Protective® Investors Benefit Advisory
Variable Annuity
Investment Options Guide Investing for Your Future Using a variable annuity, you can create a customized investment strategy that may help you prepare for retirement more confidently.
Protective Life gives you the flexibility to choose from a variety of quality investment options managed by top fund managers, with both turnkey and do-it-yourself options for creating a diversified portfolio. Strategic Investing Variable annuities are intended as long-term savings vehicles to help you financially prepare for retirement. As with any market instrument, investment values fluctuate and are subject to market risk. But there are strategies to help manage risk and ultimately meet your retirement income needs.
Diversification The amount of risk you assume and how you allocate your investment among the investment options Protective Life offers will influence the returns you realize. Diversification, or choosing a wide variety of investments, can help manage your risk by minimizing the effect of any single investment. The returns of underperforming investments are mitigated by the market gains of other, higher-performing investments. While diversification can help reduce your overall risk, it does not protect against the possibility of losses, especially in a falling market. With the Protective® Investors Benefit Advisory annuity you can diversify among investment options from top fund managers selected for professional credentials and experience. These managers implement the strategy for their respective funds and manage trading in their portfolios.
Tax-free transfers among the various investment options may help you maintain your preferred level of diversification, as your investments continue growing at varying rates of return. Certain limitations apply, so please see the product prospectus for more information. Diversification neither assures a profit nor eliminates the risk of experiencing investment losses. 1 Investment Options Protective Life gives you access to investment options in a variety of asset classes. We emphasize quality, and many options have a long track record of performance. We encourage you to carefully review these investment options and their respective objectives, to ensure that the level of risk exposure is appropriate for you.
2 LARGE CAP VALUE Manager Investment Option Objective AllianceBernstein AB VPS Growth and Income B Long-term growth of capital. Produce income exceeding the average yield on U.S. stocks generally American Funds IS Blue Chip Income and American Funds from Capital Group and to provide an opportunity for growth of principal consistent with Growth FundSM sound common stock investing. Dimensional Fund Advisors DFA VA International Value Portfolio Long-term capital appreciation. Dimensional Fund Advisors DFA VA US Large Value Portfolio Long-term capital appreciation. Capital growth and income through investments in equity securities, Invesco Advisers, Inc. Invesco V.I. Comstock Fund including common stocks, preferred stocks and securities convertible into common and preferred stocks. Invesco Advisers, Inc. Invesco V.I. Growth and Income Fund Long-term growth of capital and income. Above-average level of current income and reasonable long-term Vanguard Vanguard VIF Equity Income Portfolio capital appreciation.
LARGE CAP BLEND Manager Investment Option Objective American Funds IS® Global Growth and American Funds from Capital Group Long-term growth of capital while providing current income. Income Fund American Funds from Capital Group American Funds IS® Growth-Income Fund Long-term growth of capital and income. Dimensional Fund Advisors DFA VA Equity Allocation Portfolio Long-term capital appreciation. Dimensional Fund Advisors DFA VA Global Moderate Allocation Portfolio Long-term capital appreciation. Long-term capital appreciation with preservation of capital as an Franklin Advisory Services, LLC important consideration. Under normal market conditions, normally Franklin Rising Dividends VIP Fund (Franklin Templeton Investments) invests at least 80% of its net assets in investments of companies that have paid rising dividends. Invesco Advisers, Inc. Invesco V.I. Main Street Fund Capital appreciation. Dividend income, growth of dividend income and long-term capital Legg Mason ClearBridge Variable Dividend Strat II appreciation. Lord Abbett Series Fund, Inc. Long-term growth of capital and income without excessive fluctuations Lord, Abbett & Co. LLC Fundamental Equity Portfolio in market value. Vanguard Vanguard VIF Capital Growth Portfolio Long-term capital appreciation. Vanguard Vanguard VIF Diversified Value Portfolio Long-term capital appreciation. Track the performance of a benchmark index that measures the Vanguard Vanguard VIF Equity Index Portfolio investment return of large-capitalization stocks. Vanguard Vanguard VIF Moderate Allocation Portfolio Capital appreciation and a low to moderate level of current income.
Vanguard VIF Total International Stock Track the performance of a benchmark index that measures the Vanguard investment return of stocks issued by companies located in developed Market Index Portfolio and emerging markets, excluding the United States. Vanguard VIF Total Stock Market Index Track the performance of a benchmark index that measures the Vanguard Portfolio investment return of the overall stock market.
