Protective Indexed Choice UL

Product guide SM PROTECTIVE INDEXED CHOICE UL Indexed universal life insurance Protective refers to Protective Life Insurance Company.

Life insurance provides 昀椀nancial protection for your loved ones. But it also gives you 昀氀exibility and bene昀椀ts that can help you build the future you have in mind. It can be used for retirement or education, even unexpected costs. We understand that some people want more from their life insurance. SM UL, an indexed That’s why we’re proud to o昀昀er Protective Indexed Choice universal life insurance policy built around lifetime protection, 昀氀exible features and potential cash value growth to help meet your needs today and tomorrow. This brochure is intended to provide an overview of the key features and bene昀椀ts of Protective Indexed Choice UL. For more information and additional details, please consult your illustration and policy.

Protection for your loved ones Life insurance provides security for your loved ones when they need it most. Providing them with this protection can help them avoid added 昀椀nancial pressures should something happen to you. Death bene昀椀t coverage The death bene昀椀t from your Protective Indexed Choice UL policy can be paid directly to your bene昀椀ciaries to replace your income and help maintain their standard of living. It can also be used for things like burial and 昀椀nal expenses as well as recurring or future expenses. Your policy will not lapse before age 90 as long 1,2 as premiums are paid on time and there are no policy loans or withdrawals. Protective Indexed Choice UL also lets you increase or decrease your death bene昀椀t amount if your needs change, without having to buy a new, separate policy. Growing cash value With Protective Indexed Choice UL, you have a choice of two interest accounts which can work together to build cash value. The 昀椀xed account Premium amounts allocated to the 昀椀xed account earns interest at a company-declared rate. While the 昀椀xed account interest rate is guaranteed to never be lower than 1%, the current credited rate could be higher and is subject to change at the discretion of Protective Life. The indexed account ® The indexed account credits interest to your policy based on the positive performance of the S&P 500 Index (excluding dividends), which gives you greater cash value potential. When a premium payment is allocated to the indexed account, an indexed segment is created. 1 The lapse protection guarantees the policy death bene昀椀t only, not the cash or surrender value. Policy transactions and premium changes will a昀昀ect the cost and length of the protection. Late or skipped premiums are not recommended because this may cause the policy to lose lapse protection and the premiums required to restore lapse protection could be signi昀椀cantly higher. Complete terms and conditions can be found in the policy and endorsements, and your insurance professional can advise you regarding the e昀昀ect of premium adjustments. 2 The lapse age in NY is 85. 1

Protective Indexed ChoiceSM UL | Product guide Indexed segments An indexed segment is created when you allocate a premium payment to the indexed account. See how a segment works below. Day 15 Indexed segments begin on the 15th of the Indexed Your net account premium is month. You can have up to 12 segments at transferred any given time and each segment has its on the 15th own 12-month term. The interest credited to of the month your policy during each segment is directly related to the performance of the S&P 500 Index (excluding dividends). At the end of each segment year, interest is calculated and Indexed credited based on the growth in the S&P 500 segment Index during that period, subject to the created policy’s participation, cap and 昀氀oor rates. Although the indexed account can earn All indexed interest based on the positive performance segments mature 12 of the S&P 500, Protective Indexed Choice UL months after is not a security or investment so you are not Matured being created investing directly in the stock market. indexed segment Interest credited based on change in S&P 500 over Year 1 previous 12 months (excluding dividends and subject to cap and 昀氀oor rates) What is the S&P 500? Widely regarded as the best single gauge of the U.S. equities market, this world-renowned index includes 500 leading companies in key industries of the U.S. economy. With approximately 75% coverage of U.S. equities, the S&P 500 focuses on the large-cap segment of the market. However, it is also an ideal proxy for the total market. The S&P 500 belongs to a group of S&P U.S. indices that 2 can be used as portfolio building blocks. 2 Source: www.spdji.com 2

