Pacific Life unveils Pacific Choice variable annuity

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.