The Leader in Indexed Universal Life Insurance Announces Two New Products
ALISO VIEJO, Calif.--(BUSINESS WIRE)--Feb 27, 2019--Today, Pacific Life Insurance Company (Pacific Life) announced two new indexed universal life insurance (IUL) products: Pacific Discovery Xelerator IUL 2 (PDX IUL 2) and Pacific Indexed Accumulator 6 (PIA 6). 1
Both life insurance products continue in the tradition of providing flexible death benefit protection for individuals and businesses. PDX IUL 2 emphasizes long-term cash value potential and may be helpful for high-income clients seeking death benefit protection and supplemental retirement income potential through tax-free 2 policy loans and withdrawals. PIA 6, on the other hand, focuses on higher cash surrender values in the policy’s early years and may be beneficial in certain scenarios like premium financing and corporate-sponsored life insurance plans.
“These products represent our ongoing commitment to innovation in IUL,” said John O’Donnell, vice president of marketing and product development for the Life Insurance Division of Pacific Life. “Two years ago, we launched Pacific Discovery Xelerator IUL, 3 the #1 selling IUL for the last two years in a row. 4 Now, we’re giving clients even more choices for a greater range of policy potential.”
Among the policies’ new features is an Enhanced Performance Factor Rider, which offers clients a choice among three levels of Performance Factors and their associated charges and allows clients to switch between these levels as frequently as annually. 5,6 According to O’Donnell, “The new rider allows clients to decide if they’re willing to pay higher charges in return for a higher Performance Factor, if they’d like something in between, or if they want to switch to no Performance Factor with no additional charge.”
In addition to the three Performance Factor rider designs, the new products offer 15 other riders 6 to help clients customize a policy for their life insurance needs. “We’ve also updated our illustration system to help clarify these choices,” says O’Donnell. Among the available illustration tools, the Policy Charges and Policy Credits reports show the interest credits and charges associated with each Enhanced Performance Factor Rider design. And financial professionals 7 can illustrate the impact of all three rider designs on policy values and share it with their clients using the “Making It Easier to Decide” report.
Protection. Flexibility. Support.
Just some of the ways Pacific Life is committed to building life insurance products that stand the test of time.
To learn more about the new IUL products, clients can go to www.pacificlife.com.
Life insurance producers can learn more at thepacificdifference.com/nextbigthing.
About Pacific Life
For more than 150 years, Pacific Life has helped millions of individuals and families with their financial needs through a wide range of life insurance products, annuities, and mutual funds, and offers a variety of investment products and services to individuals, businesses, and pension plans. Whether your goal is to protect loved ones or grow your assets for retirement, Pacific Life offers innovative products and services that provide value and financial security for current and future generations. Pacific Life counts more than half of the 100 largest U.S. companies as its clients. For additional company information, including current financial strength ratings, visit www.PacificLife.com.
Pacific Life refers to Pacific Life Insurance Company and its affiliates, including Pacific Life & Annuity Company. Client count as of June 2018 is compiled by Pacific Life using the 2018 FORTUNE 500® list.
Life insurance is subject to underwriting and approval of the application and will incur monthly policy charges. Indexed universal life insurance does not directly participate in any stock or equity investments. Indexed Universal Life Insurance generally requires additional premium payments after the initial premium. If either no premiums are paid, or subsequent premiums are insufficient to continue coverage, it is possible that coverage will expire.
Pacific Life refers to Pacific Life Insurance Company and its affiliates, including Pacific Life & Annuity Company. Insurance products are issued by Pacific Life Insurance Company in all states except New York and in New York by Pacific Life & Annuity Company. Product availability and features may vary by state. Each insurance company is solely responsible for the financial obligations accruing under the products it issues.
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.
These products may not be sold in New York.
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KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES INSURANCE
SOURCE: Pacific Life
Copyright Business Wire 2019.
PUB: 02/27/2019 01:33 PM/DISC: 02/27/2019 01:33 PM