1 PL PROMISE GUL No-Lapse Guarantee Universal Life Insurance. Form series #P18PRUL, S18PRUL, varies based on state of policy issue.
2 The Lifetime No-Lapse Guarantee Rider (Form #R17LYFNL, varies based on state of policy issue) is included in the policy at no additional charge. The No-Lapse Guarantee, depending on how your client structures their policy, has a maximum duration of the insured's lifetime, subject to certain limits. If your client’s net no-lapse guarantee value is zero, the no-lapse feature terminates. If the no-lapse feature terminates, additional premiums would be required to resume the no-lapse guarantee. If policy performance is such that your client’s policy is being maintained solely by the no-lapse guarantee, your client’s policy will not build cash value.
3 Pacific Life Insurance Company’s PL Promise Chronic Illness Care Rider is an accelerated death benefit rider for chronic illness. Form #R18LYCHR, varies based on state of policy issue. Rider will incur additional charges and is subject to availability, restrictions, and limitations. Clients should be shown policy [illustrations/quotes] with and without riders to help show the rider's impact on the policy's value. Benefit payments reduce the policy’s death benefit and other values under the policy. If the entire death benefit is accelerated, the policy will terminate. Regardless of the monthly election chosen, benefit payments may not exceed 100% of the IRS per diem. Benefits paid by accelerating the policy’s death benefit are intended to qualify as death benefits under section 101(g) of the Internal Revenue Code and may be excludable from your income and may not be subject to federal taxation. However, federal, state, and/or local tax rules relating to the payment of accelerated death benefits are complex, will depend on your specific facts and circumstances, and benefits may or may not be taxable. In addition, these payments may affect eligibility for other benefits provided by federal, state, or local government including public assistance programs such as Medicaid. When benefits are received from multiple policies providing long-term care or chronic illness benefits for a given insured, including policies with different owners, all of those benefits must be aggregated to determine their taxability. Consequently, advice and guidance should be obtained from a personal tax advisor for more information. Pacific Life cannot determine whether the benefits are taxable. Riders will likely incur additional charges and are subject to availability, restrictions and limitations.
4 The Return of Premium (ROP) feature varies by issue age and face amount and is not available on face amounts under $50,000. Minimum premium requirements apply for the rider to provide a benefit. Enhanced Surrender Value Rider (form #R17LYESV or ICC17 R17LYESV, based on state of policy issue) is included at no additional charge in policies with death benefits of $50,000 or more with an elected no-lapse guarantee to at least age 100. For ages 70 and above, no-lapse guarantee duration must be at least 30 years. Referred to as “Enhanced Surrender Value” in the quote.
Pacific Life Insurance Company reserves the right to change or modify any non-guaranteed or current elements. The right to modify these elements is not limited to a specific time or reason.
For Financial Professional use only. Not for use with the public.
This email may be considered advertising under applicable law.
Pacific Life is a product provider. It is not a fiduciary and therefore does not give advice or make recommendations regarding insurance or investment products.
Pacific Life Insurance Company is licensed to issue insurance products in all states except New York. Product/material availability and features may vary by state.
Insurance products and their guarantees, including optional benefits and any crediting rates, are backed by the financial strength and claims-paying ability of the issuing insurance company. Look to the strength of the life insurance company with regard to such guarantees as these guarantees are not backed by the broker-dealer, insurance agency, or their affiliates from which products are purchased. Neither these entities nor their representatives make any representation or assurance regarding the claims-paying ability of the life insurance company.
Life insurance is subject to underwriting and approval of the application and will incur monthly policy charges.
Pacific Life Insurance Company's Home Office is located in Newport Beach, California.
23-VER-27
EM-52494-00 2/23
This email was sent by Pacific Life - Life Insurance Division from 45 Enterprise, Aliso Viejo, CA, 92656, United States.
