NEWPORT BEACH, Calif., June 26, 2003 (PRIMEZONE) -- Pacific Life Insurance Company is introducing Pacific Select Performer 500 (Performer 500), a new variable universal life insurance product for small to mid-size corporate clients. Designed for use in executive benefit strategies such as non-qualified deferred compensation, Performer 500 provides the same type of life insurance to informally fund the plans that can help recruit, reward and retain top performers.
According to Alyce Peterson, vice president of marketing services for the Life Insurance Division of Pacific Life, today's small to mid-sized corporations expect the same type of life insurance products to use in their deferred compensation plans previously only available to large corporations. In addition to a death benefit, Pacific Select Performer 500 features:
- Access to a wide array of investment options - No charge, currently, for transfers between investment options - The potential for high early cash surrender value - Ability to allocate policy charges to be deducted from specific investment option(s).
To help brokers and financial consultants to effectively capitalize on the opportunities in the mid-size COLI market, Pacific Life now makes available Magner's Deferral+(r) sales enabling platform, an Internet-based program communication and plan administration service provided by Atlanta-based firm, Magner.Network, LLC.
"The corporate incentive market used to be open only to producers who had extensive office support and expertise to handle both the sales and administrative aspects of these complex cases," commented Peterson. "The Deferral+(r) tools provide the expertise and service that makes it viable for producers to offer large corporation benefits to their small and mid-size corporate clients."
As the No. 1 seller of variable life insurance products in the United States (note 1), Pacific Life has created Performer 500 to perform in the corporate-incentive marketplace. Additional product highlights include:
- Potentially high cash surrender values in the early policy years when maximum premiums are paid. - $50,000 minimum annual premium per case with at least three lives covered. - No maturity age - Added Protection Benefit (APB) is available at issue and allows the policy owner to increase (subject to underwriting) or decrease life insurance rider coverage on the insured after issue.
About Magner.Network, LLC
Magner.Network (http://Magner.net) was established in 1998 to deliver financial market expertise and program communication through existing financial distribution networks. Through its services, Magner supports program designs and cross-selling initiatives for financial institutions and their agents and advisors, enabling them to leverage existing customer relationships with "Best Practices" market expertise and turnkey program implementation capability. Magner.network supports asset rich market opportunities including executive benefits, multi-life disability, long-term care, charitable giving, retirement plan rollovers and affluent investor alternatives. Magner's services deliver integrated implementation solutions, including automated market analysis, prospect qualification, program design, financial modeling, program documentation, plan administration and program communication, all available on-demand through the Internet.
About Pacific Life
Founded in 1868, Pacific Life provides life and health insurance products, individual annuities, mutual funds, group employee benefits, and offers to individuals, businesses, and pension plans a variety of investment products and services. Over the past six years, the company has grown from the 20th to the 15th largest life insurance company in the nation (note 2). The Pacific Life family of companies has business relationships with 68 of the 100 largest U.S. companies (note 3). Pacific Life is a member of IMSA (Insurance Marketplace Standards Association), whose membership promotes ethical market conduct for individual life insurance and annuities. For additional information about Pacific Life and its ratings, please visit the corporate Web site at www.PacificLife.com.
Pacific Life Insurance Company is licensed to solicit individual life insurance and annuity products in all states except New York. Product availability and features may vary by state. Variable insurance products issued by Pacific Life Insurance Company are distributed by Pacific Select Distributors, Inc. (member NASD & SIPC), a subsidiary of Pacific Life, and are available through licensed third party broker dealers.
For more complete information about Pacific Life's variable universal life insurance products, including charges, expenses and limitations, contact your registered representative or Pacific Life for prospectuses. Read the prospectuses carefully before investing or sending money. Call (800) 800-7681.
Magner.Network, LLC is an independent third party providing web-based sales support systems to the producers of various life insurance companies, including Pacific Life. We have negotiated access to Magner.Network's Deferral+(r) system for our producers. While Magner.Network also offers third-party administration services though a separate agreement, Pacific Life remains a provider of product only.
NOTES:
(1) LIMRA International, Confidential Sales Survey of 76 major life
insurance companies, 2002. Sales based on annualized new
premium.
(2) Insurance Research Group, based on assets, as of December 31,
2002.
(3) Data compiled by Pacific Life using the 2002 FORTUNE 500(r) list.