Premiere III
An Individual Flexible Premium Variable and Fixed Life Insurance Policy

Issued by
Protective Variable Life Separate Account
and
Protective Life Insurance Company
2801 Highway 280 South
Birmingham, Alabama 35223
Telephone: (800) 265-1545

FEES AND EXPENSES

Charges for Early Withdrawals

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you withdraw money from your Policy after the first year, a withdrawal charge equal to the lesser of 2% of the amount withdrawn or $25 will be deducted from the Policy Value.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 5.45% 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 $5,450.

For additional information about charges for surrenders and early withdrawals, see "CHARGES AND DEDUCTIONS" and "FEE TABLE-- Transaction Charges" in the Prospectus.

Transaction Charges

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" and "FEE TABLE --Transaction Charges" in the Prospectus.

Ongoing Fees and Expenses (annual charges)

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 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:

Annual Fee

Minimum

Maximum

0.13%

2.375%

RISKS

Risk of Loss

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.

RISKS

Not a Short-Term Investment

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.

Risks Associated with Investment Options

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.

Insurance Company Risks

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.

Policy Lapse

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.

RESTRICTIONS

Investments

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.

Optional Benefits

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.

TAXES

Tax Implications

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.

CONFLICTS OF INTEREST

Investment Professional Compensation

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.

Exchanges

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.

Asset
Allocation
Type

Fund - Investment Adviser;
Sub-Adviser(s), as applicable

Current
Expenses

Average Annual Total Returns
(as of 12/31/2023)

1 Year

5 Year

10 Year

Allocation

American Funds Insurance Series® Asset Allocation Fund - Class 2

0.55%

14.27%

9.20%

7.25%

International
Equity

American Funds Insurance Series® Global Growth Fund - Class 2(1)

0.66%

22.60%

13.65%

9.58%

International
Equity

American Funds Insurance Series® Global Small Capitalization Fund - Class 2(1)

0.91%

16.17%

8.31%

5.78%

U.S. Equity

American Funds Insurance Series® Growth Fund - Class 2

0.59%

38.49%

18.68%

14.36%

International
Equity

American Funds Insurance Series® International Fund - Class 2

0.78%

15.84%

4.83%

3.41%

International
Equity

American Funds Insurance Series® New World Fund® - Class 2(1)

0.82%

15.99%

8.64%

4.69%

U.S. Equity

American Funds Insurance Series® Washington Mutual Investors Fund℠ - Class 2(1)

0.52%

17.29%

12.60%

9.91%

U.S. Equity

ClearBridge Variable Mid Cap Portfolio - Class II - ClearBridge Investments, LLC

1.08%

12.62%

10.46%

6.83%

U.S. Equity

ClearBridge Variable Small Cap Growth Portfolio - Class II - ClearBridge Investments, LLC

1.05%

8.12%

9.29%

7.62%

U.S. Equity

Fidelity® VIP Contrafund® Portfolio - Service Class - FMR Investment Management (U.K.) Limited; Fidelity Management & Research (Japan) Limited; Fidelity Management & Research (HK) Ltd

0.66%

33.34%

16.54%

11.50%

U.S. Equity

Fidelity® VIP Equity-Income Portfolio - Service Class - FMR Investment Management (U.K.) Limited; Fidelity Management & Research (Japan) Limited; Fidelity Management & Research (HK) Ltd(6)

0.57%

10.53%

12.18%

8.47%

Allocation

Fidelity® VIP Freedom Funds - Freedom 2015 Portfolio℠ - Service Class(6)

0.53%

10.86%

6.45%

5.09%

Allocation

Fidelity® VIP Freedom Funds - Freedom 2020 Portfolio℠ - Service Class(6)

0.57%

12.34%

7.38%

5.63%

U.S. Equity

Fidelity® VIP Growth Portfolio - Service Class - FMR Investment Management (U.K.) Limited; Fidelity Management & Research (Japan) Limited; Fidelity Management & Research (HK) Ltd(6)

0.68%

36.09%

19.52%

14.68%

U.S. Equity

Fidelity® VIP Index 500 Portfolio - Service Class - Geode Capital Management, LLC

0.20%

26.07%

15.45%

11.81%

Taxable Bond

Fidelity® VIP Investment Grade Bond Portfolio - Service Class - FMR Investment Management (U.K.) Limited; Fidelity Management & Research (Japan) Limited; Fidelity Management & Research (HK) Ltd

0.48%

6.12%

1.87%

2.24%

U.S. Equity

Fidelity® VIP Mid Cap Portfolio - Service Class - FMR Investment Management (U.K.) Limited; Fidelity Management & Research (Japan) Limited; Fidelity Management & Research (HK) Ltd