Transferring funds between accounts Annual transfer You can transfer funds between the 昀椀xed account and indexed account after your 昀椀rst policy year. You can request that up to 100% of your 昀椀xed account value be transferred to the current indexed segment in the indexed account. That transfer will occur on the monthly anniversary following the request. You can also request that up to 100% of an indexed segment’s value be transferred to the 昀椀xed account. That transfer will occur on the monthly anniversary on or after the indexed segment’s crediting date. With this option, only one transfer from an indexed segment to the 昀椀xed account can be made each year. Transfers between indexed segments are not permitted. Monthly level transfer You can set up automatic monthly transfers of a 昀椀xed dollar amount from the 昀椀xed account to the indexed account for no more than 12 months (this is the default period). Transfers will occur on the 15th of the designated months. If the 昀椀xed account balance is less than the monthly level transfer amount, then the remaining amount in the 昀椀xed account will be transferred to the indexed account and the monthly transfer will end. Requested manual transfers from the 昀椀xed account to the indexed account are not permitted while a monthly level transfer is active. The monthly level transfer can be stopped at any time, but only one can be in place for the policy at any given time. Please see your policy for more detailed information about transfers between accounts. 3

Protective Indexed ChoiceSM UL | Product guide How the indexed account works Protective Indexed Choice UL uses a simple calculation to determine how much interest your policy will earn in the indexed account. Participation rate The participation rate determines what percentage of the S&P 500’s increase will apply to your policy as interest. Protective Life guarantees a 100% participation rate for the life of your Protective Indexed Choice UL policy. A higher participation rate does not necessarily mean a higher crediting rate, which depends on the S&P 500 performance and the cap rate. Interest cap and 昀氀oor rates The cap rate is the maximum interest rate that can be credited to your policy. Your indexed account value will be credited with an interest rate equal to any percentage increase in the S&P 500 (excluding dividends) during the indexed segment year, up to the speci昀椀ed current cap rate. The interest cap rate is guaranteed to never drop below 3% and is subject to change at the discretion of Protective. The 昀氀oor rate is the minimum interest rate credited to your policy based on changes to the S&P 500. The 昀氀oor rate is 0%, meaning your policy will never lose value due to negative S&P 500 performance during that year. However, keep in mind that policy charges and fees are still withdrawn from your policy value during this time. Interest rate 100% End of Beginning of credited participation rate segment year3 segment year3 = X — (subject to interest 3 cap and 昀氀oor rates) Beginning of segment year S&P 500 Value 3 Excluding dividends 4

Determining indexed interest rates — A hypothetical example This example demonstrates how your Protective Indexed Choice UL policy value can be protected from a negative index performance. When the percentage change in the S&P 500 is negative during your indexed segment year, you bene昀椀t from the protection of the 0% 昀氀oor rate. You may not earn any interest that year, but your policy won’t lose value due to the negative S&P 500 performance. Remember, policy charges and fees will continue to be withdrawn from your policy value. How it works 12% 8% 4% 0% Policy year 1 Policy year 3 Policy year 4 The maximum Positive index The maximum -4% crediting interest performance is less crediting interest rate is earned, than the interest rate is earned, because positive Policy year 2 rate cap, so the because positive index performance crediting interest index performance exceeded the Indexed rate equals the once again interest rate cap. performance is percentage change exceeded the negative. The in the index. interest rate cap. result is simply that no interest is earned. S&P 500 index percentage change Crediting interest rate (excluding dividends) This example is hypothetical and intended solely to represent how the credited interest rate for an indexed segment is determined. Actual net earnings will be less because policy fees and charges will be deducted from the policy value. Please note that rates are subject to change at the discretion of Protective. 5

