Why it earned this rating
Our assessment
Asset Builder II 10-Year extends Protective's accumulation FIA to a decade-long surrender window. It carries the highest crediting parameters in the lineup but the meaningful uplift is concentrated on the biennial Citi strategy and the JP Morgan Mojave at 140% participation. Without an income rider, this is a long-duration accumulation play.
The short version
For accumulation buyers who can genuinely commit for ten years, this is a workable FIA from a strong carrier. The standard S&P 500 cap is barely different from the 5- and 7-year versions, so the 10-year really earns its keep on the participation-rate strategies and through the slight fixed account uplift.
Key facts
**Product Type** Fixed Indexed Annuity (flexible premium first year)
**Issue Ages** 0–85 NQ; 18–85 Q
**Minimum Premium** $10,000
**Surrender Period** 10 years (9, 9, 8, 7, 6, 5, 4, 3, 2, 1, 0%)
**Free Withdrawal** 10% of premiums in year 1; 10% of account value in year 2 and beyond
**Crediting Options** 6 indexed strategies plus a 1-year fixed account
**Income Rider** Not available
**Market Value Adjustment** Yes
**Channel** Independent agent only
The full review
Is Protective Asset Builder II 10-Year a Good Annuity?
Yes, for buyers with a genuine 10-year planning horizon who want the highest crediting parameters Protective offers in the Asset Builder II line. It is not the right product for shorter horizons or for buyers seeking guaranteed lifetime income.
Why Someone Would Buy This Annuity
The main reason is long-term accumulation with downside protection. The secondary reason is the highest participation rates on the JP Morgan Mojave (140% at $100K+) and biennial Citi Flexible Allocation 6 (180% at $100K+) strategies, which can produce meaningfully better crediting on those strategies versus the 5- and 7-year versions.
Who This Annuity Is Best For
I think Asset Builder II 10-Year fits best for a buyer in their late 50s or 60s who has a 10-year commitment in mind, wants the highest available participation on the JP Morgan and Citi strategies, and values Protective's carrier strength. The product also fits buyers who want to maximize the participation-rate strategies rather than the standard cap strategies.
What You're Really Buying Here
You are buying a tax-deferred FIA with principal protection, six crediting strategies, and the longest commitment Protective offers in this line. You are not buying market exposure. The 10-year structure unlocks the highest participation rates on the participation-rate strategies.
How the Core Feature Works
S&P 500 annual point-to-point caps are 5.30% / 7.25% / 8.50% across rate bands. The higher-cap S&P 500 option runs 5.10% / 7.05% / 8.25%. The S&P 500 participation strategy is 28% / 37% / 42%. JP Morgan Mojave Index participation is 112% / 130% / 140%. Citi Flexible Allocation 6 Excess Return biennial participation is 151% / 167% / 180%. Performance-triggered S&P 500 declares 4.10% / 5.00% / 6.20%.
Why the Secondary Feature Matters
The 180% biennial participation rate on the Citi Flexible Allocation 6 strategy is the standout structural feature. Capturing two-year market moves at 180% participation can produce double-digit annual returns in strong markets. This is the highest participation rate in Protective's Asset Builder II lineup.
Liquidity and Surrender Schedule
Free withdrawals are 10% of premiums in year 1, 10% of account value in years 2+. Surrender charges scale 9, 9, 8, 7, 6, 5, 4, 3, 2, 1, then 0 percent over ten years, plus a market value adjustment. Nursing home, terminal illness, and unemployment waivers may apply. The 10-year schedule is a meaningful liquidity constraint.
Fees and Tradeoffs
There are no rider fees, M&E charges, or annual contract fees. The trade is the long commitment. The MVA can amplify the cost of unwinding the contract early in a rising-rate environment.
Product snapshot
| Feature | Details |
| --- | --- |
| Product type | Fixed indexed annuity |
| Issue ages | 0-85 NQ; 18-85 Q |
| Minimum premium | $10,000 |
| Surrender schedule | 9, 9, 8, 7, 6, 5, 4, 3, 2, 1, 0% |
| Market value adjustment | Yes |
| Free withdrawal | 10% of premiums year 1; 10% of account value year 2+ |
| Crediting options | 6 indexed strategies plus a 1-year fixed account |
| Current fixed account rate | 3.10% / 3.55% / 3.65% (low / $50K / $100K) |
| Income rider | Not available |
| Death benefit | Greater of full account value or minimum guaranteed surrender value |
| Surrender waivers | Nursing home, terminal illness, unemployment |
| MGSV | 87.5% at 1-3% |
| State availability | Not available in California or New York |
| Channel | Independent agent only |
Carrier snapshot
Protective Life Insurance Company is part of Protective Life Insurance Corporation. A.M. Best A-plus, S&P AA-minus. The 10-year version is distributed through the independent agent channel.
Final take
Asset Builder II 10-Year is the most aggressive participation play in Protective's accumulation FIA lineup. The 180% biennial Citi participation and 140% JP Morgan Mojave participation are real differentiators versus the shorter-duration versions. The 10-year commitment is meaningful, and the lack of an income rider keeps this product squarely focused on accumulation.