3 LARGE CAP GROWTH Manager Investment Option Objective AllianceBernstein AB VPS Large Cap Growth B Long-term growth of capital. American Funds from Capital Group American Funds IS Growth FundSM Growth of capital. Capital appreciation by, under normal market conditions, normally Franklin Advisers, Inc. Franklin DynaTech VIP Fund investing predominantly in equity securities of companies that the (Franklin Templeton Investments) manager believes have the potential for capital appreciation. Seeks to invest primarily in high-quality, large-cap companies that are Franklin Templeton Investments ClearBridge Variable Large Cap Growth II dominant in their industries. Goldman Sachs Asset Management, L.P. Goldman Sachs VIT Strategic Growth Fund Long-term growth of capital. Invesco Advisers, Inc. Invesco V.I. Global Fund Capital appreciation. Invesco Advisers, Inc. Invesco V.I. International Growth Fund Long-term growth of capital. T. Rowe Price T. Rowe Price All-Cap Opportunities Portfolio Long-term growth of capital. Dividend income, growth of dividend income and long-term capital T. Rowe Price T. Rowe Price Blue Chip Growth Port II appreciation. Vanguard Vanguard VIF Growth Portfolio Long-term capital appreciation. Vanguard Vanguard VIF International Portfolio Long-term capital appreciation.
MID CAP VALUE Manager Investment Option Objective AllianceBernstein AB VPS Small/Mid Cap Value B Long-term growth of capital. Columbia Threadneedle Columbia VP Select Mid Cap Value 2 Long-term growth of capital. Capital appreciation through investments, primarily in equity securities, Lord, Abbett & Co. LLC Lord Abbett Series Growth Opportunity which are believed to be undervalued in the marketplace.
MID CAP BLEND Manager Investment Option Objective ClearBridge Advisors ClearBridge Variable Mid Cap Portfolio Long-term growth of capital. Track the performance of a benchmark index that measures the Vanguard Vanguard VIF Mid-Cap Index Portfolio investment return of mid-capitalization stocks.
4 MID CAP GROWTH Manager Investment Option Objective Fidelity Management & Research Co. Fidelity VIP Mid Cap Portfolio Long-term growth of capital. Long-term capital growth by, under normal market conditions, Franklin Advisers, Inc. Franklin Small-Mid Cap Growth VIP Fund normally investing at least 80% of its net assets in investments (Franklin Templeton Investments) of small capitalization and mid capitalization companies. Goldman Sachs VIT Growth Opportunities Goldman Sachs Asset Management, L.P. Long-term growth of capital. Fund Lord Abbett Series Fund, Inc. Growth Lord, Abbett & Co. LLC Capital appreciation. Opportunities Portfolio
SMALL CAP VALUE Manager Investment Option Objective Dimensional Fund Advisors DFA VA US Targeted Value Portfolio Long-term capital appreciation. Long-term total return by, under normal market conditions, Franklin Advisory Services, LLC Franklin Small Cap Value VIP Fund normally investing at least 80% of its net assets in investments (Franklin Templeton Investments) of small capitalization companies.
SMALL CAP BLEND Manager Investment Option Objective Dimensional Fund Advisors DFA VA International Small Portfolio Long-term capital appreciation.
SMALL CAP GROWTH Manager Investment Option Objective AllianceBernstein AB VPS Small Cap Growth B Long-term growth of capital. ClearBridge Variable Small Cap Growth ClearBridge Advisors Long-term growth of capital. Portfolio Goldman Sachs Goldman Sachs VIT Sm Cp Eq Insghts Svc Long-term growth of capital. Templeton Global Advisors Limited Templeton Developing Markets VIP Fund Long-term capital appreciation. (Franklin Templeton Investments)
5 ALLOCATION FUNDS Manager Investment Option Objective High total return (including income and capital gains) consistent with American Funds from Capital Group American Funds IS Asset Allocation FundSM preservation of capital over the long term. Two primary investment objectives (1) to provide you with a level of American Funds IS® Capital Income current income that exceeds the average yield on U.S. stocks generally American Funds from Capital Group Builder® and (2) to provide you with a growing stream of income over the years. Secondary objective is to provide you with growth of capital. BlackRock BlackRock 60/40 Trgt Allc ETF VI III Long term capital appreciation. Current income is also a consideration. BlackRock BlackRock Global Allocation V.I. III High total investment return. Maximum total return through a combination of capital growth and Columbia Threadneedle Columbia VP Balanced 2 current income. High total return with reduced risk over the long-term by allocating Fidelity Investments Fidelity® VIP Asset Manager Service 2 its assets among stocks, bonds, and short-term instruments. Fidelity Investments Fidelity® VIP Balanced Service 2 Income and capital growth consistent with reasonable risk. Fidelity Investments Fidelity® VIP FundsManager 20% Service 2 High current income and, as a secondary objective, capital appreciation. Fidelity Investments Fidelity® VIP FundsManager 85% Service 2 High total return. Fidelity Investments Fidelity® VIP Target Volatility Svc 2 Total return. Maximize income while maintaining prospects for capital appreciation. Franklin Advisers, Inc. Franklin Income VIP Fund Under normal market conditions, normally invests in both equity and (Franklin Templeton Investments) debt securities. Invesco Advisers, Inc. Invesco V.I. Cnsrv Bal II Total return. Invesco Advisers, Inc. Invesco V.I. Equity and Income Fund Capital appreciation and current income. Lord Abbett Series Fund, Inc. Dividend Lord, Abbett & Co. LLC Current income and capital appreciation. Growth Portfolio Maximum real return, consistent with preservation of real capital PIMCO PIMCO VIT All Asset Portfolio and prudent investment management. Vanguard Vanguard VIF Balanced Portfolio Long-term capital appreciation and reasonable current income. Vanguard VIF Conservative Allocation Vanguard Current income and low to moderate capital appreciation. Portfolio
