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Allocation
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American Funds Insurance Series® Asset Allocation Fund - Class 1
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0.30%
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14.55%
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9.47%
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7.51%
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International
Equity |
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American Funds Insurance Series® Global Growth Fund - Class 1(1)
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0.41%
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22.91%
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13.93%
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9.85%
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U.S. Equity
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American Funds Insurance Series® Growth Fund - Class 1
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0.34%
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38.81%
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18.97%
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14.64%
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U.S. Equity
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American Funds Insurance Series® Growth-Income Fund - Class 1
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0.28%
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26.47%
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13.65%
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11.19%
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International
Equity |
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American Funds Insurance Series® New World Fund® - Class 1(1)
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0.57%
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16.22%
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8.90%
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4.95%
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U.S. Equity
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ClearBridge Variable Small Cap Growth Portfolio - Class I - ClearBridge Investments, LLC
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0.80%
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8.40%
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9.56%
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7.89%
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International
Equity |
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DFA VA International Small Portfolio - Institutional Class - Dimensional Fund Advisors Ltd; DFA Australia Limited
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0.40%
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14.11%
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7.86%
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4.89%
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International
Equity |
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DFA VA International Value Portfolio - Institutional Class - Dimensional Fund Advisors Ltd; DFA Australia Limited
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0.27%
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17.86%
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8.87%
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4.16%
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U.S. Equity
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DFA VA U.S. Large Value Portfolio - Institutional Class
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0.21%
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10.92%
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10.71%
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8.10%
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Taxable Bond
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DFA VIT Inflation-Protected Securities Portfolio - Institutional Class - Dimensional Fund Advisors Ltd; DFA Australia Limited
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0.11%
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4.02%
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3.10%
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-
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U.S. Equity
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Fidelity® VIP Growth Opportunities Portfolio - Initial Class - FMR Investment Management (U.K.) Limited; Fidelity Management & Research (Japan) Limited; Fidelity Management & Research (HK) Ltd
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0.59%
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45.65%
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19.09%
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15.73%
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U.S. Equity
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Fidelity® VIP Index 500 Portfolio - Initial Class - Geode Capital Management, LLC
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0.10%
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26.19%
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15.56%
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11.92%
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Taxable Bond
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Fidelity® VIP Investment Grade Bond Portfolio - Initial Class - FMR Investment Management (U.K.) Limited; Fidelity Management & Research (Japan) Limited; Fidelity Management & Research (HK) Ltd
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0.38%
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6.20%
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1.97%
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2.33%
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U.S. Equity
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Fidelity® VIP Mid Cap Portfolio - Initial Class - FMR Investment Management (U.K.) Limited; Fidelity Management & Research (Japan) Limited; Fidelity Management & Research (HK) Ltd
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0.57%
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15.08%
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12.45%
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8.12%
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U.S. Equity
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Franklin Growth and Income VIP Fund - Class 1 - Franklin Advisers, Inc.(1)
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0.59%
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9.18%
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11.30%
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8.72%
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Allocation
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Franklin Income VIP Fund - Class 1 - Franklin Advisers, Inc.(1)
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0.46%
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8.87%
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7.25%
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5.28%
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Taxable Bond
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Goldman Sachs VIT Core Fixed Income Fund - Institutional Class(1)
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0.42%
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6.08%
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1.37%
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1.88%
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U.S. Equity
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Goldman Sachs VIT Mid Cap Value Fund - Institutional Class(1)
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0.84%
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11.42%
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13.36%
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8.10%
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U.S. Equity
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| | | Invesco® V.I. Diversified Dividend Fund - Series I | | | |
0.68%
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9.05%
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9.81%
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7.80%
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International
Equity |
| | | Invesco® V.I. Global Fund - Series I | | | |
0.82%
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34.73%
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12.30%
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8.47%
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Asset
Allocation Type |
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Fund - Investment Adviser;
Sub-Adviser(s), as applicable |
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Current
Expenses |
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Average Annual Total Returns
(as of 12/31/2023) |
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1 Year
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5 Year
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10 Year
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Buffer
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Invesco® V.I. S&P 500 Buffer December Fund - Series I - Invesco Asset Management Limited(1)
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0.71%
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19.25%
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-
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-
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Buffer
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Invesco® V.I. S&P 500 Buffer June Fund - Series I - Invesco Asset Management Limited(1)
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0.71%
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19.20%
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-
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-
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Buffer
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Invesco® V.I. S&P 500 Buffer March Fund - Series I - Invesco Asset Management Limited(1)
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0.71%
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20.54%
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-
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-
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Buffer
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Invesco® V.I. S&P 500 Buffer September Fund - Series I - Invesco Asset Management Limited(1)
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0.71%
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20.20%
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-
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-
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Money Market
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Invesco® V.I. U.S. Government Money Portfolio - Series I
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0.63%
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4.53%
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1.53%
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0.94%
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Taxable Bond
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Lord Abbett Series Fund - Bond Debenture Portfolio - Class VC
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0.90%
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6.34%
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3.20%
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3.51%
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U.S. Equity
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Lord Abbett Series Fund - Dividend Growth Portfolio - Class VC(1)
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0.99%
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15.94%
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13.20%
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10.20%
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Taxable Bond
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PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged) - Institutional Class
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1.13%
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9.18%
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1.79%
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3.21%
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Taxable Bond
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| | | PIMCO VIT Short-Term Portfolio - Institutional Class | | | |
0.51%
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6.06%
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2.28%
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2.02%
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Taxable Bond
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PIMCO VIT Total Return Portfolio - Institutional Class
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0.60%
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6.09%
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1.23%
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1.86%
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U.S. Equity
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Putnam VT Sustainable Leaders Fund - Class IA - Putnam Investments Limited
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0.65%
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26.42%
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16.38%
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12.87%
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U.S. Equity
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Royce Capital Small-Cap Portfolio - Investment Class
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1.15%
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25.93%
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10.17%
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5.61%
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International
Equity |
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Templeton Developing Markets VIP Fund - Class 1 - Franklin Templeton Investment Management, Ltd(1)
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1.10%
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12.77%
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4.45%
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2.58%
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Allocation
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TOPS® Aggressive Growth ETF Portfolio - Class 1 - Milliman Financial Risk Management LLC
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0.29%
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17.77%
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10.83%
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7.69%
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Allocation
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TOPS® Conservative ETF Portfolio - Class 1 - Milliman Financial Risk Management LLC
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0.31%
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9.48%
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5.11%
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3.64%
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Allocation
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TOPS® Growth ETF Portfolio - Class 1 - Milliman Financial Risk Management LLC
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0.29%
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16.41%
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9.75%
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6.81%
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Allocation
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TOPS® Moderate Growth ETF Portfolio - Class 1 - Milliman Financial Risk Management LLC
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0.29%
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13.81%
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8.23%
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5.86%
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U.S. Equity
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| | | Vanguard® VIF Capital Growth Portfolio | | | |
0.34%
|
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27.98%
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14.33%
|
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12.85%
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U.S. Equity
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| | | Vanguard® VIF Equity Income Portfolio | | | |
0.29%
|
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8.10%
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11.57%
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9.53%
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International
Equity |
| | | Vanguard® VIF International Portfolio | | | |
0.33%
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14.65%
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10.28%
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6.80%
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Sector Equity
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| | | Vanguard® VIF Real Estate Index Portfolio | | | |
0.26%
|
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11.70%
|
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7.18%
|
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7.29%
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Taxable Bond
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Vanguard® VIF Short-Term Investment-Grade Portfolio
|
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0.14%
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6.16%
|
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2.13%
|
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1.93%
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