To continue serving consumers’ varying retirement-income needs,
Pacific Life recently enhanced the features of three of its
optional benefits, available with certain advisory and traditional
variable annuities for an additional cost. Designed for growth and
protection, these strategies offer clients the flexibility to
protect their money or withdraw income in retirement.
Open Architecture from Pacific Life with Future Income
Generator
Clients who select Future Income Generator optional benefit
with certain variable annuities can access the full, expanded
investment-option lineup — with some options offering up to 100%
equity exposure. This strategy provides the potential for clients
to grow and lock in a higher protected base from which to take
withdrawals without an increase in the cost of the benefit. It also
offers a stackable1 annual credit for up to 10 years (or until the
first withdrawal) and guaranteed income for life starting at age
59½.
Increased Withdrawal Percentages on Enhanced Income Select
2
Those looking forward to spending more money early in retirement
can receive higher2 withdrawal percentages using Enhanced Income
Select 2, an optional benefit available with certain Pacific
Life variable annuities. As of May 1, 2024, those percentages have
increased. A higher income level early in retirement, and the
flexibility to stop and start withdrawals, may be appealing to
today’s more active retirees.
100% Downside Protection Available with Protected Investment
Benefit in New York
Protected Investment Benefit is available in only New York for
an additional cost with certain Pacific Life variable annuities. It
offers 100% downside protection with unlimited growth potential and
up to 80% equity exposure with the 7-year term option. This is an
option for clients nearing retirement who need growth but want to
take some of the emotion out of investing.
“Pacific Life plans to continue evolving its products and
services and we’re pleased to provide financial professionals with
strategies that can make a meaningful difference in their clients’
retirements,” said Kevin Kennedy, senior vice president, sales and
distribution, consumer markets business at Pacific Life. “The
current enhancements to these optional benefits may help provide
consumers with more opportunities to grow and protect their
retirement savings and provide the flexibility to withdraw income
when needed in retirement.”
For more information, financial professionals are invited to
contact a Pacific Life consultative wholesaler at (800) 722-2333,
or visit Annuities.PacificLife.com.
Not all products and optional benefits are available in all
states and firms. Financial professionals can check with their
respective firms for availability.
Protected Investment Benefit is available only in New York.
All other product updates are effective in all states except New
York.
About Pacific Life
Pacific Life provides a variety of products and services
designed to help individuals and businesses in the retail,
institutional, workplace benefits, and reinsurance markets achieve
financial security. Whether your goal is to protect loved ones or
grow your assets for retirement, Pacific Life offers innovative
life insurance and annuity solutions, as well as mutual funds, that
provide value and financial security for current and future
generations. Supporting our policyholders for more than 150 years,
Pacific Life is a Fortune 500 company headquartered in Newport
Beach, California. For additional company information, including
current financial strength ratings, visit www.PacificLife.com.
1The term "stackable" is equivalent to a reset. A reset takes
place when the contract value is greater than the protected payment
base and annual credit. After a reset, the annual credit amount
grows based on the higher protected payment base.
2Withdrawals are higher than the typical 5% withdrawals.
Withdrawal percentages will vary based on age and whether the
Single Life or Joint Life option was selected.
All guarantees are subject to the claims-paying ability and
financial strength of the issuing insurance company and do not
protect the value of the variable investment options, which are
subject to market risk.
Pacific Life, its affiliates, their distributors, and respective
representatives do not provide tax, accounting, or legal advice.
Any taxpayer should seek advice based on the taxpayer’s particular
circumstances from an independent tax advisor or attorney.
Pacific Life is a product provider. It is not a fiduciary and
therefore does not give advice or make recommendations regarding
insurance or investment products.
Investors should carefully consider a variable annuity’s
risks, charges, limitations, and expenses, as well as the risks,
charges, expenses, and investment goals of the underlying
investment options. This and other information about Pacific Life
are provided in the product and underlying fund prospectuses. These
prospectuses should be read carefully before investing.
The value of the variable investment options will fluctuate so
that shares, when redeemed, may be worth more or less than the
original cost.
Annuity withdrawals and other distributions of taxable amounts,
including death benefit payouts, will be subject to ordinary income
tax. For nonqualified contracts, an additional 3.8% federal tax may
apply on net investment income. If withdrawals and other
distributions are taken prior to age 59½, an additional 10% federal
income tax may apply. A withdrawal charge also may apply.
Withdrawals will reduce the contract value and the value of the
death benefit, and also may reduce the value of any optional
benefits.
Only one optional guaranteed minimum withdrawal benefit (GMWB)
can be purchased on a variable annuity.
Enhanced Income Select 2 is named “Guaranteed Withdrawal Benefit
XXIII Rider – Single Life” and “Guaranteed Withdrawal Benefit XXIII
Rider – Joint Life” in the contract rider.
Future Income Generator is named “Guaranteed Withdrawal Benefit
XXII Rider – Single Life” and “Guaranteed Withdrawal Benefit XXII
Rider – Joint Life” in the contract rider. Protected Investment
Benefit is named “Guaranteed Minimum Accumulation Benefit” in the
contract rider.
Insurance product and rider guarantees, including optional
benefits and any fixed crediting rates or annuity payout rates, are
backed by the financial strength and claims-paying ability of the
issuing insurance company and do not protect the value of the
variable investment options. They are not backed by the
broker/dealer from which this annuity is purchased, by the
insurance agency from which this annuity is purchased, or any
affiliates of those entities, and none makes any representations or
guarantees regarding the claims-paying ability of the issuing
insurance company.
Pacific Life refers to Pacific Life Insurance Company and its
subsidiary Pacific Life & Annuity Company. Insurance products
can be issued in all states, except New York, by Pacific Life
Insurance Company and in all states by Pacific Life & Annuity
Company. Product/material availability and features may vary by
state. Each insurance company is solely responsible for the
financial obligations accruing under the products it issues.
Variable insurance products are distributed by Pacific Select
Distributors, LLC (member FINRA & SIPC), a subsidiary of
Pacific Life Insurance Company and an affiliate of Pacific Life
& Annuity Company.
The home office for Pacific Life & Annuity Company is
located in Phoenix, Arizona. The home office for Pacific Life
Insurance Company is located in Omaha, Nebraska.
Contract Form Series: ICC20:10-1020, 10-2252-13, 10-178OR
Rider Series: ICC20:20-1021, ICC20:20-1022, ICC19:20-1427,
ICC19:20-1428, 20-2355
VAC3225PR-2400 5/24 E527
24-162
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version on businesswire.com: https://www.businesswire.com/news/home/20240501023027/en/
Jesse Page (949) 219-4575 Jesse.Page@PacificLife.com