An insurer is updating variable annuity benefits options.
Pacific LifeCorp, Newport Beach, Calif., says it will be replacing the Flexible Lifetime Income option with a new Flexible Lifetime Income Plus option.
The new option gives purchasers the opportunity to obtain 7% restartable credits.
Customers who buy the Flexible Lifetime Income Plus option can get annual automatic step-ups and the opportunity to take out up to 6% for life, the company says.
Pacific Life also is introducing the Automatic Income Builder option, which guarantees an annual withdrawal percentage that will automatically increase over time to 7%, or possibly higher, Pacific Life says.
The Pacific LifeCorp units that issue the annuities are responsible for backing the benefit option guarantees.