Newport Beach, CA. (March 3, 2005) – Variable life insurance products continue to regain favor in the marketplace and by the end of the third quarter, 2004; variable life sales were up industry-wide by 9%1 over the previous year. In response to this growing demand, Pacific Life has added nine new investment options and two new flexible riders to its variable offerings.
To help producers maintain a competitive edge with affluent individuals and successful businesses that use variable life insurance products in their financial planning, Pacific Life now offers nine new investment options through variable life insurance trusts managed by Fidelity® Investments, Merrill Lynch, T. Rowe Price and Van Eck Global. The new investment options are: Fidelity® –VIP Contrafund® Service Class 2, Fidelity® –VIP Growth Service Class 2, Fidelity® –VIP Mid Cap Service Class 2, Fidelity® –VIP Value Strategies Service Class 2, Merrill Lynch –Basic Value V.I. Fund III, Merrill Lynch–Global Allocations V.I. Fund III, T. Rowe Price–Blue Chip Growth Portfolio II, T. Rowe Price–Equity Income Portfolio II, and Van Eck-Worldwide Hard Asset Fund.
Pacific Life clients with variable life insurance policies can choose from more than 40 investment options, according to Alyce Peterson, vice president of marketing services for the Life Division of Pacific Life Insurance Company. The four new managers join a well-known and respected group of money managers accessible through Pacific Life variable life insurance products. This group includes: AIM, Capital Guardian, Goldman Sachs, INVESCO, Janus, Lazard, Mercury Advisors, MFS, Oppenheimer, Pacific Life, PIMCO, NFJ, Salomon Brothers, and Van Kampen.
1 Tillinghast-Towers Perrin VALUE Survey, 3rd Quarter, 2004.
“Pacific Life has consistently led the industry in variable product innovations and sales. The addition of these new investment options managed by highly-respected industry leaders broadens the scope of choices offered to our sophisticated policyowners and helps us to maintain that competitive edge,” said Ms. Peterson.
In addition to the new funds, Pacific Life expanded the flexibility of its top selling Pacific Select Exec II (Form No. P04SE2), a flexible premium variable universal life insurance policy, with two new riders available at additional cost.
For individual clients, the Overloan Protection Rider (Form No. R05OLP) can provide no lapse protection for policyowners who plan to maximize income distributions from their policy. As long as policyowners have met all of the riders’ exercise conditions, they can be assured that their policy will not lapse even if the policy debt is greater than the policy’s accumulated value.
Business clients can use the new Termination Credit Rider (Form Nos. R05TC1 and R05TC2) to provide higher early cash surrender values upon a qualifying early termination of the policy.
Founded in 1868, Pacific Life provides life and health insurance products, individual annuities, mutual funds, group employee benefits, and offers to individuals, businesses, and pension plans a variety of investment products and services. A FORTUNE 500® company, Pacific Life counts 25 of the 50 largest U.S. companies as clients2 and is a member of IMSA (Insurance Marketplace Standards Association), whose membership promotes ethical market conduct for individual life insurance and annuities. For additional information about Pacific Life, including its current ratings, visit the company Web site at www.PacificLife.com.
2 Data compiled by Pacific Life using the 2004 FORTUNE 500® list, as of April 2004
Pacific Life Insurance Company is licensed to solicit individual life insurance and annuity products in all states except New York. Product availability and features may vary by state. Variable life insurance products issued by Pacific Life 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 the underlying fund investment objectives, risks, charges and limitations and expenses of a variable universal life insurance policy. 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.
Shares of Merrill Lynch Variable Series Funds, Inc. are distributed by FAM Distributors, Inc. Shares of T. Rowe Price Equity Series, Inc. are distributed by T. Rowe Price Equity Series, Inc. Shares of Van Eck Worldwide Insurance Trust are distributed by Van Eck Securities Corporation. Shares of Fidelity® Variable Insurance Products Funds are distributed by Fidelity Distributors Corporation. Fidelity is a registered trademark of FMR Corp.