Pacific Life’s New Second-to-Die Universal Life Insurance Product Delivers with Flexible Features and Competitive Pricing
Newport Beach, CA. (June 28, 2007) – With the fate of estate taxes still undecided,1 clients who want to protect their financial legacies need flexibility. Pacific Life Insurance Company recently released a new second-to-die universal life insurance policy that gives estate-planning clients flexibility to respond to changes.
To help address the uncertainty of estate taxes, Pacific Estate Preserver III (policy form # P07PE3) features:
- A rider that can double the policy’s death benefit proceeds if both insureds die within the policy’s first four years. Death benefit proceeds from the Estate Preservation Rider (rider form # R07EPR) may be used for any reason, including the payment of unexpected estate taxes if the policy proceeds are included in the insured’s estate. 2
- Shorter surrender charge period (five years) to give clients flexibility if the estate tax is repealed or their needs change.
- Ability to convert the policy to another of the company’s life insurance policies with the optional Conversion Rider (rider form #R06CON).3
Offering very competitive pricing, Pacific Estate Preserver III (PEP III) is one of the first second-to-die universal life insurance products on the market priced on the 2001 CSO Mortality Tables that reflect more favorable mortality trends. PEP III also features a choice of three no lapse guarantee protection riders for added flexibility. Clients can choose from two complimentary no lapse riders with shorter durations (rider form # R03FNL & R02NL5)2 or can opt for a guarantee with a longer duration up to lifetime with the Flexible Duration No Lapse Guarantee III Rider (rider form # R03FNL) available at an additional cost.3
"The uncertainty about estate taxes can make it difficult for clients to commit to an estate plan,” explained Alyce Peterson, vice president of marketing services for the Life Insurance Division of Pacific Life. “PEP III’s flexibility and competitive pricing can help clients move forward in protecting their financial legacies.”
Founded in 1868, Pacific Life provides life insurance products, annuities, and mutual funds, and offers a variety of investment products and services to individuals, businesses, and pension plans.4 Pacific Life counts more than half of the 50 largest U.S. companies as clients5 and is a member of the Insurance Marketplace Standards Association (IMSA), whose membership promotes high ethical standards for the sale of individual life insurance and annuities.
1 The federal estate tax exemption amount is $2,000,000 in 2006 increasing to $3,500,000 in 2009. The highest federal estate tax rate is 46% in 2006 and decreases in 2007. The federal estate tax will be repealed on 1/1/10 until 12/31/10. Beginning 2011, the federal estate tax will be reinstated with a federal estate tax exemption amount of $1,000,000 and a maximum estate tax rate of 55%. Currently, bills are pending in Congress that, if passed, would permanently repeal or otherwise lessen the impact of the federal estate tax.
2 Riders included in the policy at issue at no charge. Rider availability may vary by state and eligibility requirements apply.
3 Rider offered at issue only and at additional cost. Eligibility requirements apply. Availability may vary by state.
4 Product features and availability vary by state.
5 Data compiled by Pacific Life using the FORTUNE 500® list as of April 2007.
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. Pacific Life Insurance Company’s individual life insurance products are marketed exclusively through independent third-party producers, which may include bank-affiliated entities. This material is intended to provide general information. It is not intended as, nor may be considered, the legal opinion of Pacific Life on tax or other matters. Private counsel alone may be responsible and relied upon for those purposes.