Pacific Expedition® 2

A Deferred Fixed Annuity

 

Pacific Expedition 2 offers certainty through rates that are guaranteed for the entire withdrawal charge period and a purchase payment guarantee. There is no annual contract, mortality and expense, or administrative fees.

 

Product and features may vary by state and firm availability. Please select from the following list of states that have approved Pacific Expedition 2:


 
 

Client Profiles

 

Consider Pacific Expedition 2 for:

  • Conservative clients age 55 or older.
  • Savers interested in steady growth potential without market risk.
 
 

Key Features

 

Rates Guaranteed for the Initial Guaranteed Period

Choice of:

  • 3 years
  • 5 years
  • 7 years

Product features may vary by state and firm availability.

 

Purchase Payment Guarantee1

Upon a full withdrawal, your client will receive an amount at least equal to the total purchase payments, minus prior partial withdrawals including any withdrawal charges on those prior partial withdrawals. If no partial withdrawals are taken prior to the full withdrawal, then your client will always receive an amount at least equal to the total purchase payments.

 
 

Additional Information

 

Withdrawal Charges and Fees

The initial guaranteed periods correspond to the withdrawal charge schedule. Withdrawal charges apply only during the initial guaranteed period when the amounts taken are more than those discussed in the "Withdrawals without Charge" section below.

 

3 Years

Contract Year 1 2 3
Charge per Withdrawal
 8% 8% 7%


5 Years

Contract Year 1 2 3 4 5
Charge per Withdrawal
 8% 8% 7% 7% 6%


7 Years

Contract Year 1 2 3 4 5 6 7
Charge per Withdrawal
 8% 8% 7% 7% 6% 5% 4%

 


Withdrawals without Charge

Withdrawals are permitted 30 days after contract issue. In the first contract year, 10% of the total purchase payments may be withdrawn without charge. For each subsequent contract year, 10% of the contract value as of the prior contract anniversary may be withdrawn without charge.

In addition, withdrawal charges will be waived for:

  • Required minimum distribution (RMD) withdrawals (if calculated by Pacific Life).
  • Withdrawals after the first contract year if diagnosed with a terminal illness (life expectancy of 12 months or fewer). Not available in CA.
  • Withdrawals after the first 90 days if confined to an accredited nursing home for 30 days, as long as not confined when the contract is issued. Not available in CA.
  • Death benefit proceeds.
  • Annuity income payments (available one year after contract issue).

The interest rate credited on the initial purchase payment is guaranteed for the duration of the initial guaranteed period selected. Only one period may be selected per contract. After the initial guaranteed period expires, and on all subsequent contract anniversaries, a renewal rate will be declared by Pacific Life and is guaranteed for one contract year. The renewal rate will never be lower than the minimum guaranteed interest rate stated in the contract.2

The initial interest rate credited will depend on the total of all purchase payments received at issue.

The breakpoints are:

  • Less than $100,000
  • $100,000 and more

If a purchase payment received after issue causes the amount of the total purchase payments (minus withdrawals) to exceed the current breakpoint, the crediting rate may be increased.

Clients may convert the contract to annuity income payments one year after contract issue.

 

Annuity Income Options Available:

Period Certain Option

  • 5-30 years3

 

Single Life Options

  • Life Only
  • Life with Period Certain (5–30 years3)
  • Life with Cash Refund
  • Life with Installment Refund4

 

Joint Life Options5

  • Joint Life with Period Certain (5-30 years3)
  • Joint Life with Cash Refund
  • Joint Life with Installment Refund4

 

Joint and Survivor Life Options5

  • Joint and Survivor Life Only

 

Income payments can be reduced to 50% or 67% of the current income payment upon the death of the primary annuitant.

 

Type
Fixed annuitization only.
Partial annuitization is not available.

 

Frequency
Monthly, quarterly, semiannually, annually

 

Minimum Annuity Income Payment Amount
$240

 

Death Benefit

If death occurs before annuity income payments begin, a death benefit equal to the contract value is paid at the death of the first owner or the last annuitant.

Limited premium. All cash payments and 1035 exchange/transfer requests must be submitted with the application.

