Universal Life Insurance

Product guide UNIVERSAL LIFE INSURANCE SM Protective Custom Choice UL (10-30) Not FDIC/NCUA Insured Not Bank or Credit Union Guaranteed Not a Deposit Not Insured By Any Federal Government Agency May Lose Value

What would happen to your loved ones if you died unexpectedly? Life insurance can give you the assurance of knowing that you have left a legacy that will help them be 昀椀nancially secure. In fact, not only can life insurance be a single source of protection but also a valuable 昀椀nancial planning tool. We’re SM proud to o昀昀er Protective Custom Choice UL, universal life coverage that o昀昀ers protection for your needs today, with options and 昀氀exibility as your needs change.

Protection for your loved ones Life insurance is protection — security for your loved ones when they need it most. Life insurance can help them avoid the added burden of 昀椀nancial pressures should something happen to you. Death bene昀椀t coverage The death bene昀椀t from your Protective Custom Choice UL policy can be paid directly to your bene昀椀ciaries to help replace your income, maintain their standard of living and even cover burial and 昀椀nal expenses. With Protective Custom Choice UL, you can also adjust your death bene昀椀t amount if your needs change, without having to buy a new, separate policy. After the 昀椀rst policy year, you can increase the death bene昀椀t amount (subject to underwriting), or after the third policy year, decrease it (subject to minimums and charges). Your death bene昀椀t coverage can be guaranteed for 10 to 30 years. Your policy will not lapse as long as your 1 planned premiums are paid. 1 Lapse protection guarantees the policy death bene昀椀t for the duration of the guarantee and does not cover cash or surrender value. Loans, withdrawals and other policy and premium changes will a昀昀ect the cost and length of protection. Failure to make premium payments as planned may cause the policy to lose lapse protection and premiums required to restore it could be signi昀椀cantly higher. Refer to the policy and endorsements for complete terms, conditions and limitations. 1

Universal life insurance | Product guide Flexibility — now and down the road At Protective, we understand that everyone’s situation is di昀昀erent and that needs often change over the course of time. That’s why Protective Custom Choice UL o昀昀ers options and 昀氀exibility to meet your speci昀椀c needs and goals. Now: Customize your coverage With Protective Custom Choice UL, you can customize how long you want your life insurance coverage to last. You choose the amount of coverage you want (the death bene昀椀t), and an initial level bene昀椀t period of 10 to 30 years. During this time, as long as you pay the scheduled premiums, your death bene昀椀t is guaranteed to remain 2 level and your policy will never lapse. Later: Stay protected after the initial bene昀椀t period, for the same cost After the initial level bene昀椀t period ends, your guaranteed death bene昀椀t will begin to decrease while your premium payment amount remains the same. The death bene昀椀t amount will decrease each year until it reaches the minimum of $10,000. At that point, your premiums will increase each year. You also have the option to exchange your policy for a permanent universal life insurance option from Protective Life anytime in your 昀椀rst 20 policy years up to age 70, without going through more medical exams. If your needs change and you want to maintain your current death bene昀椀t beyond the initial level bene昀椀t period, you may exercise this option. See how this works Death bene昀椀t: Death bene昀椀t $500,000 decreases: $211,002 Annual premium: Same annual $237.44 premium: $237.44 1 15 16 Policy year $500,000 death bene昀椀t, 15-year initial death bene昀椀t period, female, age 35, preferred 2 In order for the lapse protection to be in force, accumulated premiums paid (less pro rata adjustments for loans and withdrawals) must be equivalent to or greater than the accumulated Minimum Monthly Guaranteed Premiums. 2

About Protective Custom Choice UL When you apply for a Protective Custom Choice UL policy, you are classi昀椀ed in an 10-Year Plan 18–75 underwriting category (Select Preferred, Preferred, Non-Tobacco or Tobacco). These categories are based on current health and 15-Year Plan 18–70 medical history and determine your policy rates. Each initial level bene昀椀t period also has issue age restrictions. 20-Year Plan 18– 65 (18–63 for Tobacco class) The minimum policy face amount (death bene昀椀t) is $100,000, and after your initial 25-Year Plan level bene昀椀t period, this minimum is 18–55 (18–52 for Tobacco class) $10,000. There is no set maximum face amount. This applies to all issue ages and 30-Year Plan 18–55 (18–43 for Tobacco class) all underwriting classes. There are certain fees and charges associated with a Protective Custom Choice UL policy. The premium load charge is deducted from your premium payments before they are applied to your policy. While your policy is in force, all payments are subject to a 25% premium load. And depending on your policy, you will see monthly deductions that include charges for expenses and the cost of insurance. 3

Universal life insurance | Product guide What happens next? If you decide on a Protective Custom Choice UL policy, the application process begins next. Working with your 昀椀nancial professional, you’ll sign some forms and possibly answer a few medical questions. You’ll also complete the application, select your face amount and choose any optional bene昀椀ts or riders. We’ll work with you to schedule a life insurance physical examination, which is usually completed in your home. The underwriting process usually takes a few weeks. Our underwriters review your application and the results of your physical examination and may request medical records or additional information to help determine your risk and quali昀椀cation for coverage. If approved, you’ll receive a copy of your policy. Be sure to notify your bene昀椀ciaries and keep the policy with your other important documents. Remember, paying your premiums on time keeps your guarantee of coverage in force. We encourage you to review your policy and annual report regularly to make sure your strategy continues to be aligned with your goals. 4

We’re Protective Protective provides protection that 昀椀ts your life, because we believe everyone deserves a sense of security and protection. We’ve been protecting people for over 110 years, delivering on our promises and pushing to do more for more people. Because we’re all protectors. protective.com Protective Custom Choice UL (UL-22) is a universal life insurance policy issued by Protective Life Insurance Company, Nashville, TN, founded in 1907. 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. 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 and Custom Choice is a trademark of Protective Life Insurance Company. The Protective trademarks, logos and service marks are property of Protective Life Corporation and are protected by copyright, trademark, and/or other proprietary rights and laws. Not FDIC/NCUA Insured Not Bank or Credit Union Guaranteed Not a Deposit Not Insured By Any Federal Government Agency May Lose Value PLC.6330 (10.21)