Pacific Life Insurance Company has introduced the Lifetime Income Access Plus contract option.[@@]
The contract option can guarantee return of principal for variable annuity contract holders who withdraw up to 5% of contract assets each year, according to Pacific Life, Newport Beach, Calif.
Pacific Life is offering the rider at a cost of 4 cents per $1,000 of assets protected for customers who stay invested in one of the company’s Pacific Life Portfolio Optimization asset-allocation funds.
If an option holder starts making withdrawals after age 65, Pacific Life guarantees that the annual 5% withdrawal will last for the holder’s lifetime, Pacific Life says.