News and Financial Information

Protective Life Insurance Company and West Coast Life Insurance Company Offer a New Optional Rider for Chronic Illness Care on Guaranteed UL Policies

Tuesday, January 18, 2011 6:18 pm EST


"Approximately 133 million Americans†, nearly half of all adults, live with at least one chronic illness"

BIRMINGHAM, Ala.--(BUSINESS WIRE)--Protective Life Insurance Company and West Coast Life Insurance Company announced the release of ExtendCare, a new optional rider for chronic illness care on their most competitive guaranteed* universal life insurance policies.

The ExtendCare rider can help clients take control of their future care by providing life insurance that offers optional coverage in the event of a chronic illness. As an optional rider on the Protective Centennial G II and West Coast Life LifeTime Platinum III universal life insurance policies, the ExtendCare rider increases the policies’ flexibility by allowing up to 100% of the death benefit to be accelerated in the event the insured becomes chronically ill and qualifies for the benefit.

With the ExtendCare rider, the base life insurance policy is guaranteed, so there should be no surprises or changes down the road when clients may need chronic illness care the most. Unlike a traditional stand alone Long-Term Care (LTC) policy, if the insured doesn’t utilize the accelerated benefits under the ExtendCare rider, the death benefit will still be paid to the beneficiaries upon the insured’s death. This eliminates the “use it or lose it” risk associated with traditional LTC products.

Nearly half (48 percent) of Americans ages 45-70 have no financial plans in place to protect themselves against outliving their assets and the rising cost of healthcare should they live longer than they expected, according to a new survey released today by the Society of Actuaries (SOA).

“Approximately 133 million Americans, nearly half of all adults, live with at least one chronic illness,” says John Deremo, Senior Vice President and Chief Distribution Officer of Protective. “People are concerned about being a burden to their families when they are no longer able to care for themselves. With the ExtendCare rider on our Centennial G II and LifeTime Platinum III universal life insurance policies, Americans may avoid paying out-of-pocket for future expenses associated with becoming chronically ill. The combination of our guaranteed UL plan and the ExtendCare rider may appeal to clients looking to supplement existing life and long-term care insurance.”

It is important for clients to understand that the ExtendCare rider is part of a life insurance policy and is not a health based product that qualifies for certain tax deductions. However, it is designed for favorable tax treatment. The ExtendCare rider does not use the reimbursement approach. Once chronic illness payments are triggered, the ExtendCare rider pays a monthly tax free benefit automatically and no medical bills or receipts are required to receive benefit payments.


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About Protective Life Insurance Company and West Coast Life Insurance Company

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.®

Centennial G II UL, policy form UL-15 and LifeTime Platinum III UL, policy form WC-U15, and state variations thereof, are flexible premium universal life insurance policies. Policies are issued by Protective Life Insurance Company (PLICO) and West Coast Life Insurance Company (WCL) located at 2801 Highway 280 South, Birmingham, AL 35223. Product features and availability may vary by state. Subject to underwriting. Subject to up to a 2-year contestable and suicide period. Benefits adjusted for misstatements of age or sex. Consult policy for benefits, riders, limitations and exclusions. In Montana, unisex rates apply. PLICO and WCL do not render legal or tax advice. Information in this summary is based on current tax laws that are subject to change. Not available in all states. All payments and all guarantees are subject to the claims paying ability of PLICO and WCL.

*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.

ExtendCare Rider (PLICO Form L627 8-10 or Form ICC10-P-R2) (WCL Form WC627 8-10 or Form ICC10-W-R2) issued by Protective Life Insurance Company (PLICO) and West Coast Life Insurance Company (WCL) located at 2801 Highway 280 South, Birmingham, AL 35223. Actual terms and conditions contained in the rider govern all benefits provided. Please see the rider for more detailed information. Available only at issue and at an additional cost. Assumes medical and financial underwriting qualifications at time of initial application. Not available in all states. State variations may apply. The ExtendCare Rider is intended as a supplement to traditional long-term care polices and riders.


Protective Life Insurance Company
Eric Miller, Vice President and National Marketing Director, 205-268-3029
Protective Life Corporation
Eva Robertson, Vice President, Investor Relations, 205-268-3912

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Brittnie Bordonaro
Corporate Communications
Protective Life Corporation
(205) 268-8611

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