Protective Investors Benefit Advisory Variable Annuity review

Yes, and for fee-based advisory clients it is among the better choices on the market. It fits buyers working with a fee-only or fee-based advisor who want tax-deferred market exposure with no surrender lockup and exceptionally low base costs. It is not relevant for buyers outside the advisory channel.

The main reason is the no-surrender, low-cost structure that aligns with fee-based advisory client expectations. The secondary reason is the 146-subaccount menu, which gives advisors meaningful allocation flexibility. The optional SecurePay III rider lets buyers add income guarantees without forcing them.

I think Investors Benefit Advisory fits best for fee-based advisory clients of any age who want tax-deferred market exposure within a VA structure but do not want to pay the surrender-charge cost typical of commission-based VAs. The product is also a fit for clients using 1035 exchanges from older, higher-cost VAs.

You are buying tax-deferred market exposure through an I-share VA structure with no surrender lockup. You are not buying principal protection. The 0.30% total annual expense applies daily to subaccount values. Your advisor charges a separate advisory fee, typically deducted directly from subaccount values.

Investors Benefit Advisory has no surrender charges — buyers can exit the contract at any time without insurance-company penalty (advisory fees and tax consequences may still apply). The 146 variable subaccounts span institutional and retail share classes, with net fees ranging from 0.09% to 3.29%. The optional SecurePay III rider provides GLWB-style income guarantees. Multiple enhanced death benefit options are available, including Return of Purchase Payments, Maximum Anniversary Value, Maximum Daily Value, and Maximum Quarterly Value. A 2% annuitization bonus applies for contracts annuitized at least 10 years after the tenth anniversary.

The no-surrender structure is the meaningful structural differentiator. Most VAs lock buyers in for 5 to 7 years. Investors Benefit Advisory lets the advisor manage the portfolio without surrender constraints, which aligns the product with how fee-based advisory accounts typically operate.

There are no surrender charges. Buyers can withdraw any portion of account value at any time without insurance-company penalty. Advisory fees and tax consequences may still apply. Surrender waivers are listed as N/A because there is no surrender schedule to waive.

The 0.30% total annual expense (0.20% M&E + 0.10% admin) is among the lowest in the VA market. The $35 annual contract fee waives at $100,000. Subaccount fees range from 0.09% to 3.29% net — wider than other Protective VAs because the menu includes both ultra-low-cost institutional shares and pricier specialty options. Advisory fees are typically deducted directly from subaccount values.

| Feature | Details |

| --- | --- |

| Product type | Variable annuity (I-share, no surrender) |

| Issue ages | 0-85 |

| Minimum premium | $5,000 |

| Surrender schedule | None |

| Annual contract fee | $35 (waived at $100,000) |

| Total annual expense | 0.30% |

| Subaccount fee range | 0.09% to 3.29% |

| Subaccounts | 146 variable plus 1 fixed |

| Current fixed account rate | 1.00% |

| Free withdrawal | All account value available at any time |

| Income rider | Optional SecurePay III |

| Enhanced death benefits | Multiple options available |

| Surrender waivers | N/A |

| MGSV | N/A |

| State availability | Not approved in NY; variations in CT, ID, NH, PA, UT, VA |

| Channel | Registered Investment Advisor / advisory channels |

Protective Life Insurance Company is part of Protective Life Insurance Corporation. A.M. Best A-plus, S&P AA-minus. Investors Benefit Advisory is distributed through the Registered Investment Advisor channel and certain other advisory distribution paths.