Seeking to address consumers’ needs for guarantees in uncertain times and flexibility to deal with long term planning, insurance companies build policies that measure up to new demands. Pacific Life Insurance Co. tries to do just that with a new product.

Versa-Flex NLG1 is a single-life universal life product that provides a combination of no-lapse guarantees with flexible duration and cash-value accumulation potential in the early years of the policy. That accumulation potential, the company says, is to allow policyholders to respond to changes in their own plans and in the financial environment.

“Most universal life insurance products with guarantees do not offer the potential for cash value in the policy’s early years,” says Alyce Peterson, vice president of marketing services for Pacific Life’s Life Insurance Division, “but it’s the cash-value accumulation that gives clients the ability to respond when things change.”

Some of the built-in features of Versa-Flex include:

  • The ability to adjust premium payments and reduce the policy’s face amount.
  • A Flexible Duration No-Lapse Guarantee Rider, which, even if the policy’s net accumulated value is zero, guarantees the death benefit and offers a choice of how long the rider will be in effect (up to lifetime).
  • The ability to switch to a different Pacific Life life insurance policy with no underwriting through a policy exchange rider.

For more about Versa-Flex, visit www.pacificlife.com.