NU Online News Service, Aug. 23, 10:35 a.m. – Pacific Life Insurance Company, Newport Beach, Calif., has introduced the Pacific Odyssey variable annuity, a no-load product with no surrender charges.
The annuity comes with a choice of 14 money managers, 31 variable investment options and one fixed-rate option.
The charge for mortality and expenses is 0.15% of annuity assets, and the administrative fee is 0.25% of assets.
The age limit for first-time purchasers is 90.
The product could be especially useful to clients who want ready access to some of their retirement assets, according to Kathleen Hunter, a Pacific Life marketing executive.