SECTOR FUNDS Manager Investment Option Objective Fidelity Investments Fidelity® VIP Energy Service 2 Capital appreciation. Fidelity Investments Fidelity® VIP Health Care Port Svc 2 Capital appreciation. Invesco Advisers, Inc. Invesco V.I. Global Real Estate Fund Total return through growth of capital and current income. Long-term growth of capital by investing primarily in common stocks of companies engaged in the research, development, production, or T. Rowe Price T. Rowe Price Health Sciences Port II distribution of products or services related to health care, medicine, or the life sciences. A high level of income and moderate long-term capital appreciation by tracking the performance of a benchmark index that measures the Vanguard Vanguard VIF Real Estate Index Portfolio performance of publicly traded equity REITs and other real estate- related investments.
6 HIGH QUALITY SHORT-TERM Manager Investment Option Objective High level of current income while attempting to conserve the value of Columbia Threadneedle Columbia VP Intermediate Bond 2 the investment for the longest period of time. Dimensional Fund Advisors DFA VA Short-Term Fixed Portfolio Long-term capital appreciation. Maximum total return consistent with preservation of capital and prudent investment management. Invests under normal circumstances at least 65% of its total assets in a diversified portfolio of fixed income PIMCO PIMCO VIT Low Duration Portfolio instruments of varying maturities, which may be represented by forwards or derivatives such as options, futures contracts or swap agreements. Average portfolio duration normally varies from one to three years based on PIMCO’s forecast for interest rates. Maximum current income, consistent with preservation of capital and daily liquidity. Invests under normal circumstances at least 65% of its total assets in a diversified portfolio of fixed income instruments PIMCO PIMCO VIT Short-term Portfolio of varying maturities, which may be represented by forwards or derivatives such as options, futures contracts or swap agreements. Average portfolio duration varies based on PIMCO’s forecast for interest rates and will normally not exceed one year.
HIGH QUALITY INTERMEDIATE-TERM Manager Investment Option Objective Provide as high a level of current income as is consistent with the American Funds from Capital Group American Funds IS® Bond Fund preservation of capital. American Funds IS® US Government/ Provide a high level of current income consistent with preservation American Funds from Capital Group AAA-Rated Securities Fund of capital. Dimensional Fund Advisors DFA VA Global Bond Portfolio Long-term capital appreciation. As high a level of current income as is consistent with the preservation Fidelity Management & Research Co. Fidelity VIP Investment Grade Bond Portfolio of capital. Total return consisting of capital appreciation and income that exceeds Goldman Sachs Asset Management, L.P. Goldman Sachs VIT Core Fixed Income Fund the total return of the Barclays U.S. Aggregate Bond Index. Invesco Advisers, Inc. Invesco V.I. Government Securities Fund Total return, comprised of current income and capital appreciation. Maximum total return, consistent with preservation of capital and prudent investment management. Invests under normal circumstances at least 65% of its total assets in a diversified portfolio of fixed income PIMCO PIMCO VIT Total Return Portfolio instruments of varying maturities, which may be represented by forwards or derivatives such as options, futures contracts or swap agreements. Vanguard VIF Total Bond Market Index Vanguard Track the performance of a broad, market-weighted bond index. Portfolio
7 HIGH QUALITY LONG-TERM Manager Investment Option Objective Maximum total return, consistent with preservation of capital and prudent investment management. Invests under normal circumstances at least 80% of its assets in a diversified portfolio of fixed income PIMCO VIT Long-term PIMCO securities that are issued or guaranteed by the U.S. Government, its U.S. Government Portfolio agencies or government-sponsored enterprises (U.S. Government Securities), which may be represented by forwards or derivatives such as options, futures contracts or swap agreements. Maximum real return, consistent with preservation of real capital and prudent investment management. Invests under normal circumstances at least 80% of its net assets in inflation-indexed bonds of varying PIMCO PIMCO VIT Real Return Portfolio maturities issued by the U.S. and non-U.S. governments, their agencies or instrumentalities and corporations, which may be represented by forwards or derivatives such as options, futures contracts or swap agreements.
