Protective VA

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Jun 8, 2009 7:19 pm

Anyone have any comment, pro or con, on their VA?

Jun 8, 2009 8:15 pm

Protective applied for TARP money.  I don't care how good their VA is, I wouldn't sell it.

Jun 8, 2009 8:26 pm

According to their CFO they backed off when they learned of the terms of TARP. Hence they did not take it, for what it's worth.

Jun 8, 2009 9:17 pm
Gordon Gekko:

According to their CFO they backed off when they learned of the terms of TARP. Hence they did not take it, for what it's worth.

 
It's not worth much IMO.  There are a lot of companies who didn't even apply for TARP.  When you're talking about living benefits, you better make sure the company you're putting the money with will be around to pay out those benefits.  Applying for TARP funds is a huge sign of weakness.
Jun 9, 2009 9:42 am

They are a decent company.  They're not as big a Hartford, Pac Life, or some of the other big names, but according to their ratings, they're in decent shape. 

 
TARP money aside, I would call their product sufficient.  They used to have a very strong offering with a 7.2% step up that could go up through age 90, nursing home benefit that doubled the guaranteed payout, and decent subaccounts.  You had the ability to add benefits beyond the start of the contract if you wanted to.  I never did.  However, since they reduced their features back in early May, they've become a middle of the road VA.  5% step up for 10 years only, just like the majority of the rest of the industry.  Cost went up a little too.  Still have the nursing home benefit if a client needs it. 
 
I think there are better options out there.  I don't remember for sure if you're a Jones guy or not, but if you're looking only in the Jones system I'd look at Hartford or Lincoln or John Hanc*** before I'd look at Protective. 
Jun 9, 2009 11:19 am
Gordon Gekko:

Anyone have any comment, pro or con, on their VA?

 
It depends...how good was the golf?
Jun 9, 2009 7:11 pm

First thing first - golf was good.


They still have the 7.2%/double in ten years deal. Their head called Pru's Highest Daily 7 rider good and "aggressive". I have a hard time shooting holes in Pru's to be honest.
Sep 12, 2009 1:56 am

I think the 7.2% is just outside of Jones; inside Jones they are 5%.

Sep 13, 2009 7:44 pm

Prudential is now highest daily 6.

Sep 14, 2009 1:23 pm
iceco1d:

How long will "Highest Daily" be sticking around?

 
Not sure, but my sources tell me Prudential is going to "Highest Every Other Day."