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.
A customer can also use “catch-up” provisions to make up for missed premiums, Pacific Life says.
Customers who choose the rider will not have to pay any extra policy charges, but Pacific Life will lower their credited interest rate by half a percentage point, the company says.