MEDIUM QUALITY SHORT-TERM Manager Investment Option Objective Seeks to maximize total return from a high-quality, U.S. domestic core Legg Mason Western Asset Core Plus VIT II fixed-income portfolio that can beenhanced by allocations to sectors such as high-yield, non-U.S. and emerging market debt Vanguard VIF Short Term Investment Grade Vanguard Provide current income while maintaining limited price volatility. Portfolio
MEDIUM QUALITY INTERMEDIATE-TERM Manager Investment Option Objective Principal investment goal is to earn a high level of current income. Franklin Advisers, Inc. Franklin Strategic Income VIP Fund Its secondary goal is long-term capital appreciation. High current income, consistent with preservation of capital, with capital appreciation as a secondary consideration. Under normal Franklin Advisers, Inc. Templeton Global Bond VIP Fund market conditions, normally invests at least 80% of its net assets in (Franklin Templeton Investments) bonds, which include debt securities of any maturity, such as bonds, notes, bills and debentures. Seeks to maximize total return from a high-quality, U.S. domestic core Legg Mason Western Asset Core Plus VIT II fixed-income portfolio that can be enhanced by allocations to sectors such as high-yield, non-U.S. and emerging market debt.
MEDIUM QUALITY LONG-TERM Manager Investment Option Objective Lord Abbett Series Fund, Inc. High current income and the opportunity for capital appreciation to Lord, Abbett & Co. LLC Bond Debenture Portfolio produce a high total return. Track the performance of a benchmark index that measures the Vanguard Vanguard VIF Global Bond Index Portfolio investment return of the global, investment-grade, fixed income market.
HIGH YIELD BOND Manager Investment Option Objective Maximum total return, consistent with preservation of capital and PIMCO PIMCO VIT High Yield Adv prudent investment management. 8 Vanguard Vanguard VIF High Yield Bond Portfolio High level of current income. MISCELLANEOUS FIXED INCOME Manager Investment Option Objective Columbia Threadneedle Columbia VP Strategic Income 2 High total return through income and growth of capital.
MONEY MARKET Manager Investment Option Objective Invesco Advisers, Inc. Invesco V.I. U.S. Government Money Portfolio Income consistent with stability of principal. Provide current income while maintaining liquidity and a stable share Vanguard Vanguard VIF Money Market Portfolio price of $1.
MULTISECTOR BOND Manager Investment Option Objective Maximize current income. Long-term capital appreciation is a PIMCO PIMCO Income Advisor secondary objective.
RISK-MANAGED FUNDS Manager Investment Option Objective Goldman Sachs VIT Global Trends Goldman Sachs Asset Management, L.P. Total return while seeking to provide volatility management. Allocation Fund Total return with a low to moderate correlation to traditional financial Invesco Advisers, Inc. Invesco V.I. Balanced Risk Allocation Fund market indices. PIMCO VIT Global Diversified Allocation Maximize risk-adjusted total return relative to a blend of 60% MSCI PIMCO Portfolio World Index/40% Barclays U.S. Aggregate Index.
DIVERSIFIED EMERGING MARKETS Manager Investment Option Objective American Funds from Capital Group American Funds IS New World FundSM Long-term capital appreciation.
GLOBAL EQUITY Manager Investment Option Objective American Funds from Capital Group American Funds IS Global Growth FundSM Long-term growth of capital. American Funds IS Global Small American Funds from Capital Group Long-term growth of capital. Capitalization FundSM American Funds from Capital Group American Funds IS International FundSM Long-term growth of capital.
PROTECTIVE LIFE DYNAMIC ALLOCATION SERIES Manager Investment Option Objective Protective Life Dynamic Allocation Series — Seeks total return through income and growth of capital, balanced by Janus Conservative Portfolio capital preservation. Protective Life Dynamic Allocation Series — Seeks total return through growth of capital, balanced by capital Janus Growth Portfolio preservation. Protective Life Dynamic Allocation Series — Seeks total return through growth of capital and income, balanced by Janus Moderate Portfolio capital preservation. 9 Your Choice Made Simple Protective Life offers access to a variety of asset classes and professionally managed investments. With Protective Investors Benefit Advisory variable annuity, you have the option to choose your asset allocation strategies using model portfolios or you can choose to devise your own blend of investment options. Plus, we offer the exclusive Protective Life Dynamic Allocation Series portfolios for a rules-based strategy to help you manage risk.
