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Pacific Life introduces new optional withdrawal benefit for variable annuities

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Pacific Life, Newport Beach, Calif., has launched CoreIncome Advantage5, an optional benefit available with its variable annuities. CoreIncome Advantage5 allows clients to withdraw up to 5% of the protected amount annually for life as long as the first withdrawal is taken at or after age 65. Last year, Pacific Life introduced its first lower-cost, simplified optional benefit, CoreIncome Advantage, a 4% withdrawal benefit.

CoreIncome Advantage5 is currently available for an additional charge of 0.60% of the protected amount, deducted quarterly (0.15%). CoreIncome Advantage is currently available for an additional charge of 0.30% of the protected amount, deducted quarterly (0.075%). Both require clients’ contracts to be and remain 100% allocated according to the investment allocation requirements which include a broadly diversified selection of asset allocation portfolios and custom model solutions. After withdrawals begin, clients have the ability to lock in market gains through automatic annual step-ups.

Clients will be subject to the charge in effect at the time of the step-up, with a maximum of 1.20% for CoreIncome Advantage5 and 1.00% for CoreIncome Advantage.

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