Minimum Purchase Payment: $25,000 (qualified and nonqualified)

Maximum Purchase Payments: $2 million; total purchase payments greater than $2 million require Pacific Life home-office approval in advance.

Maximum Annuitant/Owner Issue Age: 85

Maximum Annuitization Age: 95

 
 

Fixed Annuity Rates & Resources

 
Pacific Expedition 2 Client Guide
Pacific Expedition 2 Fact Sheet
Pacific Expedition 2 Fact Sheet for Oregon
Pacific Expedition 2 State Approval Grid
Rates

Pacific Life 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.

Insurance product and rider guarantees, including optional benefits and any fixed crediting rates or annuity payout rates, are backed by the financial strength and claims-paying ability of the issuing insurance company. They are not backed by the independent third party from which this annuity is purchased, including the broker/dealer, by the insurance agency from which this annuity is purchased, or any affiliates of those entities, and none makes any representations or guarantees regarding the claims-paying ability of the issuing insurance company.

1If withdrawal charges are paid on partial withdrawals, the purchase payment guarantee will be decreased.

2Pacific Life determines, at its discretion, annual interest rates in excess of the stated minimum guarantee in the contract.

3For qualified contracts, the maximum length of time for the Period Certain options may not exceed 10 years, if necessary, to comply with required minimum distribution (RMD) regulations for annuities stipulated in the Setting Every Community Up for Retirement Enhancement (SECURE) Act.

4Not available on qualified contracts.

5For qualified contracts, the Joint Life options require that the joint annuitant be a spouse or an individual older than or no more than 10 years younger than the primary annuitant.

Not all products or optional benefits are available in all states or firms, and features may vary by state and firm. Contact your firm or Pacific Life representative for availability.

Annuities are long-term contracts designed for retirement. Annuity withdrawals and other distributions of taxable amounts, including death benefit payouts, will be subject to ordinary income tax. For nonqualified contracts, an additional 3.8% federal tax may apply on net investment income. If withdrawals and other distributions are taken prior to age 59½, an additional 10% federal income tax may apply. A withdrawal charge also may apply. Withdrawals will reduce the contract value and the value of the death benefit, and also may reduce the value of any optional benefits.

No guaranteed rate will be less than the minimum guaranteed rate stated in the contract. Pacific Life determines, at its discretion, annual interest rates in excess of the stated minimum guarantee in the contract.

The Guaranteed Minimum Surrender Value (GMSV) applies to contracts upon full surrender, annuitization, or death. The GMSV may not apply in all states.

Pacific Expedition 2 is named “Individual Limited Premium Deferred Annuity Contract” in the contract. Pacific Expedition 2 (contract form series ICC20:30-1339-A), including the rider (rider series ICC20:20-1339), are issued by Pacific Life Insurance Company. Contract form series and rider series may vary by state.

24-298C

Pacific Life Insurance Company

Pacific Life & Annuity Company

FAQ0541-00 11/25 E128

Pacific Life, its affiliates, distributors, and respective representatives do not provide tax, accounting or legal advice. Any taxpayer should seek advice based on the taxpayer’s particular circumstances from an independent tax advisor or attorney

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.

Unless otherwise noted, all aforementioned money managers, their distributors, and affiliates are unaffiliated with Pacific Life and Pacific Select Distributors, LLC.

Pacific Life refers to Pacific Life Insurance Company and its subsidiary Pacific Life & Annuity Company. Insurance products can be issued in all states, except New York, by Pacific Life Insurance Company and in all states by Pacific Life & Annuity Company. Product/material availability and features may vary by state. Each insurance company is solely responsible for the financial obligations accruing under the products it issues. 

Variable insurance products are distributed by Pacific Select Distributors, LLC (member FINRA & SIPC), a subsidiary of Pacific Life Insurance Company and an affiliate of Pacific Life & Annuity Company. 

The home office for Pacific Life & Annuity Company is located in Phoenix, Arizona. The home office for Pacific Life Insurance Company is located in Omaha, Nebraska.

No bank guarantee • Not a deposit • Not FDIC/NCUA insured • May lose value • Not insured by any federal government agency

For financial professional use only. Not for use with the public.