Turnkey Model Portfolios With so many investment choices, it’s easy to become overwhelmed. Protective Life offers four model portfolios to help you simplify the asset allocation process. Each one includes broad diversification by asset class and fund manager and offers a turnkey solution for investors whose tolerance for risk varies. Take a look at the model portfolios on the following pages.
CONSERVATIVE GROWTH TARGET ALLOCATION n American Funds IS® Bond 4...... 5% n Columbia VP Intermediate Bond 2...... 10% n Fidelity® VIP Investment Grade Bd Svc 2...... 10% n PIMCO VIT Short-Term Adv...... 10% n PIMCO VIT Total Return Adv...... 5% % % n BlackRock Global Allocation V.I. III...... 5% n Columbia VP Strategic Income 2...... 10% 40 60 ® EQUITY FIXED n Fidelity VIP Balanced Service 2...... 5% INCOME n Invesco V.I. Cnsrv Bal II...... 10% n Lord Abbett Series Bond-Debenture VC...... 15% n AB VPS Large Cap Growth B...... 5% n American Funds IS® Global Growth 4...... 5% n Franklin Rising Dividends VIP 2 ...... 5%
10 BALANCED GROWTH TARGET ALLOCATION n Columbia VP Intermediate Bond 2...... 10% n Fidelity® VIP Investment Grade Bd Svc 2...... 10% n PIMCO VIT Short-Term Adv...... 5% n BlackRock Global Allocation V.I. III...... 10% n Fidelity® VIP Balanced Service 2...... 15% n Invesco VI Cnsrv Bal II...... 10% % % 40 60 n Lord Abbett Series Bond-Debenture VC...... 10% EQUITY FIXED n AB VPS Large Cap Growth B...... 10% INCOME n American Funds IS® Global Growth 4...... 10% n American Funds IS® Growth 4...... 5% n Franklin Rising Dividends VIP 2...... 5%
BALANCED GROWTH n American Funds IS® Bond 4...... 5% n Columbia VP Intermediate Bond 2...... 10% AND INCOME n Fidelity® VIP Investment Grade Bd Svc 2...... 10% TARGET ALLOCATION n PIMCO VIT Short-Term Adv...... 10% n BlackRock Global Allocation V.I. III...... 10% n Columbia VP Strategic Income 2...... 5% n Fidelity® VIP Balanced Service 2...... 10% n Invesco V.I. Cnsrv Bal II...... 10% % % n Lord Abbett Series Bond-Debenture VC...... 10% 50 50 n AB VPS Large Cap Growth B...... 5% EQUITY FIXED n American Funds IS® Global Growth 4...... 5% INCOME n American Funds IS® Growth 4...... 5% n Franklin Rising Dividends VIP 2...... 5%
GROWTH FOCUS n Columbia VP Intermediate Bond 2...... 5% TARGET ALLOCATION n Fidelity® VIP Investment Grade Bd Svc 2...... 5% n BlackRock Global Allocation V.I. III...... 5% n Fidelity® VIP Balanced Service 2...... 15% n Invesco V.I. Cnsrv Bal II...... 10% n Lord Abbett Series Bond-Debenture VC...... 10% % % n AB VPS Large Cap Growth B...... 10% 75 25 n American Funds IS® Global Growth 4...... 15% EQUITY FIXED n American Funds IS® Growth 4...... 5% INCOME n Franklin Rising Dividends VIP 2...... 10% n Franklin Small Cap Value VIP 2...... 5% n Invesco V.I. Mn Strt Sm Cp II...... 5%
*Not available for allocations on contracts with an optional protected lifetime income benefit. 11 Rules-Based Investment Options Managed by Janus and sold exclusively by Protective Life, the Protective Life Dynamic Allocation Series can help you remove the emotion from investing by following a rules-based process.
An Unemotional Approach to Investing The emotional highs and lows of market swings can cause even the most experienced investors to lose focus. This intuitive process looks to shift equity allocations to and from short-term investments weekly, based on market signals. The ultimate goal is to help you grow assets over time, while mitigating downside risk.
How do the portfolios work?
Based on the measure, a market signal Weekly, the process measures each asset is triggered, causing each equity allocation If a shift is triggered, only 25% of the asset class’s current price against a benchmark, to either stay the same, or shift to or from class’s target allocation is moved to and from which is the 252-day moving average. short-term investments. short-term investments on a weekly basis.
