Protective Life Insurance Company and West Coast Life Insurance Company have released the Income Provider Option for their universal life insurance products.

According to Protective Life, the new Income Provider Option is an optional, no cost endorsement, that provides a guaranteed income stream death benefit to designated beneficiaries. It allows policy owners choices in selecting the amount, duration and frequency of guaranteed income payments.

The new option also offers an option to include an initial lump sum in order to help meet immediate needs like mortgage, medical bills, tuition, and final expenses. The income stream payments may be made for a period of 1 to 30 years, either monthly, annually or on a specific annually-recurring day like a birthday, holiday or anniversary.

John Deremo, SVP and chief distribution officer of Protective Life, said: “Income replacement is extremely important to consumers purchasing life insurance.

“People are concerned about making sure their families can pay off large debts, such as final expenses and mortgages, as well as providing a secure, guaranteed source of income to pay for the ongoing expenses of daily living.”