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May 08, 2003 at 08:00 PM
NU Online News Service, May 8, 2003, 12:27 p.m. EDT – Pacific Life Insurance Company, Newport Beach, Calif., has introduced a Flexible Duration No-Lapse Guarantee rider for its Versa Flex V universal life insurance policy.
The rider guarantees that the policy’s death benefit coverage will continue for the duration that the policy owner chooses as long as the difference between the “No-Lapse Guarantee Value” and the policy debt is greater than zero.
The guarantee rider gives customers the ability to pre-pay no-lapse guarantee premiums in the form of a lump sum or a series of payments.
