New Variable Life Insurance Policy, Pacific Select Exec III, Puts Client In The Driver’s Seat
Tuesday, December 5th, 2006Newport Beach, CA. (Nov. 7, 2006) – Pacific Life Insurance Company is introducing Pacific Select Exec III (form # P04SE2), a flexible premium variable life insurance policy that offers a wide variety of portfolio investment options, riders, and services. All the choices offered by variable life put the buyer in the driver’s seat when it comes to choosing what they want from their life insurance.
Whether a client wants to focus primarily on death benefit protection or split their focus between death benefit protection and supplementing retirement income, Pacific Select Exec III has features to help including:
44 available investment options.
Five asset allocation models offered by the Portfolio Optimization service. The asset allocation models give the client exposure to as many as sixteen asset class styles depending on the model chosen.
A range of optional riders, available at additional cost, offering guarantees including the Short Term No Lapse Guarantee rider, Overloan Protection rider, Minimum Earnings Benefit rider and the Guaranteed Minimum Distribution rider.1
“With so many Americans focusing on retirement, our Guaranteed Minimum Distribution rider is an increasingly popular option for clients to include with their variable life policy. And Pacific Life is one of just a handful of companies that offer this feature on a life insurance policy,” explains Alyce Peterson, vice president marketing services. “A client has an opportunity to guarantee a minimum amount when he or she gets ready to take distributions from their variable policy.”
Ms Peterson explained that with people living longer, overfunding a variable life insurance policy can give added flexibility to someone’s overall retirement strategy. “Distributions from a variable life insurance policy in the form of policy withdrawals and loans2 are not subject to the same restrictions as qualified plans and IRAs. This means that a client can use his policy’s cash value to supplement and add income in early retirement (prior to age 59 1/2) or in the later years of retirement when outliving retirement income is a concern,” Peterson continued. “With a variable life insurance policy, a client is not forced to take the money out at 70 ½ and not penalized if he or she dies before taking distributions, as the death benefit is generally income tax-free.”3
Founded in 1868, Pacific Life provides life insurance products, individual annuities, mutual funds, group employee benefits, and offers to individuals, businesses, and pension plans a variety of investment products and services.4 A FORTUNE 500® company, Pacific Life counts more than half of the 100 largest U.S. companies as clients5 and is a member of IMSA (Insurance Marketplace Standards Association), whose membership promotes ethical market conduct for individual life insurance and annuities.
1 Riders have costs, limitations and other requirements that must be met in order to be effective. For additional detailed information about these riders refer to the prospectus available at www.PacificLife.com. Rider availability varies by state.
2 Withdrawals and other distributions from non-Modified Endowment Contract (non-MEC) policies in the first 15 years may be taxable to the extent they occur in conjunction with (or during the two years immediately prior to) a reduction in benefits. After 15 years, withdrawals and other distributions up to the policy cost basis are not taxable. Policy loans are not taxable for a non-MEC policy provided that it remains in force until the death(s) of the insured(s). Withdrawals, policy loans and other distributions from a MEC policy are subject to other rules and are generally taxable as “income first.” If prior to the policy cost basis are not taxable. Policy loans are not taxable for a non-MEC policy provided that it remains in force until the death(s) of the insured(s). Withdrawals, policy loans and other distributions from a MEC policy are subject to other rules and are generally taxable as “income first.” If prior to the death(s) of the insured(s), the policy (MEC or non-MEC) is surrendered or lapses with an outstanding policy loan balance, the policy owner will be subject to income taxes to the extent the cash surrender value plus the amount of the outstanding loans exceeds the policy cost basis. Withdrawals, policy loans, and other distributions will reduce policy values and may reduce death benefits.
3 For federal income tax purposes, life insurance death benefits generally pay income tax-free to beneficiaries pursuant to IRC Sec. 101(a)(1). In certain situations, however, life insurance death benefits may be partially or wholly taxable. Situations include, but are not limited to: the transfer of a life insurance policy for valuable consideration unless the transfer qualifies for an exception under IRC Sec. 101(a)(2)( i.e. the “transfer- for- value rule”); arrangements that lack an insurable interest based on state law; and an employer-owned policy unless the policy qualifies for an exception under IRC Sec. 101(j).
4 Product availability and features may vary by state.
5 Data compiled by Pacific Life using the FORTUNE 500 ® list, as of April 2006
Pacific Life Insurance Company is licensed to issue individual life insurance and annuity products in all states except New York. Product availability and features may vary by state. Variable life insurance and annuity products issued by Pacific Life and shares of the Pacific Select Fund are distributed by Pacific Select Distributors, Inc. (member NASD & SIPC), a subsidiary of Pacific Life, and are available through licensed third party broker dealers.
Investors should carefully consider a variable life insurance policy’s risks, charges and limitation and expenses as well as the risk, fees, expenses and investment objectives of the underlying investment options. This and other information about Pacific Life is in prospectuses available from your registered representative or by calling (800) 800-7681. Read the prospectus carefully before investing or sending money.
Media Contact:
Tennyson Oyler
(949) 219-3248 For Immediate Release