MEASURE ACT MOVE
For more complete information, please see the prospectus for the Protective Life Dynamic Allocation Series.
You may choose from three global asset allocation portfolios based on your risk tolerance:
CONSERVATIVE PORTFOLIO
TARGET ALLOCATION
S T
N
E
M
T
S
E
V
N
I
M
R n U.S. Large Cap Equity...... 20.0%
E
T n U.S. Small Cap Equity...... 7.5% -
T
R n U.S. High Growth Equity...... 7.5% O
% % H n U.K. Equity...... 5.0% S n European Equity...... 5.0% 50 50 O
EQUITY FIXED T INCOME n Japan Equity...... 2.5% T F I Asia Equity (excluding Japan)...... 2.5% H n S Y n Fixed Income...... 50.0% A M AT TH EQUITY
12 MODERATE PORTFOLIO
TARGET ALLOCATION
S
T
N
E
M
T
S n U.S. Large Cap Equity...... 26.0% E
V n U.S. Small Cap Equity...... 9.75% N I
n U.S. High Growth Equity...... 9.75% M
% % R n U.K. Equity...... 6.5% E
T n European Equity...... 6.5% 65 35 - EQUITY FIXED T INCOME R n Japan Equity...... 3.25% O H n Asia Equity (excluding Japan)...... 3.25% S
O n Fixed Income...... 35.0% T T IF E H QU Y S ITY THAT MA
GROWTH PORTFOLIO*
TARGET ALLOCATION
S
T N
E
M
T S
E
V
N I
M
R
E U.S. Large Cap Equity...... 40.0% T n -
T n U.S. Small Cap Equity...... 15.0% R
O n U.S. High Growth Equity...... 15.0% H
% S U.K. Equity...... 10.0%
n
100 O European Equity...... 10.0% EQUITY T n
T Japan Equity...... 5.0% F n I H n Asia Equity (excluding Japan)...... 5.0% S Y A M AT TH EQUITY
*Not available for allocations of greater than 25% on contracts with an optional protected lifetime income benefit. 13 American Funds Insurance Series® Portfolios These three objective-based insurance portfolios comprised of American Funds Insurance Series funds can help you reach your retirement goals. These portfolios offer a blend of five individual funds within the American Funds Insurance Series — one of the largest families of funds for variable annuities. Each portfolio can be constructed using the underlying funds that are available with this variable annuity.
How do the portfolios work?
CONSERVATIVE BALANCED APPRECIATION Investors who wish to avoid wide Investors who have a preference Investors who seek a higher return May be market fluctuations, but still seek for growth and lower volatility and can withstand wide market appropriate for the potential for modest growth fluctuations Proximity to Closer Further retirement
Risk tolerance Lower Higher
You may choose from three global asset allocation portfolios based on your risk tolerance: CONSERVATIVE
BOND FUNDS ASSET ALLOCATION FUNDS GROWTH AND INCOME FUNDS GROWTH FUNDS
n Bond...... 40.0% n U. S. Government/AAA-Rated Securities Fund...... 15.0% n Asset Allocation Fund...... 10.0% n Growth-Income Fund...... 20.0% n Global Growth Fund...... 15.0%
14 BALANCED
BOND FUNDS ASSET ALLOCATION FUNDS GROWTH AND INCOME FUNDS GROWTH FUNDS
n Bond...... 25.0% n Asset Allocation Fund...... 25.0% n Growth-Income Fund...... 20.0% n Global Growth Fund...... 20.0% n Growth Fund...... 10.0%
APPRECIATION
ASSET ALLOCATION FUNDS GROWTH AND INCOME FUNDS GROWTH FUNDS
n Asset Allocation Fund...... 20.0% n Global Growth and Income Fund...... 20.0% n Growth-Income Fund...... 25.0% n Global Growth Fund...... 20.0% n Growth Fund...... 15.0%
15 Investing with a Protected Lifetime Income Benefit An optional protected lifetime income benefit may be added to your variable annuity for an additional fee to provide guaranteed income in retirement for you and your spouse. With this option you remain invested in the variable annuity with opportunities to capture market gains, but with added protection from downside risk. The optional SecurePay Pro protected lifetime income benefit is available with one of four allocation options.
