Pacific Choice®

A Deferred, Variable Annuity

A traditional variable annuity offering a five-year withdrawal charge period with 1.20% mortality & expense and administrative fees, and a standard return of premium death benefit.

Client Profiles

You may consider Pacific Choice for pre-retirees and retirees who are:

  • Willing to accept market risk for potential growth of their contract values.
  • Concerned about taxes.
  • Looking for sources of lifetime income.
  • Looking for sources of principal protection against market downturns through an optional benefit.

Optional Benefits

Optional benefits are available for an additional cost. Please refer to our Optional Benefits page for more information.

Investment Options

Our investment lineup offers:

  • A large selection of investment options to choose from.
  • A wide assortment of asset class selections.
  • Globally recognized and respected investment managers.
  • No asset-transfer program or managed-volatility overlay.

Investment Transfers

  • Limited to 25 per calendar year; no charges apply.
  • No additional transfers into or out of the same investment option until the seventh calendar day following the initial transfer day (not including the Fidelity® VIP Government Money Market Portfolio). 
  • Additional limitations apply to certain individual investment options.

Additional Information

Withdrawal Charges and Fees

5 Years

Current Year of the Selected Guaranteed Period 1 2 3 4 5
Charge per Withdrawal
7% 7% 6% 5% 3%

Withdrawals without Charge
Clients can take annual withdrawals of earnings and up to 10% of the remaining purchase payments.

Systematic Withdrawals
Clients can stay invested in the market and have the flexibility to start and stop withdrawals anytime they wish.

Preauthorized Withdrawals
Minimum of $250 per withdrawal. If deposited electronically into a checking or savings account, minimum withdrawal is $100.

Withdrawal Charge Waivers
Withdrawal charges may be waived for:

  • Payment of a death benefit.
  • A medically determinable condition that indicates a life expectancy of 12 months or fewer (after the first contract year).
  • Confinement to an accredited nursing home for 30 days or longer if confinement occurs after 90 days from the contract issue date.
  • Annuitization after the first contract year.
  • Required minimum distributions (RMDs) on qualified plans if enrolled in the Pacific Life RMD withdrawal program.

Terminal-illness and nursing-home waivers require medical evidence satisfactory to us. Not available in all states.

Asset Rebalancing
Quarterly, semiannually, and annually from contract date; no minimum balance.

Dollar Cost Averaging (DCA)
Minimum $250. From any variable investment option with a balance of at least $5,000 to any other investment option; program continues until source account is depleted or cancellation occurs. DCA does not ensure a profit or protect against loss in declining markets.

DCA Plus Fixed Option
Clients earn a competitive interest rate while they participate in dollar cost averaging of a new investment of at least $5,000 over a 6- or 12-month term.

Earnings Sweep
From Fidelity® VIP Government Money Market Portfolio to any other variable options; $5,000 minimum account value.

Flexible Income through Partial Annuitization

Clients have the option to receive guaranteed, flexible income through partial annuitization. This allows a client to convert a portion of the contract value into income that's guaranteed to last his or her life, two lives, or a specified period. For contracts owned by individuals, the remaining contract value will continue to provide tax-deferred growth potential. Full annuitization is also available.

Protected Lifetime Income Options

Life Only

Protected income your client can't outlive.

Periodic income payments for life are guaranteed.

Life with Period Certain2

Protected income your client can't outlive with beneficiary protection.

Periodic income payments will be made for life and guaranteed for a minimum of 5 to 30 years (period certain). If the annuitant dies before the end of the period, his or her beneficiaries will receive the remaining guaranteed income. If the client lives longer than the period certain, he or she will continue to receive the income for life.

Joint and Survivor Life

Income your client and another person can't outlive.

Periodic income payments are guaranteed over the client's lifetime (as the primary annuitant) and the lifetime of another person (as the secondary annuitant, who need not be a spouse).

Period Certain Only2

Protected income over time.

Periodic income payments will be made over a specific period, from 10 to 30 years.

Fixed and/or variable payouts available monthly, quarterly, semiannually, or annually.

In all states except California, the death benefit is payable prior to annuitization upon the death of a contract owner. For contracts owned by a non-natural owner (for example, a trust) and contracts issued in California, the death benefit is payable upon the death of the first annuitant.

Standard Death Benefit

This death benefit offers the greater of:

  1. The contract value.
  2. The total of all purchase payments into the contract, adjusted for withdrawals. The adjustment is proportionate and may be more or less than the actual amount withdrawn.

Optional Death Benefits
For an additional cost, these benefits include:

  • Stepped-Up Death Benefit—to lock in gains.
  • Earnings Enhancement Death Benefit—to help offset the impact of taxes.

Note that ownership changes may adversely affect the death benefit amounts. See the prospectus for more information.

M&E Risk Charge

  • 0.95% (per year of each subaccount's assets, deducted daily).

Administrative Fee

  • 0.25% (per year of each subaccount's assets, deducted daily).

Annual Contract Fee
$50 (waived if contract value is $50,000 or greater).

Total Net Fund Expense Range
0.28%–1.54% (annually of each fund’s average daily net assets; as of the most recent prospectus, adjusted).

Minimum Purchase Payments 

Nonqualified: $10,000 initial; $250 subsequent

Qualified: $2,000 initial; $50 subsequent

For aggregate purchase payments totaling more than $1 million, contact Pacific Life for approval.


Preauthorized Investing

Periodic payments of equal amounts can be transferred from a financial institution account to meet the minimum initial purchase payments during the first year. The first purchase payment must accompany the application.

Maximum Annuitant/Owner Issue Age: 85

Maximum Annuitization Age: 95

Guarantees are subject to the claims-paying ability and financial strength of the issuing insurance company and do not protect the value of the variable investment options, which are subject to market risk.

1For more information, including the gross expense ratio, waivers, and/or expense reimbursements, see the applicable fund prospectus. Expenses are subject to change.

2For qualified contracts, the maximum length of time for the Period Certain options may be less than 30 years, if necessary, to comply with RMD regulations for annuities.

Investors should carefully consider a variable annuity's risks, charges, limitations, and expenses, as well as the risks, charges, expenses, and investment goals of the underlying investment options. This and other information about Pacific Life are provided in the product and underlying fund prospectuses. These prospectuses should be read carefully before investing.

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 value of the variable investment options will fluctuate so that shares, when redeemed, may be worth more or less than the original cost.

For Use With Clients


For more information, please refer to our Prospectuses & Supplements page.


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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