NEWPORT BEACH, Calif.—April 1, 2009—Pacific Life is expanding its suite of retirement products with the launch of Pacific Explorer, a deferred fixed annuity. Offering clients competitive interest rates, this new addition to Pacific Life’s family of fixed annuities is available beginning April 1, 2009.
Current market conditions may have clients concerned with finding a more conservative or traditional way to save for retirement. Pacific Explorer offers a choice of three initial guarantee periods—locking in a specific interest rate for the duration of the guarantee period. Clients are able to leverage the flexibility of a 1-, 3-, or 6-year guarantee period within their retirement planning. After the initial guarantee period expires, a renewal rate will be declared by Pacific Life and guaranteed for one year. The renewal rate is guaranteed to be at least 3%. As an added enhancement, an immediate credit will be applied to each purchase payment based on the term selected by the client.
“By introducing Pacific Explorer, Pacific Life is strongly positioned to provide a full range of product solutions to help clients meet their retirement goals—no matter how the market performs,” states Christine Tucker, Pacific Life’s vice president of marketing, Annuities & Mutual Funds Division. As part of the expansion of products, Douglas Jackson has joined Pacific Life as field vice president of fixed annuities sales and marketing. Doug came to Pacific Life from Washington Mutual where he served as senior vice president for products, business development, and strategy. Working on both sides of product development and distribution throughout his 28 years in the financial services industry, Doug has been successful in the growth of fixed annuity distribution. He has been instrumental in the development of Pacific Explorer and will continue to support Pacific Life’s sales force in the promotion of fixed annuities.
Pacific Life’s newest annuity complements its diversified suite of products, which includes fixed and variable annuities, as well as mutual funds. New marketing materials and additional information regarding Pacific Explorer are available in the Annuities section of this Web site.
Offering insurance since 1868, Pacific Life provides 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. With more than half of the 100 largest U.S. companies as its clients, Pacific Life is also a member of the Insurance Marketplace Standards Association (IMSA), whose membership promotes high ethical standards for the sale of individual life insurance and annuities. For additional company information, including current financial strength ratings, visit the About Pacific Life section of this Web site.
Pacific Life determines at its discretion interest rates in excess of 3%. The credit enhancement is not counted as a purchase payment and is treated as earnings for tax purposes.
Withdrawals and other distributions of taxable amounts, including death benefit payouts, will be subject to ordinary income tax. If withdrawals and other distributions are taken prior to age 59½, a 10% federal tax penalty may apply. Withdrawals in excess of allowable amounts are subject to a withdrawal charge that is 7% in the first three years and declines 1% each year in the fourth, fifth and sixth year. 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 company is solely responsible for the financial obligations accruing under the products it issues, and its product and rider guarantees are backed by the company’s financial strength and claims-paying ability.
Client count data compiled by Pacific Life using the FORTUNE 500® list as of April 2008.
Variable insurance products issued by Pacific Life Insurance Company and mutual funds issued by Pacific Life Funds are available through licensed third-party broker/dealers and distributed by Pacific Select Distributors, Inc. (member FINRA & SIPC), a subsidiary of Pacific Life , and are available through licensed third-party broker/dealers.
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