1. Allocate to one of three asset 3. Allocate to an American Funds allocation model portfolios Insurance Series Portfolio • Conservative growth • Conservative Portfolio • Balanced growth Please note that the Balanced and • Balanced Growth and Income Appreciation portfolio options are unavailable with a protected lifetime income benefit. 2. Allocate to one of two Protective Life Dynamic 4. Allocate to your own customized Allocation Series portfolios portfolio • Conservative growth Build your own diversified portfolio to meet your specific needs by participating in our • Moderate growth allocation by investment category (AIC) program. Each Protective Life investment option has been assigned to an investment category based on investment risk.
Allocation by Investment Category (AIC) You can allocate to any investment option in the conservative, moderate and growth and income categories, provided you follow the minimum and maximum allocation requirements for each.
American Funds IS® Bond Fund Lord Abbett Series Short Duration Inc VC Conservative American Funds IS® US Govt/AAA-Rated Securities Fund PIMCO VIT Low Duration Portfolio Columbia Threadneedle VP Intermediate Bond 2 PIMCO VIT Short-Term Portfolio 40% Columbia Threadneedle VP Limited Duration Credit 2 PIMCO VIT Total Return Portfolio MINIMUM Fidelity® VIP FundsManager 20% Service 2 DFA VA Global Bond Portfolio ALLOCATION Fidelity® VIP Investment Grade Bond Port DFA VA Short-Term Fixed Portfolio Goldman Sachs VIT Core Fixed Income Fund Protective Life Dynamic Allocation Series 100% Invesco V.I. U.S. Government Money Portfolio – Conservative Portfolio MAXIMUM Invesco V.I. U.S. Government Securities Fund Vanguard VIF Money Market Portfolio ALLOCATION Legg Mason Western Asset Core Plus VIT II Vanguard VIF Short Term Investment Grade Portfolio Vanguard VIF Total Bond Market Index Portfolio
Investment options, allocation requirements and model portfolios are subject to change at any time. For the most recent 16 and complete information, please consult the product prospectus. Allocation by Investment Category (AIC) (continued)
American Funds IS® Asset Allocation Fund PIMCO Income Advisor American Funds IS® Capital Income Builder® PIMCO VIT Allocation Asset Portfolio BlackRock 60/40 Trgt Allc ETF VI III PIMCO VIT Global Diversified Allocation Portfolio Moderate BlackRock Global Allocation V.I. III PIMCO VIT High Yield Adv % DFA VA Global Moderate Allocation Portfolio PIMCO VIT Long-Term US Government Portfolio 0 Fidelity® VIP Asset Manager Service 2 PIMCO VIT Real Return Portfolio MINIMUM Fidelity® VIP Balanced Service 2 Protective Life Dynamic Allocation Series ALLOCATION Fidelity® VIP Target Volatility Svc 2 – Moderate Portfolio Templeton Global Bond VIP Fund % Franklin Income VIP Fund 60 Franklin Strategic Income VIP Fund Vanguard VIF Conservative Allocation Portfolio MAXIMUM Goldman Sachs VIT Global Trends Allocation Fund Vanguard VIF Balanced Portfolio ALLOCATION Invesco VI Cnsrv Bal II Vanguard VIF Moderate Allocation Portfolio Invesco VI Balanced-Risk Allocation Fund Vanguard VIF High Yield Bond Portfolio Invesco VI Equity and Income Fund Vanguard VIF Global Bond Index Portfolio Lord Abbett Series Fund Bond Debenture Portfolio
AllianceBernstein VPS Growth and Income B Invesco VI Main Street Fund AllianceBernstein VPS Large Cap Growth B Lord Abbett Series Dividend Growth Portfolio American Funds IS® Blue Chip Income and Growth Fund Lord Abbett Series Fund Fdmtl Eq Port American Funds IS® Global Growth Fund Protective Life Dynamic Allocation Series Growth and American Funds IS® Global Growth and Income Fund – Growth Portfolio Income American Funds IS® Growth Fund T. Rowe Price All-Cap Opportunities Portfolio ® T. Rowe Price Blue Chip Growth Port II % American Funds IS Growth-Income Fund 0 DFA VA Equity Allocation Portfolio T. Rowe Price Health Sciences Port II MINIMUM DFA VA US Large Value Portfolio Vanguard VIF Capital Growth Portfolio ALLOCATION Fidelity® VIP FundsManager 85% Service 2 Vanguard VIF Equity Income Portfolio ® Vanguard VIF Equity Index Portfolio % Fidelity VIP Health Care Port Svc 2 25 Fidelity® VIP Mid Cap Portfolio Vanguard VIF Diversified Value Portfolio MAXIMUM Franklin Rising Dividends VIP Fund Vanguard VIF Growth Portfolio ALLOCATION Goldman Sachs VIT Strategic Growth Fund Vanguard VIF Mid-Cap Index Portfolio Invesco VI Comstock Fund Vanguard VIF Total Stock Market Index Portfolio Invesco VI Growth and Income Fund Invesco VI International Growth
This is an exciting time, filled with personal choices that will help determine your retirement lifestyle. Protective Life offers the features and flexibility to customize a variable annuity — and keep costs low — to help you on your way. Together with your financial professional, you’ll devise an investment strategy based on your retirement timeline and financial goals.
