Protective Life and Annuity Insurance Company was founded in 1983 as American Foundation Life Insurance Company. It offers a range of insurance plans for individuals and small- and large-scale business clients. The company works to meet the customized needs of the brokerage community and its policyholders. It provides ProPayer Income Annuity NY, which is a single-premium immediate annuity program that enables clients to convert assets to a stream of payments after retirement. Protective Life and Annuity Insurance Company also offers term and universal life insurance plans. It is a wholly owned subsidiary of Protective Life Corporation, which has been offering various life insurance, retirement savings and investment products since 1907.