Pacific Life offers new retirement strategy for variable annuity clients

Pacific Life, Newport Beach, Calif., has added a new optional benefit to its suite of variable annuities. CoreIncome Advantage, a guaranteed minimum withdrawal benefit for life, provides predictable retirement income regardless of market ups and downs. Up to 4% of the protected amount can be withdrawn annually for life as long as the first withdrawal is taken at or after age 65.

CoreIncome Advantage is an optional benefit available with Pacific Life variable annuities for an additional cost of 0.40%, deducted quarterly (0.10%) and requires clients to be fully allocated to an eligible investment allocation. Clients have the opportunity to lock in market gains through step-ups and potentially increase the amount available for future withdrawals.