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Pacific Life unveils Pacific Choice variable annuity

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Pacific Life Insurance Company launched Pacific Choice, a new variable annuity that gives investors the ability to select features and fees that align with the investor’s personal needs and values.

Pacific Choice also offers popular features of three top-selling Pacific Life variable annuities available through a single product, which allows advisors to serve a variety of investors with one prospectus, one sales kit and one application.

Aligning Pacific Choice with an individual’s values begins with choice among key features that are important to investors — lower costs and enhanced access to account values. Investors have the ability to select any one of three withdrawal/fee options:

  • A five-year withdrawal charge option for 1.20 percent mortality and expense risk charge (M&E) and administrative fees;
  • A three-year withdrawal charge option for 1.50 percent M&E and administrative fees;
  • No withdrawal charges for 1.60 percent M&E and administrative fees.

No matter which withdrawal charge option is selected, investors receive the same standard and optional product features to help grow retirement savings, make retirement income last, and achieve legacy goals.

In other industry news:

Prudential Annuities, the domestic annuity business for Prudential Financial Inc. (NYSE: PRU), named Bruce Ferris head of Product Management and Marketing, while maintaining his role as head of Sales and Distribution for Prudential Annuities. Dawn LeBlanc, currently a vice president in Product, has been appointed to vice president of Product Management, reporting to Ferris.

In his expanded role, Ferris takes on overall responsibility for product design and management activities, as well as marketing strategy and delivery. As head of Sales and Distribution, Ferris continues to lead the sales, strategic relationship management, planning and execution functions for a four-channel model – independent broker dealer, wirehouse, financial institution and agency distribution. Ferris continues to report to Robert (Bob) O’Donnell, president of Prudential Annuities.

Ferris brings more than 30 years of financial services experience to this position. Prior to joining Prudential, he spent 11 years with Hartford Life Insurance Company, where he was responsible for the sales and marketing of all retail investment products including variable and fixed annuities, mutual funds, 401(k) plans, 529 plans and off-shore products. Before joining Hartford Life in 1994, Ferris held positions at Aetna Life Insurance Company, Covenant Insurance Company and Allstate Insurance Company. He currently serves on the Board of Directors for the Insured Retirement Institute.

New York Life announced that John Baier, M.S.F.S., CLU, ChFC, CFP, CLF and managing partner of the company’s New Jersey general office has been named the 2013 inductee into the General Agents and Managers Association (GAMA) International Management Hall of Fame.

Baier is the organization’s 50th Hall of Fame inductee which is presented to one individual annually. Induction to the Hall of Fame is the highest honor given by the financial services industry to recognize an individual field leader whose professional career has been spent building a field organization and servicing the industry.

Baier began his career in insurance as an agent with New York Life in 1970, while still a student at Seton Hall University. In 1981, he was appointed general manager of the Albany general office and in 1995 promoted to managing partner of the Bergen general office, which in 1999 merged with the Jersey general office to form a combined agency known as the New Jersey general office. As managing partner, Baier is responsible for leading the New Jersey general office and New York Life agents in the state who serve the financial needs of families and businesses in New Jersey.

Baier received his Bachelor of Arts degree from Seton Hall University and has CLU, ChFC, CFP and CLF designations as well as a Master of Science in Financial Services from The American College.

Sanjay PandeyNational Life Group today appointed Sanjay Pandey as senior vice president and chief information officer (CIO) of National Life Group.

Pandey is in charge of National Life Group’s information technology (IT) operations. He will report directly to President and Chief Executive Officer Mehran Assadi.

Since 2000, Pandey has been with Donegal Insurance Group, most recently as vice president and chief information officer.

Prior to his work at Donegal, Pandey held IT positions at United Healthcare of Mid-Atlantic in Baltimore and Whitney Young Health Center in Albany.