0.67%

15.00%

12.34%

8.02%

U.S. Equity

Franklin DynaTech VIP Fund - Class 2 - Franklin Advisers, Inc.(1)

0.90%

43.77%

13.76%

10.37%

Asset
Allocation
Type

Fund - Investment Adviser;
Sub-Adviser(s), as applicable

Current
Expenses

Average Annual Total Returns
(as of 12/31/2023)

1 Year

5 Year

10 Year

Allocation

Franklin Income VIP Fund - Class 2 - Franklin Advisers, Inc.(1)

0.71%

8.62%

6.98%

5.01%

Allocation

Franklin Mutual Shares VIP Fund - Class 2 - Franklin Mutual Advisers, LLC

0.93%

13.46%

7.82%

5.43%

U.S. Equity

Franklin Rising Dividends VIP Fund - Class 2 - Franklin Advisers, Inc.(1)

0.90%

12.08%

13.75%

10.23%

U.S. Equity

Franklin Small Cap Value VIP Fund - Class 2 - Franklin Mutual Advisers, LLC(1)

0.91%

12.75%

11.06%

7.04%

U.S. Equity

Franklin Small-Mid Cap Growth VIP Fund - Class 2 - Franklin Advisers, Inc.(1)

1.08%

26.74%

13.51%

8.96%

Taxable Bond

Franklin U.S. Government Securities VIP Fund - Class 2 - Franklin Advisers, Inc.

0.77%

4.47%

0.22%

0.73%

Taxable Bond

Goldman Sachs VIT Core Fixed Income Fund - Service Class(1)

0.67%

5.83%

1.13%

1.64%

International
Equity

Goldman Sachs VIT International Equity Insights Fund - Service Class(1)

1.07%

18.43%

7.55%

3.19%

U.S. Equity

Goldman Sachs VIT Large Cap Value Fund - Service Class(1)(7)

0.94%

12.71%

11.20%

7.35%

U.S. Equity

Goldman Sachs VIT Mid Cap Growth Fund - Service Class(1)

0.99%

18.45%

13.48%

9.33%

U.S. Equity

Goldman Sachs VIT Mid Cap Value Fund - Service Class(1)

1.09%

11.11%

13.06%

7.82%

U.S. Equity

Goldman Sachs VIT Small Cap Equity Insights Fund - Service Class(1)(8)

1.06%

18.95%

9.76%

7.53%

U.S. Equity

Goldman Sachs VIT Strategic Growth Fund - Service Class(1)

1.00%

41.65%

17.05%

12.88%

U.S. Equity

Goldman Sachs VIT U.S. Equity Insights Fund - Service Class(1)(8)

0.78%

23.59%

13.37%

10.74%

U.S. Equity

0.86%

40.93%

16.16%

11.70%

U.S. Equity

1.14%

15.29%

12.45%

6.98%

Allocation

Invesco® V.I. Balanced-Risk Allocation Fund - Series II(1)(5)

1.13%

6.40%

4.66%

3.79%

U.S. Equity

0.80%

35.37%

16.40%

11.56%

U.S. Equity

0.75%

12.36%

13.49%

8.92%

U.S. Equity

Invesco® V.I. Discovery Mid Cap Growth Fund - Series I

0.87%

13.15%

12.77%

9.79%

U.S. Equity

Invesco® V.I. Discovery Mid Cap Growth Fund - Series II

1.12%

12.85%

12.47%

9.52%

Allocation

0.82%

10.24%

9.64%

6.78%

International
Equity

Invesco® V.I. EQV International Equity Fund - Series II​

1.15%

17.86%

8.15%

4.07%

International
Equity

0.82%

34.73%

12.30%

8.47%

Sector Equity

Invesco® V.I. Global Real Estate Fund - Series II - Invesco Asset Management Limited

1.27%

8.82%

1.85%

2.84%

Taxable Bond

Invesco® V.I. Global Strategic Income Fund - Series I(1)

0.92%

8.88%

1.30%

1.50%

Taxable Bond

0.94%

4.46%

0.42%

0.90%

U.S. Equity

0.75%

12.66%

11.77%

8.25%

U.S. Equity

0.80%

23.22%

13.57%

10.02%

U.S. Equity

1.20%

16.26%

12.14%

6.28%

Money Market

Invesco® V.I. U.S. Government Money Portfolio - Series I

0.63%

4.53%

1.53%

0.94%

Taxable Bond

Lord Abbett Series Fund - Bond Debenture Portfolio - Class VC

0.90%

6.34%

3.20%

3.51%

Asset
Allocation
Type

Fund - Investment Adviser;
Sub-Adviser(s), as applicable

Current
Expenses

Average Annual Total Returns
(as of 12/31/2023)

