Pacific Life Enhances RILA Strategy
Pacific Life announced recently that it has improved its registered index-linked annuity (RILA), Pacific Protective Growth, which offers opportunities to track market indexes while providing levels of protection during market downturns.
“After our successful launch of Pacific Protective Growth in late 2024, we challenged ourselves to enhance the product further,” said Nick Weber, vice president, annuity product development, Pacific Life. “We’re introducing powerful enhancements that meet our ongoing goals of greater simplicity, clarity and flexibility for clients, making the product even more responsive to their evolving needs.”
Enhancements to Pacific Protective Growth include:
- A new Annual Lock with Cap Rate crediting strategy that offers annual index measurement in each year of a six-year term. This new strategy maintains the same maximum crediting rate in each of those years.
- All-buffer protection options aimed at simplifying client conversations.
- A greater range of terms, now at one, two, three or six years, and new 100% buffer option on the Cap Rate crediting strategy.
The product continues to offer an optional lifetime withdrawal benefit, Income Guard, for an additional cost; and five indexes, including two that track index-based exchange-traded funds.
“We’re committed to enhancing our product in ways that demonstrate our focus on innovation and support of financial professionals and their clients,” said Kevin Kennedy, chief sales and marketing officer, Consumer Markets, Pacific Life. “As customer needs evolve, we look forward to continuing to offer a broad range of retirement income solutions designed to help meet them.”
Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with nearly a decade of experience and a passion for telling stories and reporting news.