NU Online News Service, July 20, 12:15 p.m. – Pacific Life Insurance Company, Newport Beach, Calif., has introduced a Guaranteed Income Advantage contract option for its Pacific Innovations Select variable annuity.
The option is supposed to protect customers who meet Pacific Life’s age requirements and hold an annuity contract for at least 10 years.
The option comes into play if the investments in a VA contract do poorly.
The customer can choose between getting the amount invested, adjusted for withdrawals, plus the equivalent of 5% annual interest; or the contract value on the date the contract was annuitized, plus a 15%, one-time enhancement, Pacific Life says.
Pacific Life is also introducing similar guarantee options for its Pacific Value and Pacific Portfolios variable annuities.