17 These portfolios consist of an allocation of funds for investors to consider and are not intended to be investment recommendations. The portfolios are hypothetical asset allocations designed for individuals with different time horizons and risk profiles. Allocations may not achieve investment objectives. Please talk to your financial professional for information on other investment alternatives that may be available to you. In making investment decisions, investors should consider their other assets, income and investments. Investing outside the United States involves risks such as currency fluctuations, periods of illiquidity and price volatility. These risks may be heightened in connection with investments in developing countries. Small-company stocks entail additional risks, and they can fluctuate in price more than larger company stocks. The return of principal for bond portfolios and for portfolios with significant underlying bond holdings is not guaranteed. Investments are subject to the same interest rate, inflation and credits risks associated with the underlying bond holdings. Lower rated bonds are subject to greater fluctuations in value and risk of loss of income and principal than higher rated bonds. Fund shares of U.S. Government/AAA-Rated Securities Fund are not guaranteed by the U.S. government. All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. Janus refers to Janus Capital Management LLC. Janus Capital Management serves as investment adviser. Protective Life Dynamic Allocation Series is distributed by Janus Distributors LLC. Janus is not affiliated with Protective Life. Performance of the Protective Life Dynamic Allocation Series portfolios depends on that of the underlying funds. They are subject to risk with respect to the aggregation of holdings of underlying funds which may result in increased volatility as a result of indirectly having concentrated assets in a particular industry, geographical sector or single company. No assurance can be given that the Protective Life Dynamic Allocation Series portfolios’ investment strategy will be successful under all or any market conditions. Janus Capital does not have prior experience using the proprietary methodology co-developed by Janus Capital and Protective Life Insurance Company. Although it is designed to achieve the portfolios’ investment objective, there is no guarantee that it will achieve the desired results. Protective Life is not registered as an investment advisor and is not providing investment advice by making the Model Portfolios or the Allocation by Investment Category options available. Protective Life does not offer or provide investment, fiduciary, financial, legal or tax advice or act in a fiduciary capacity for any client. Please consult with your investment advisor, attorney or tax advisor as needed. Variable annuities are long-term investments intended for retirement planning and involve market risk and the possible loss of principal. Investments in variable annuities are subject to fees and charges from the insurance company and the investment managers. Diversification neither assures a profit nor eliminates the risk of experiencing investment losses. Withdrawals reduce the annuity’s remaining death benefit, contract value, cash surrender value and future earnings. Withdrawals may be subject to income tax and, if taken prior to age 59½, an additional 10% IRS tax penalty may apply. More frequent withdrawals may reduce earnings more than annual withdrawals. During the withdrawal charge period, withdrawals in excess of the penalty-free amount may be subject to a withdrawal charge. Protective and Protective Life refer to Protective Life Insurance Company (PLICO) and its affiliates, including Protective Life & Annuity Insurance Company (PLAIC). Variable annuities are issued by PLICO in all states except New York and in New York by PLAIC; securities offered by Investment Distributors, Inc. (IDI), the principal underwriter for registered products issued by PLICO and PLAIC, its affiliates. PLICO is located in Nashville, TN. PLAIC and IDI are located in Birmingham, AL. Each company is solely responsible for the financial obligations accruing under the products it issues. Product guarantees are backed by the financial strength and claims-paying ability of the issuing company. Protective is a registered trademark of Protective Life Insurance Company. Investors Benefit Advisory is a trademark of Protective Life Insurance Company. Protective Investors Benefit Advisory is a flexible premium deferred variable and fixed annuity contract issued under policy form series VDA-P-2006 (PLICO) and VDA-A-2006-500 (PLAIC). SecurePay Pro benefits provided by rider form series VDA-P-6057 (PLICO) and VDA-A-6057 (PLAIC). Product availability and features may vary by state. Investors should carefully consider the investment objectives, risks, charges and expenses of a variable annuity, any optional protected lifetime income benefit, advisory fees and the underlying investment options before investing. This and other information is contained in the prospectus for a variable annuity and its underlying investment options. Investors should read the prospectus carefully before investing. Prospectuses may be obtained by calling PLICO or PLAIC at 800-456-6330.
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CAC.1578374 (01.21)