Protective Indexed ChoiceSM UL | Product guide Making your policy work for you Death bene昀椀t protection is one thing. But the cash value you earn with a Protective Indexed Choice UL policy can be there for future expenses or unexpected costs that arise. Loans and withdrawals You now know how your Protective Indexed Choice UL policy builds cash value by combining the total amounts in your 昀椀xed account and indexed account. Your policy’s cash value grows 4 on a tax-deferred basis, and you are not taxed until you withdraw funds. You can access your policy’s cash value any time after the 昀椀rst policy year through withdrawals or loans. Maybe you want to tap for college tuition, home renovations or supplemental retirement income. Or maybe for unexpected costs when life happens. Regardless, Protective Indexed Choice UL can help. Keep in mind loans and withdrawals can impact your policy. If you decide to fully surrender the policy during the 昀椀rst 19 years, there will be a charge that varies by age, gender and underwriting class. Interest will not be credited to partial indexed segment terms if you fully surrender your policy. Withdrawals from an indexed segment will also reduce the amount of interest earned in that segment. 5 Protective Indexed Choice UL o昀昀ers an overloan protection bene昀椀t as another layer of protection. It guarantees that your policy will not lapse and that the death bene昀椀t will be at least $10,000, as long as the policy has been in force at least 20 years, the insured is at least 65 years old and withdrawals have been taken in an amount equal to the total premiums paid. There are other conditions that must be met before activating this bene昀椀t and restrictions that apply once the bene昀椀t is invoked. Please see your policy and the endorsement for more detailed information. 4 Though interest is charged on loans, loans are generally not taxable, but withdrawals are taxable to the extent they exceed basis in the policy. Loans outstanding at policy lapse or surrender before the insured’s death will cause immediate taxation to the extent of gain in the policy. Unpaid loans and withdrawals reduce cash values and policy bene昀椀ts. The tax treatment of life insurance is subject to change. Neither Protective nor its representatives o昀昀er legal or tax advice. Please consult with your legal or tax advisors regarding your individual situation before making any tax-related decisions. 5 Not available in NY. 6

About Protective Indexed Choice UL When you apply for a Protective Indexed Choice UL policy, you are placed in an underwriting category — a classi昀椀cation based on your current health and insurance risk factors that determines your policy rates. The policy also de昀椀nes issue age as follows: The minimum policy face amount (death bene昀椀t) is $100,000. There is no maximum face amount. In Juvenile 0–17 addition to the protection the death bene昀椀t o昀昀ers, you have two interest accounts that work together to help build cash value. Select Preferred 18–75 Withdrawals from your policy’s cash value are charged a $25 fee and will reduce your policy’s Preferred 18–80 death bene昀椀t amount, subject to minimums. Withdrawals will also impact lapse protection, and surrender charges may apply on a pro rata basis. Non-Tobacco 18–80 Loans are available after the 昀椀rst policy year, and interest is charged in arrears for all policy years. The guaranteed interest rate for loans is 8%, but Tobacco the current rate may be lower and is subject to 18–80 change at the discretion of Protective Life. Loans and withdrawals will impact the policy, and if you decide to fully surrender your policy during the 昀椀rst 19 years, there will be a charge that varies by age, gender and underwriting class. There are certain fees and charges associated with a Protective Indexed Choice UL policy. The premium load is a charge deducted from your premium payments before they are applied to your policy. While your policy is in force, all payments will be subject to a guaranteed premium load of 12%. The current premium load may be lower and is subject to change at the discretion of Protective. An administrative charge of $9 will also be deducted monthly, in addition to a monthly expense charge and monthly cost of insurance charge, which vary based on your policy details. 77

Protective Indexed ChoiceSM UL | Product guide Where your premium goes Your premium Accumulated Withdrawals Policy death payment policy value and loans bene昀椀t Less a premium Less policy charges load charge and expenses Minus policy Cash value grows charges and based on the allocation expenses to pay made to the indexed for the policy and 昀椀xed accounts death bene昀椀t Each time you make a premium payment, Protective deducts a premium load to cover administration and sales charges. The remaining amount, or net premium, is then applied to your accumulated policy value, which is the sum of the 昀椀xed account and indexed account values. You can allocate your net premium to either the 昀椀xed account or indexed account, but any new premium amount allocated to the indexed account will be held in the 昀椀xed account until the 15th of the month on or following receipt of the payment. Policy charges are deducted monthly from the policy value. These charges are assessed by deducting the 昀椀xed account and each indexed segment in the indexed account in the same proportion that each bears to the total policy value. These include cost of insurance, administrative charge, expense charge, rider charges (if applicable), withdrawal charge (if applicable), policy debt (if applicable) and surrender charges (if applicable). Loans and withdrawals are available if you need to access your accumulated policy value after the 昀椀rst policy year. Keep in mind that withdrawals from an indexed segment will reduce the amount of interest earned in that segment. Your Protective Indexed Choice UL policy’s death bene昀椀t is paid to your bene昀椀ciaries upon your death. 8

