Pacific Life Indexed Annuity – The Pacific Index 7 Dimensions fixed index annuity enhances your retirement securely, providing lifetime income and increasing death benefits.
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Pacific Life Indexed Annuity
Pacific Life Index Dimension 10 is a fixed deferred indexed annuity that provides protection against principal and growth potential. It is not a security and does not participate directly in the stock market or any index, so your money is not invested in the market. However, you have the ability to earn interest based on the movement of three predicated indices and a fixed account that provides a guaranteed interest rate.
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As you develop your retirement strategy, it is important to determine how you will protect and grow your assets. The Annual Pacific Living Index Dimension might be right for you if you’re looking for:
Because Pacific Life annuities are tax-deferred, interest will compound without current income tax. Your money grows faster because you don’t pay taxes on the interest earned until you withdraw it or have it distributed to you.
If you surrender the full value of your contract, or upon death or bankruptcy, you will receive the majority of your contract value minus any applicable surrender charges, market value adjustment (MVA) and discretionary interest. charge, or minimum delivery guaranteed value.
A guaranteed minimum retirement value of 87.5% (90% in New Jersey) of your total purchase payment, minus the minimum prepayment, deposited at a fixed interest rate.
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The rate is determined after settlement and is guaranteed to be no less than the minimum stated in your contract.
Because you can’t predict the future, you still have the ability to access your money when you need it.
The refund charge only applies for the refund charge period you select at contract issuance, either seven or 10 years (10-year periods are not available in California).
See the product fact sheet included with this brochure for a schedule of return charges, as they vary by state.
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You can withdraw up to 10% of your purchase payment in the first contract year and 10% of your contract value during the remaining withdrawal charge period (based on your contract value from the previous contract anniversary ) without return charges or market value adjustment (MVA).
Refunds and refunds of contract value made annually before the end of the charge period that exceed 10% of the previous year’s contract value (10% of the purchase payment in the first year) may be subject to MVA. (in addition to any applicable refund charges) depending on your state.
As a general rule, if interest rates remain the same or increase since the contract was issued, MVA may reduce the amount refunded.
In any event, the MVA refund amount will not be less than the guaranteed minimum recognized value.
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Annuity withdrawals and other distributions of taxable amounts, including death benefit payments, will be subject to ordinary income tax.
If withdrawals and other distributions are taken before age 59½, an additional 10% federal tax may apply.
The withdrawal will reduce the value of the contract and the value of the death benefit, the guaranteed minimum surrender value, and may also reduce the value of any discretionary benefits.
You can only buy optional benefits with your fixed indexed annuity contract, so consider an enhanced death benefit if you:
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Option interest increases in both up and down markets will increase the basis of the death benefit based on the interest earned on the contract plus a 2% roll-up, compounded annually.
Even for years in which no interest accrues on the contract, the basic death benefit will still increase by 2%.
Fixed index annuities also provide a way to generate income for life. Some FIAs offer optional benefits for additional costs, which are designed to increase the amount of income received in the future. At Pacific Life, the optional benefit you can choose from is the popular Income Benefit 2.
If you want to increase your death benefit for estate planning purposes, shop around and compare life insurance quotes as well. It is rare that we do not find a solution. Life insurance is tax-free for the beneficiary, while annuity beneficiaries are tax-deferred.
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Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Minnesota, Massachusetts Mississippi , Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia , Washington, West Virginia, Wisconsin, Wyoming
Non-standard funds are cash, checks, savings, cash value of life insurance, etc. Only the interest you earn will be taxed as ordinary income when you withdraw the money.
Eligible funds are 401k, IRA, SEP, 403b, TSA, etc. Both the principal and the interest will be taxed as ordinary income when you withdraw the money.
If you withdraw money from your annuity before reaching age 59.5, you will be subject to a 10% penalty from the IRS and ordinary income tax.
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Disclaimer*: Brochure may vary by state. For the most accurate information, please request information in the quote form.
Fixed annuities are not FDIC insured, but they have the same protection for your money. An annuity is an insurance policy that guarantees the insurance company’s ability to pay claims. Insurance companies are members of state insurance assurance associations in each state where they do business. Each state’s insurance guarantee association protects consumers in the event their insurance company fails and limits their liability to consumers (limits vary by state). The role that FIAs can play in helping people near retirement and protecting assets is important. The years leading up to retirement are widely misunderstood. The main difference between an FIA and bonds or other fixed income alternatives, which can lose value when interest rates rise, is that the value of the FIA contract is protected against downside risk.
FIA credit interest on the cash value of an annuity contract based on either a fixed interest rate or the performance of an option linked to an index (such as the S&P 500
Index). Unlike other fixed income alternatives, FIAs protect against loss of principal, as it is important to realize that bonds can lose value when interest rates rise. FIA protects the principal in the sense that even if the underlying index falls in value, the FIA does not lose money. FIA is not credited with interest only in that year.
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Dr. white paper Pfau examines how FIAs can help retirees protect wealth and achieve their retirement savings goals, while providing an additional level of leverage in the critical years leading up to retirement.
He elaborated on the steps taken to provide a historical analysis of FIA interest income compared to the historical returns of equity and fixed income investments. He explains in detail the methodology, including the period of analysis, the steps taken to determine the historical option budget, and the pricing of historical call options, which estimate the historical rate of FIA participation.
Conclusion Dr. Pfau is that FIAs can provide another option for fixed income assets that protect principal and have the potential to outperform bonds when considered net of taxes and fees. Their unique interest in credit structures led him to conclude that FIA could play a role.
The full version of the white paper and its executive summary can be found at the bottom of this page.
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If you have any questions, talk to your Pacific Life Wholesale Consultant or contact the Pacific Life Retirement Strategy Group at (800) 722-2333 or send an email to [email protected].
Steve is a Senior Retirement Strategy Consultant with the Retirement Solutions Division at Pacific Life. He brings more than 25 years of industry experience in financial planning and wealth management, including in-depth knowledge of both employer-sponsored retirement plans and retirement planning strategies.
“The Index is a product of S&P Dow Jones Indices LLC, a division of S&P Global, or its affiliates (“SPDJI”), and is licensed for use by Pacific Life Insurance Company. S&P 500
Is a registered trademark of Standard & Poor’s Financial Services LLC, a division of S&P Global (“S&P”); Dow Jones
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Dow Jones Trademarks are registered trademarks of Holdings LLC (“Dow Jones”); and these trademarks are licensed for use by SPDJI and sublicensed for certain purposes by Pacific Life. Pacific Life products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates and any such parties make any representation regarding investment advice in such products. They do not and do not have any responsibility. FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS IN THE S&P 500 INDEX.
The index is not available for direct investment and index performance does not include dividend reinvestment.
Pacific Life, its distributors and related representatives do
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