Pacific Life Introduces New Variable Annuity Rider Providing 7% Annual Credit for Up to Five Years

NEWPORT BEACH, California, May 1 -- Pacific Life, an insurance company, issued the following news release:

When clients want guaranteed growth of their retirement income within the next five years, financial professionals can now offer a new solution. Pacific Life Insurance Company has launched Core Protect Plus, an optional guaranteed minimum withdrawal benefit available for an additional cost with certain Pacific Life variable annuities. The benefit provides clients with a protected payment base (the amount from which clients will draw income) equal to the higher of a simple 7% annual credit or the highest anniversary value. So, whether markets rise or fall, the protected payment base will increase for up to five years or until the client decides to start receiving income. Additionally, annual market lock-ins that result in a higher amount of income are available throughout the life of the rider.

Core Protect Plus also offers investment flexibility and locked-in pricing. Clients can allocate their portfolios among 15 asset allocation strategies, and are not required to participate in asset-transfer programs or managed-volatility portfolios to qualify for the rider. Once purchased, the price of Core Protect Plus is guaranteed not to change for the life of the contract.

"Core Protect Plus is another example of Pacific Life's focus on providing financial professionals with a comprehensive array of client-focused retirement solutions, so that each client's individual needs and circumstances can be addressed," says Christine Tucker, vice president of marketing for Pacific Life's Retirement Solutions Division. "We believe clients who want reliable income within the next five years will appreciate the new rider's competitive features, and that it's offered by a financially strong company with a rich, 150-year history."

For more information about Core Protect Plus, financial professionals can contact a Pacific Life consultative wholesaler at (800) 722-2333. Additional information is available by visiting Annuities.PacificLife.com.