Call Protection

A protective provision of a callable security prohibiting the issuer from calling back the security for a period early in its life.

Investopedia Says:
The call protection is advantageous to investors because it prevents the issuer from forcing redemption early on in the life of a security. This means that investors will have a minimum number or years, regardless of how poor the market becomes, to reap the benefits of the security.

The period for which the bond is protected is known as the "deferment period" or the "cushion".

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Length of time during which a security cannot be redeemed by the issuer. U.S. Government securities are generally not callable, although there is an exception in certain 30-year Treasury bonds, which become callable after 25 years. Corporate and municipal issuers generally provide 10 years of call protection. Investors who plan to live off the income from a bond should be sure they have call protection, because without it the bond could be Called Away at any time specified in the indenture. See also Provisional Call Feature.