As part of its plans to gain an immediate presence in the financial institution marketplace, Birmingham, Alabama-based Protective Life Insurance Company has concluded an agreement which will see Midwood Financial Services distribute its annuity products.
The agreement will enable Protective Life to expand distribution of its annuity products through banks and other financial institutions across the country.
Midwood Financial Services will gain exclusive distribution rights of Protective Life’s indexed annuities (EIAs) and single premium immediate annuities (SPIAs) to banks and other financial institutions. The agreement also covers the distribution of bank annuities underwritten by West Coast Life Insurance Company, a subsidiary of Protective Life Insurance Company.
Midwood is the largest independently owned bank annuity distributor in the US. Based in Encino, California, Midwood provides product expertise, training, and wholesaling support to banks and financial institutions across the country. Midwood helps distribute annuities through banks ranging in size from small community banks to super regional banks.
Our agreement with Midwood works in concert with our recent introduction of Protective’s first indexed annuities, the ProSaver Index Plus and ProSaver Index Choice, said John Sawyer, vice president of Business Development for Protective Life. We feel that our indexed annuities and our SPIA products will provide exceptional value in the financial institution channel.