Pacific Expedition offers interest-rate guarantees and an option for your clients to potentially raise their guaranteed interest rate. There are no annual contract, mortality & expense, or administrative fees.
Consider Pacific Expedition for:
Upon a full withdrawal, your client will receive an amount at least equal to:
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.
A credit is immediately applied to the contract value. It is a percentage of the purchase payment and may vary by the initial guaranteed period selected.
RateAdvantage is an optional feature that provides a one-time opportunity, during the initial guaranteed period, to increase the initial guaranteed interest rate if newly declared rates are higher.
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.
|Charge per Withdrawal
|Charge per Withdrawal
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 In the first contract year, 10% of the total purchase payments may be withdrawn without charge. For each subsequent contract year, 10% of the contract value as of the prior contract anniversary may be withdrawn without charge.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:
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.
The interest rate credited will depend on the total of all purchase payments received (minus withdrawals).
The breakpoints are:
Clients may convert the contract to annuity income payments one year after contract issue.
Annuity Income Options Available
Fixed annuitization only
Partial annuitization is not available
Monthly, quarterly, semiannually, annually
Minimum Annuity Income Payment Amount
$250 ($20 in New York)
Premium: Limited premium. All cash purchase payments must be submitted with the application. 1035 exchange/transfer requests must be submitted with the application and the funds must be received within 90 days after contract issue.
Minimum Purchase Payment: $25,000 (qualified and nonqualified).
Maximum: $1 million; total purchase payments greater than $1 million require Pacific Life home-office approval in advance.
Maximum Annuitant/Owner Issue Age: 88
Maximum Annuitization Age: 95
Guarantees are subject to the claims-paying ability and financial strength of the issuing insurance company.
1For qualified contracts, the maximum length of time for the Period Certain options may be less than 30 years, if necessary, to comply with required minimum distribution (RMD) regulations for annuities.
Broker/dealer and state variations may apply. Contact your broker/dealer for availability.
Annuity withdrawals are taxable as ordinary income when distributed and may be subject to a 10% additional tax if withdrawn before age 59½. For nonqualified contracts, an additional 3.8% federal tax may apply on net investment income. Withdrawals will reduce the contract value and the value of the death benefits, and also may reduce the value of any optional benefits.
The credit enhancement is not counted as a purchase payment, will not be returned under the free-look provision, and is treated as earnings for tax purposes when distributed.
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.
Pacific Expedition (30-1229, 30-1229-R, including state variations) are issued by Pacific Life.
Pacific Life, its 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.
Pacific Life refers to Pacific Life Insurance Company and its affiliates, including Pacific Life & Annuity Company. Insurance products are issued by Pacific Life Insurance Company in all states except New York and in New York by Pacific Life & Annuity Company. Product 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 (Newport Beach, CA) and an affiliate of Pacific Life & Annuity Company. Variable and fixed annuity products are available through licensed third parties.
No bank guarantee • Not a deposit • Not FDIC/NCUA insured • May lose value • Not insured by any federal government agency