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Last week, Protective Life Insurance Company (PL - Analyst Report) came up with a new range of universal life insurance products. These can be customized according to consumer needs and thus optimize one’s benefits.

The three new products offered by Protective Life are Protective Custom Choice Universal Life, Protective Advantage Choice Universal Life and Protective Survivor Universal Life.

Protective Custom Choice Universal Life is the mother product in the sense that it provides protection that can be tailored according to a client’s requirement. It provides affordable multiple level benefit coverage durations to individuals in need of lifetime insurance solutions but without strong cash accumulation. Once the initial benefit period is exhausted, customers under this policy can exchange or combine products according to their preferences without additional medical examination.

Protective Advantage Choice Universal Life on the other hand, is meant for those customers who wish to strengthen their cash position by improving cash value. The terms of this product are flexible and designed for single-pay and 1035 exchange cases. Both the first and second products amplify the customization benefits of customers by allowing them the access to Protective Life’s industry leading riders.

The third product, Protective Survivor Universal Life, provides coverage to the second insured individuals.

Life Insurance products have always been important in their role of insuring a customer’s financial needs. The only thing it lacked was provision of flexibility to customers to change the products with changing needs. With the introduction of the new line of products, the company aims to provide its customers with the access of swapping and customizing the financial products and also come up with effective solutions to protect their future.

As a result, we expect the launch of the new line to entail the company gain more customers and hence post better numbers in future. The Zacks Consensus Estimate for full year 2013 is pegged at $3.78, suggesting a 2.8% year over year increase.

Another insurer Allied World Assurance Company Holdings, AG (AWH - Snapshot Report) also launched an excess casualty coverage package called Constellation last week. The package consists of five excess casualty coverage products combined in one. The five coverage enhancements offered by Constellation are Uni-Wrap, Affirmative Punitive Damages, Defense-Assistance & Cooperation Provision, Payment of Loss Provision and Business Continuity Protection.

Protective Life is expected to release its fourth-quarter and full year 2012 earnings results in the first week of February. The Zacks Consensus Estimate for the fourth quarter of 2012 is pegged at 88 cents. Earnings for the full year 2012 are expected at $3.68, up 0.8% year over year.

Protective Life currently carries a Zacks Rank #3 (Hold). Genworth Financial Inc. (GNW - Analyst Report) and Stancorp Financial Group Inc. (SFG - Analyst Report) among others presently carry a favorable Zacks Rank #2 (Buy) and are worth considering.

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