Why it earned this rating
Our assessment
Investors Series is an older B-share VA from Protective with a lower 0.90% M&E charge than typical B-share products. The total 1.00% annual expense is competitive, but the lack of a living benefit rider option and the older policy form mean this product is mostly relevant for existing contract holders rather than new buyers.
The short version
For buyers who specifically want a lower-cost B-share VA with carrier strength and a Return of Purchase Payments death benefit, this works. The lack of a living benefit rider is the main structural limitation versus newer Protective VA offerings.
Key facts
**Product Type** Variable Annuity (B-share, flexible premium first year)
**Issue Ages** 0–85
**Minimum Premium** $5,000
**Surrender Period** 7 years (7, 6, 6, 5, 4, 3, 2, 0%)
**Subaccounts** 82 variable plus a 1-year fixed account
**Annual Contract Fee** $35 (waived at $100,000)
**Total Annual Expense** 1.00%
**Income Rider** Not available
**Enhanced Death Benefit** Optional Return of Purchase Payments
The full review
Is Protective Investors Series a Good Annuity?
Yes, for the right buyer. It fits accumulation-focused buyers who want a lower-cost B-share VA with optional death benefit enhancement and Protective's carrier strength. It is not the right product for buyers wanting a living benefit rider or a deeper subaccount menu.
Why Someone Would Buy This Annuity
The main reason is the lower 1.00% total annual expense versus typical 1.20%-1.40% B-share VAs. The secondary reason is the optional Return of Purchase Payments death benefit, which provides a contractual floor on what beneficiaries receive (regardless of subaccount performance).
Who This Annuity Is Best For
I think Investors Series fits best for accumulation-focused buyers in their 40s through 60s who want a no-frills, lower-cost VA with optional death benefit enhancement. It is also a fit for legacy planning where the Return of Purchase Payments guarantee adds meaningful value.
What You're Really Buying Here
You are buying tax-deferred market exposure through a B-share VA structure with a relatively narrow subaccount menu. You are not buying principal protection. The 1.00% total annual expense applies daily to subaccount values.
How the Core Feature Works
Investors Series offers 82 variable subaccounts plus a 1-year fixed account currently at 3.00%. The 0.90% M&E is assessed daily on subaccount values, plus 0.10% administration for a total 1.00% annual expense. The optional Return of Purchase Payments death benefit guarantees beneficiaries receive at least the total premiums paid, regardless of subaccount performance. A 2% annuitization bonus applies for contracts annuitized at least 10 years after the tenth contract anniversary.
Why the Secondary Feature Matters
The Return of Purchase Payments death benefit is the meaningful secondary feature. For legacy planning buyers, knowing that beneficiaries cannot receive less than total premiums paid (regardless of how subaccounts have performed) is a real benefit, even though it does not protect the buyer's own surrender value.
Liquidity and Surrender Schedule
Free withdrawals are 10% of initial premium in year 1; in subsequent years the free amount is the greater of 10% of previous account anniversary premiums, 10% of previous account anniversary value, or earnings. Surrender charges scale 7, 6, 6, 5, 4, 3, 2, then 0 percent over seven years. Terminal illness and hospital waivers are available.
Fees and Tradeoffs
The 1.00% total annual expense (0.90% M&E + 0.10% admin) is lower than typical B-share VAs but does not include subaccount fees, which range from 0.34% to 2.58% net. The $35 annual contract fee waives at $100,000. The lack of a living benefit rider is a real structural limitation versus newer Protective VAs.
Product snapshot
| Feature | Details |
| --- | --- |
| Product type | Variable annuity (B-share) |
| Issue ages | 0-85 |
| Minimum premium | $5,000 |
| Surrender schedule | 7, 6, 6, 5, 4, 3, 2, 0% |
| Annual contract fee | $35 (waived at $100,000) |
| Total annual expense | 1.00% |
| Subaccount fee range | 0.34% to 2.58% |
| Subaccounts | 82 variable plus 1 fixed |
| Current fixed account rate | 3.00% |
| Free withdrawal | 10% of initial premium year 1; multi-test year 2+ |
| Income rider | Not available |
| Enhanced death benefit | Optional Return of Purchase Payments |
| Surrender waivers | Terminal illness, hospital |
| MGSV | N/A |
| State availability | Not approved in NY; variations in MA, NH, UT |
Carrier snapshot
Protective Life Insurance Company is part of Protective Life Insurance Corporation. A.M. Best A-plus, S&P AA-minus. Investors Series is distributed through independent broker-dealers and banks.
Final take
Investors Series is a competent older-generation B-share VA. The lower 1.00% total annual expense is a real differentiator, but the lack of a living benefit rider and narrower subaccount menu make this product mostly relevant for buyers who specifically want the cost structure and the Return of Purchase Payments death benefit. Buyers wanting income guarantees should look at Aspirations or Investors Benefit Advisory instead.