Payout annuity is a term used to refer to immediate annuities. Payout annuities are purchased with a single lump sum premium payment and the payouts commence shortly (within months) after the annuity has been purchased.
Protective Life Corporation and its subsidiaries provide financial security through insurance and investment products to individuals and families across the United States. Life insurance products are marketed through the Life and Annuity Division and West Coast Life Division and under the banners of three companies: Protective Life Insurance Company, West Coast Life Insurance Company, and Protective Life and Annuity Insurance Company.