Pacific Life Insurance Company (Newport Beach, Calif.), has launched a variable annuity, Pacific Destinations O-Series, that offers the low mortality, expense, and administrative fees of an A-share product without an up-front sales charge.
The product features four investment asset allocation categories. For an additional cost, two optional guaranteed withdrawal benefits: Automatic Income Builder, which lets clients receive income for life with automatic increases; and CoreIncome Advantage5 Plus, which can lock in market gains and an income that can continue for life.
A premium-based charge will apply to each purchase payment and is deducted quarterly over a seven-year period.
Among other channels, the product will marketed through Edward Jones, a distribution partner of Pacific Life, the company says.
Midland National Life Insurance Co. (West Des Moines, Iowa) has released a new fixed index annuity, MNL RetireVantage.
The company says the new offering can link to price of gold and pay partial interest credits at the date of death. The annuity also offers an Additional Benefit Rider that can pay holders a premium bonus, an additional annuity payout benefit, an increased penalty-free withdrawal allowance and return of premium.
The product comes with two surrender charge and premium bonus options, five index account options and multiple index choices including gold price.