What happens next? If you decide that a Protective Indexed Choice UL policy is right for you, the application process begins. With your 昀椀nancial professional, you’ll start by signing some forms and answering a few medical questions. You’ll also complete the application and select your face amount (death bene昀椀t) and any optional bene昀椀ts or riders. In most cases, a medical professional will then contact you to schedule a life insurance physical examination, usually in your own home. Your application is then sent to Protective for underwriting, where, over the next few weeks, your application physical exam results are reviewed. Medical records or additional underwriting criteria may be required to determine your health risk and quali昀椀cation for the policy. If approved, you will receive a copy of your policy. Be sure to 昀椀le this with your other important documents, notify your bene昀椀ciaries and begin paying your premiums according to the schedule you established. Reviewing your policy and annual report regularly will help keep your strategy aligned with your goals. 9

protective.com ® ® The S&P 500 Index is a product of S&P Dow Jones Indices LLC (“SPDJI”), and has been licensed for use by Protective Life. S&P and S&P 500 are registered trademarks of Standard & Poor’s Financial ® Services LLC (“S&P”); Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Protective Life. The Protective Indexed Choice UL is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, any of their respective a昀케liates (collectively, “S&P Dow Jones Indices”). S&P Dow Jones Indices makes no representation or warranty, express or implied, to the owners of the Protective Indexed Choice UL or any member of the public regarding the advisability of investing in securities generally or in The Protective Indexed Choice UL particularly or the ability of the S&P 500 Index to track general market performance. S&P Dow Jones Indices’ only relationship to Protective Life with respect to the S&P 500 Index is the licensing of the Index and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices or its licensors. The S&P 500 Index is determined, composed and calculated by S&P Dow Jones Indices without regard to Protective Life or the Protective Indexed Choice UL. S&P Dow Jones Indices have no obligation to take the needs of Protective Life or the owners of the Protective Indexed Choice UL into consideration in determining, composing or calculating the S&P 500 Index. S&P Dow Jones Indices is not responsible for and has not participated in the determination of the prices, and amount of the Protective Indexed Choice UL or the timing of the issuance or sale of the Protective Indexed Choice UL or in the determination or calculation of the equation by which the Protective Indexed Choice UL is to be converted into cash, surrendered or redeemed, as the case may be. S&P Dow Jones Indices has no obligation or liability in connection with the administration, marketing or trading of The Protective Indexed Choice UL. There is no assurance that investment products based on the S&P 500 Index will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment advisor. Inclusion of a security within an index is not a recommendation by S&P Dow Jones Indices to buy, sell or hold such security, nor is it considered to be investment advice. Notwithstanding the foregoing, CME Group Inc. and its a昀케liates may independently issue and/or sponsor 昀椀nancial products unrelated to The Protective Indexed Choice UL currently being issued by Protective Life, but which may be similar to and competitive with The Protective Indexed Choice UL. In addition, CME Group Inc. and its a昀케liates may trade 昀椀nancial products which are linked to the performance of the S&P 500 Index. S&P DOW JONES INDICES DOES NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE S&P 500 INDEX OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY PROTECTIVE LIFE, OWNERS OF THE PROTECTIVE INDEXED CHOICE UL, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE S&P 500 INDEX OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY OR OTHERWISE. THERE ARE NO THIRD-PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND PROTECTIVE LIFE, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES. Protective Indexed Choice UL (UL-27 and UL-27-NY) is a 昀氀exible premium universal life insurance policy issued by Protective Life and Annuity Insurance Company, Birmingham, AL. Policy form numbers, product features and availability may vary by state. Consult policies for bene昀椀ts, riders, limitations and exclusions. Subject to underwriting. Up to a two-year contestable and suicide period. Bene昀椀ts adjusted for misstatements of age or sex. Protective Indexed Choice UL is not a security investment and is not an investment in the market. Your insurance professional can provide you with costs and complete details about the terms, conditions, limitations or exclusions that apply to this policy. The tax treatment of life insurance is subject to change. Neither Protective Life nor its representatives o昀昀er legal or tax advice. Please consult with your legal or tax advisor regarding your individual situation before making any tax-related decisions. All payments and all guarantees are subject to the claims-paying ability of Protective Life Insurance Company. Protective is a registered trademark of PLICO and Indexed Choice is a trademark of Protective Life and Annuity Insurance Company. The Protective trademarks, logos and service marks are property of PILCO and are protected by copyright, trademark, and/or other proprietary rights and laws. CLC.9359 (06.23)