Pacific Life Insurance Company has introduced the Versa-Flex NLG universal life insurance policy.
The policy is designed to help purchasers cope with the possibility that the U.S. estate tax system could undergo substantial changes over the next few years, according to Pacific Life, Newport Beach, Calif.
Purchasers can buy a flexible-duration, no-lapse guarantee rider that will guarantee the death benefit, Pacific Life says.
The purchaser can decide whether the guarantee will be in effect for the insured’s lifetime or for some shorter period, the company says.
The rider menu also includes a policy exchange rider, which will permit a client to shift to a different Pacific Life policy without undergoing additional underwriting, and a rider that gives the holder the ability to reduce the policy’s face amount and adjust premium payment requirements.
Pacific Life also is offering life agents a guide on building flexibility into irrevocable life insurance trusts.
Pacific Life is responsible for backing the product guarantees.