1 Year

5 Year

10 Year

U.S. Equity

Lord Abbett Series Fund - Dividend Growth Portfolio - Class VC(1)

0.99%

15.94%

13.20%

10.20%

U.S. Equity

Lord Abbett Series Fund - Fundamental Equity Portfolio - Class VC(1)

1.08%

14.33%

9.90%

7.06%

U.S. Equity

Lord Abbett Series Fund - Growth and Income Portfolio - Class VC(9)

0.93%

12.95%

10.92%

7.88%

U.S. Equity

Lord Abbett Series Fund - Growth Opportunities Portfolio - Class VC

1.16%

10.40%

8.85%

7.20%

U.S. Equity

Lord Abbett Series Fund - Mid Cap Stock Portfolio - Class VC

1.15%

14.97%

10.87%

6.57%

U.S. Equity

MFS® VIT Growth Series - Initial Class(1)(2)

0.73%

35.86%

15.89%

12.97%

International
Equity

MFS® VIT II Emerging Markets Equity Portfolio - Service Class(1)(2)

1.48%

10.71%

1.79%

1.31%

International
Equity

MFS® VIT II International Intrinsic Value Portfolio - Service Class(1)(2)

1.14%

17.37%

8.31%

6.66%

U.S. Equity

MFS® VIT II Massachusetts Investors Growth Stock Portfolio - Initial Class(1)(2)

0.73%

24.01%

16.68%

12.71%

U.S. Equity

MFS® VIT Investors Trust Series - Initial Class(1)(2)

0.78%

18.98%

13.55%

10.27%

U.S. Equity

MFS® VIT New Discovery Series - Initial Class(1)(2)

0.87%

14.41%

11.08%

7.67%

U.S. Equity

MFS® VIT Research Series - Initial Class(1)(2)

0.79%

22.42%

14.41%

10.82%

Taxable Bond

MFS® VIT Total Return Bond Series - Service Class(1)(2)

0.78%

7.13%

1.58%

1.96%

Allocation

MFS® VIT Total Return Series - Initial Class(1)(2)

0.61%

10.44%

8.54%

6.53%

Sector Equity

MFS® VIT Utilities Series - Initial Class(1)(2)

0.79%

-2.11%

8.31%

6.39%

U.S. Equity

MFS® VIT Value Series - Service Class(1)(2)

0.94%

7.63%

11.07%

8.25%

Sector Equity

Morgan Stanley VIF Global Real Estate Portfolio - Class II - Morgan Stanley Investment Management Ltd(1)(10)

1.10%

10.47%

0.30%

1.69%

Allocation

PIMCO VIT All Asset Portfolio - Advisor Class - Research Affiliates LLC(1)

2.29%

8.02%

5.90%

3.93%

Taxable Bond

PIMCO VIT Long-Term U.S. Government Portfolio - Advisor Class

2.11%

3.88%

-1.40%

1.96%

Taxable Bond

0.79%

4.87%

0.88%

0.82%

Taxable Bond

0.94%

3.57%

3.05%

2.15%

Taxable Bond

0.76%

5.80%

2.02%

1.76%

Taxable Bond

0.85%

5.83%

0.98%

1.60%

U.S. Equity

1.46%

18.56%

11.84%

5.28%

U.S. Equity

1.39%

25.53%

9.90%

5.35%

International
Equity

Templeton Developing Markets VIP Fund - Class 2 - Franklin Templeton Investment Management, Ltd(1)

1.35%

12.62%

4.22%

2.32%

International
Equity

Templeton Foreign VIP Fund - Class 2 - Templeton Investment Counsel, LLC(1)

1.07%

20.76%

5.27%

1.28%

Taxable Bond

Templeton Global Bond VIP Fund - Class 2 - Franklin Advisers, Inc.(1)

0.75%

2.88%

-2.13%

-0.66%

International
Equity

Templeton Growth VIP Fund - Class 2 - Templeton Global Advisors, Ltd.(1)

1.12%

21.01%

6.47%

3.24%

U.S. Equity

0.14%

26.11%

15.52%

11.88%

U.S. Equity

0.17%

15.83%

12.56%

9.27%

Sector Equity

0.26%

11.70%

7.18%

7.29%

Taxable Bond

0.14%

5.58%

1.04%

1.71%

U.S. Equity

0.13%

25.95%

14.93%

11.29%