In response to investor concern about outliving retirement assets, Pacific Life Insurance Co. in Newport Beach, Calif., said it has expanded its living benefits options to provide more choices for a guaranteed income.
Lifetime Income Access Plus is an optional benefit that guarantees variable annuity contract owners will get back every dollar invested regardless of market performance, as long as they withdraw up to 5% each year of what they put into their annuity and stay invested in a Pacific Life Portfolio Optimization asset allocation model, the company said on Friday.
In addition, if withdrawals begin after age 65, the annual 5% withdrawal is guaranteed to last the investor's lifetime. Investors younger than 65 also can step up to the contract value at age 65 or after and guarantee their withdrawals will last a lifetime.
