Newport Beach, CA. (April 30, 2008) –With life spans growing and pension plans going the way of the dinosaur, younger boomers and Gen X’ers need help with strategies to help them replace their paychecks when they retire. Pacific Life Insurance Company and Pacific Life & Annuity Company now offer a sales kit featuring life insurance materials so financial professionals can work with their clients to identify income needs in retirement and look at how to help protect the family while building assets toward the retirement goal.
Alyce Peterson, vice president of marketing services for Pacific Life, explained that using life insurance in a client’s long-term retirement strategy provides a death benefit for family or business protection while they are on the road to retirement and the potential of retirement income when they arrive. In addition to death benefit protection, a life insurance policy can offer:
- Cash value accumulation potential on a tax-deferred basis.
- Loans, withdrawals & distributions on a tax-free basis1
- No age limitations on when to access a policy’s cash value
“Sometimes, the hardest job a financial advisor faces is getting a client to focus on the future, especially younger clients who can benefit from the long-term cash value accumulation potential of a life insurance policy,” said Peterson. “This new resource can help pinpoint needs and show how life insurance can be a part of a successful plan.”
Financial professionals can get the “Replacing the Paycheck in Retirement” Kit by contacting their Pacific Life Insurance Company or Pacific Life & Annuity Company representative or by calling 866-722-9555.
1 Tax-free income assumes: (1) withdrawals do not exceed tax basis (generally, premiums paid less prior withdrawals); (2) policy remains in force until death; (3) withdrawals taken during the first 15 policy years do not occur at the time of, or during the two years prior to, any reduction in benefits; and (4) the policy does not become a modified endowment contract. See IRC §§ 7702(f)(7)(B), 7702A. Any policy withdrawals, loans and loan interest will reduce policy values and may reduce benefits.
Pacific Life Insurance Company
Founded in 1868, Pacific Life Insurance Company provides life insurance products, annuities, and mutual funds, and offers a variety of investment products and services to individuals, businesses, and pension plans.2 Pacific Life counts more than half of the 50 largest U.S. companies as clients3 and is a member of the Insurance Marketplace Standards Association (IMSA), whose membership promotes high ethical standards for the sale of individual life insurance and annuities. For additional information about Pacific Life, including its current financial strength ratings from A.M. Best, Fitch Ratings, Standard & Poor’s, and Moody’s, visit the company Web site at www.PacificLife.com.
2 Product features and availability vary by state.
3 Data compiled by Pacific Life using the FORTUNE 500® list as of April 2007.
Pacific Life & Annuity Company
Pacific Life & Annuity Company offers a wide range of products, including life insurance, annuities, structured settlement annuities, and other investment products and services for individuals and businesses.4 Pacific Life & Annuity is a member of the Insurance Marketplace Standards Association (IMSA), whose membership promotes high ethical standards for the sale of individual life insurance and annuities. For additional information about Pacific Life & Annuity, including its current financial strength ratings from A.M. Best, Fitch Ratings, Standard & Poor’s, and Moody’s, visit the company Web site at www.PacificLifeandAnnuity.com.
4 Product features and availability vary by state.
Pacific Life Insurance Company is licensed to issue individual life insurance and annuity products in all states except New York. Product availability and features vary by state. Individual life insurance and annuity products are available in New York through Pacific Life & Annuity Company. Each company is solely responsible for the financial obligations accruing under the policies it issues, and its product and rider guarantees are backed by that company’s financial strength and claims-paying ability.