1Pacific Life Insurance Company’s Pacific PremierCare Advantage (Policy Form #P12PPC or ICC12 P12PPC—policy form # based on state in which policy is issued) is a flexible premium adjustable life insurance policy with long-term care insurance payable through reimbursements.
Only one premium is necessary to fund Pacific PremierCare Advantage. While this product allows additional premiums, they are not required and do not provide additional Long-Term Care Benefits, a greater Return of Premium Benefit, or increased Death Proceeds (unless a subsequent increase in the policy’s cash value requires a death benefit increase to satisfy IRC Section 7702 requirements). A premium load will apply to each premium payment. Once a sufficient premium has been paid, the long-term care coverage will continue as long as the insured lives; or until the policy is surrendered at the owner’s request; or until the maximum long-term care benefits have been paid; or until policy lapse. Policy charges (cost of insurance and coverage charges) are deducted from the policy’s accumulated value on a monthly basis. Policy lapse will only occur where the policy’s cash value less policy debt is not sufficient to cover monthly policy charges. Prior to lapse, the policy provides 61 days to pay premium sufficient to keep the policy in force.
2Pacific Life Insurance Company’s Pacific PremierCare Advantage Multi‐Pay (Policy Form #P14PCF or ICC14 P14PCF—policy form # based on state in which policy is issued) is a fixed premium universal life insurance policy with long-term care insurance payable through reimbursements.
A premium load will apply to each premium payment. As long as each premium is paid when due, the long-term care coverage as issued will continue as long as the insured lives; or until the policy is surrendered at the owner’s request; or until the maximum long-term care benefits have been paid; or until policy lapse. Policy charges (cost of insurance and coverage charges) are deducted from the policy’s accumulated value on a monthly basis. Policy lapse will occur where the policy debt exceeds the Cash Surrender Value; and/or the required premium was not paid within the Grace Period. Prior to lapse, the policy provides a Grace Period of 61 days to pay an amount sufficient to keep the policy in force as issued.
3Pacific PremierCare Advantage and Pacific PremierCare Advantage Multi-Pay are subject to underwriting and approval of the application and may include obtaining medical records from your physician. No medical exam is required, but a Medical Information Bureau (MIB) and prescription report will be ordered and a Personal History Interview and Cognitive Assessment will be performed via telephone as part of the underwriting process.
These products are not Partnership Qualified products. For more information on Partnership Qualified products, please contact your state department of insurance. These policies have certain exclusions and limitations. For costs and complete details of the coverage, contact your life insurance producer.
These products are intended to provide federally tax-qualified long-term care insurance as defined in IRC Section 7702B(b). When benefits are received from multiple policies providing long-term care or chronic illness benefits for a given insured, including policies with different owners, all of those benefits must be aggregated to determine their taxability. Pacific Life cannot determine whether the benefits are taxable. If you have any questions concerning the tax implications of these products, qualified and independent legal and tax advisors should be consulted.
Reimbursements for covered long-term care expenses are subject to an elimination period and are provided by the Accelerated Benefit Rider (ABR) for Long Term Care (Form #R12ABR or ICC12 R12ABR) and the Extended Benefit Rider (EBR) for Long Term Care (Form #R12EBR or ICC12 R12EBR). (Rider form numbers vary based on state in which policy is issued.) The amount and duration of the maximum long-term care benefits will be based on the benefit options elected at time of application. Coverage elected for longer than two years is only provided through a combination of ABR and EBR. Actual amount and duration of long-term care benefits will vary based on the use of policy benefits and features. Covered long-term care expenses will be reimbursed until the total long-term care benefits are exhausted, which may vary from the elected duration. Premiums for long-term care benefits will vary depending upon the benefit options elected. Charges for ABR, EBR, and any Inflation Benefit Option are included in the initial premium payment.
Exclusions, Exceptions, and Limitations: We will not pay benefits for any room and board, care, treatment, services, equipment, or other items for care or services: 1) provided by the Insured’s Immediate Family unless he or she is a regular employee of an organization which is providing the treatment, service or care; and the organization receives the payment for the treatment, service or care; 2) for which no charge is normally made in the absence of insurance; 3) provided outside the United States of America, except as described in the International Benefit; 4) that result from an attempt at suicide (while sane or insane) or an intentionally self-inflicted injury; 5) provided in a government facility (unless otherwise required by law); 6) for which benefits are available under Medicare (including amounts that would be reimbursable but for the application of a deductible or coinsurance amount) or other governmental program (except Medicaid), any state or federal workers’ compensation, employer’s liability or occupational disease law, or any motor vehicle no-fault law. No benefits will be paid for services received while the Accelerated Benefit Rider (ABR) for Long Term Care and the Extended Benefit Rider (EBR) for Long Term Care are not in force.
This is an insurance solicitation.
Pacific Life Insurance Company will provide you with a sample Pacific PremierCare Advantage policy by requesting one here.
Pacific Life Insurance Company will provide you with a sample Pacific PremierCare Advantage Multi-Pay policy by requesting one here.
You should carefully consider a variable life insurance product’s risks, charges, limitations, and expenses, as well as the risks, charges, expenses and investment goals/objectives of the underlying investment options. This and other information about Pacific Life insurance products are provided in the applicable product and underlying fund prospectuses which are available from your life insurance producer or by clicking here. Read them carefully before investing or sending money.
This material is not intended to be used, nor can it be used by any taxpayer, for the purpose of avoiding U.S. federal, state or local tax penalties. This material is written to support the promotion or marketing of the transaction(s) or matter(s) addressed by this material. Pacific Life, its distributors and their respective representatives do not provide tax, accounting or legal advice. Any taxpayer should seek advice based on the taxpayer’s particular circumstances from an independent tax advisor.
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. Insurance products and their guarantees, including optional benefits and any crediting rates, are backed by the financial strength and claims-paying ability of the issuing insurance company, but they do not protect the value of the variable investment options. Look to the strength of the life insurance company with regard to such guarantees as these guarantees are not backed by the broker-dealer, insurance agency or their affiliates from which products are purchased. Neither these entities nor their representatives make any representation or assurance regarding the claims-paying ability of the life insurance company. Variable insurance products are distributed by Pacific Select Distributors, LLC (member FINRA & SIPC), a subsidiary of Pacific Life Insurance Company, and an affiliate of Pacific Life & Annuity Company, and are available through licensed third-party broker-dealers.
Pacific Life is located in Newport Beach, CA.