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Business Wire
25-06-2025
- Business
- Business Wire
Pacific Life Introduces New Variable Universal Life Insurance Product Now Available Through State Farm
NEWPORT BEACH, Calif.--(BUSINESS WIRE)--Pacific Life is pleased to introduce a new, straightforward variable universal life (VUL) insurance product, designed for customers ages 30-55 who are comfortable pursuing cash value over the long term and have a tolerance for market-based risk. Pacific Protector Plus VUL 1 offers tax-free 2 death benefit protection and cash value accumulation potential through a streamlined but diverse selection of variable investment options and interest crediting strategies. 'We're so proud that Pacific Protector Plus VUL was chosen to be a part of the State Farm portfolio. This collaboration is a great fit for both of our companies because our values and customer focus are so closely aligned,' said Dawn Behnke, Executive Vice President, Consumer Markets, Pacific Life. State Farm is committed to meeting customers' needs with products and services to help customers manage the risks of everyday life and realize their dream. The design of Pacific Protector Plus VUL offers the opportunity for authorized State Farm agents to help customers make their own decisions about how to protect the ones they love while also pursuing their financial goals. 'Pairing two companies that collectively share 260 years of experience caring for customers is a winning combination,' said Sarah Mineau, Senior Vice President, Financial Services, State Farm. 'Together, we have a unique opportunity to impact more people, offering them the protection they need, and empowering them to invest in their financial well-being.' Pacific Protector Plus VUL takes VUL back to the basics, with these important features: Competitive performance for death benefit-focused designs Opportunity for cash value growth potential through a streamlined set of mutual-fund style variable investment options that help reduce complexities, yet provide a holistic mix of options to address a variety of goals and risk tolerances Choice of indexed 3 and fixed options to help hedge against market volatility Choice of two optional living benefit riders 4 in case of chronic or terminal illness 5 Short-term, no-lapse guarantee to provide lapse protection from [five to 15 years]—at no additional cost 4,6 Pacific Protector Plus VUL provides authorized State Farm agents with opportunities to help meet customer needs for legacy, income protection, and business planning, within one product. It also may be attractive for State Farm customers who have maxed out contribution limits or are no longer eligible for other financial vehicles, such as 401(k)s or Roth IRAs. About Pacific Life Pacific Life provides a variety of products and services designed to help individuals and businesses in the retail, institutional, workforce benefits, and reinsurance markets achieve financial security. Whether your goal is to protect loved ones or grow your assets for retirement, Pacific Life offers innovative life insurance and annuity solutions, as well as mutual funds, that provide value and financial security for current and future generations. Supporting our policyholders for nearly 160 years, Pacific Life is a Fortune 500 company headquartered in Newport Beach, California. For additional company information, including current financial strength ratings, visit About State Farm For over 100 years, the mission of State Farm has been to help people manage the risks of everyday life, recover from the unexpected, and realize their dreams. State Farm and its affiliates are the largest providers of auto and home insurance in the United States. Its more than 19,400 agents and 67,000 employees serve over 91 million policies and accounts – including auto, fire, life, health, commercial policies and financial services accounts. Commercial auto insurance, along with coverage for renters, business owners, boats and motorcycles, is also available. State Farm Mutual Automobile Insurance Company is the parent of the State Farm family of companies. State Farm is ranked No. 39 on the 2024 Fortune 500 list of largest companies. For more information, please visit 1 Pacific Protector Plus VUL, issued by Pacific Life Insurance Company, Form series P23VIUL, S23V3P, varies based on state of policy issue. 2 For federal income tax purposes, life insurance death benefits generally pay income tax-free to beneficiaries pursuant to IRC Sec. 101(a)(1). In certain situations, however, life insurance death benefits may be partially or wholly taxable. Situations include, but are not limited to: the transfer of a life insurance policy for valuable consideration unless the transfer qualifies for an exception under IRC Sec. 101(a)(2)(i.e. the transfer-for-value rule); arrangements that lack an insurable interest based on state law; and an employer-owned policy unless the policy qualifies for an exception under IRC Sec. 101(j). 3 The indexed account options do not directly participate in any stock or equity investments. 4 Riders will likely incur additional charges and are subject to availability, restrictions, and limitations. When considering a rider, request a policy illustration from your financial professional to see the rider's impact on your policy's values. 5 Premier Chronic Illness Rider (CHR) (Form series R22CHR, S21CHR, varies based on state of policy issue). [CHR is not approved or available in CA.] Premier Living Benefit Rider 2 (Form series R18ADB, S18ADB, varies based on state of policy issue). 6 Short-Term No-Lapse Guarantee Rider (Form #R21SNL, varies based on state of policy issue). Eligibility and duration based on insured's issue age. Paying only the Short-Term No-Lapse Premiums will guarantee the death benefit from [five to 15 years], but will not guarantee cash value accumulation. If you discontinue paying the Short-Term No-Lapse Premiums, the no-lapse feature will terminate before the guaranteed duration. If this occurs, additional premiums in an amount equal to the short-fall can be paid to bring the no-lapse feature back in-force. If policy loans or withdrawals are taken, additional premiums may be required to keep the no-lapse feature in force. Additional premiums may be required to continue the policy beyond the guaranteed duration. May or may not show. 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 Insurance Company is licensed to issue insurance products in all states except New York. Product/material availability and features may vary by state. Variable insurance products are distributed by Pacific Select Distributors, LLC (member FINRA & SIPC), a subsidiary of Pacific Life Insurance Company and are available through licensed third-party broker/dealers. You should carefully consider a variable life insurance product's risks, charges, limitations, and expenses, as well as the risks, charges, expenses and investment goals/objectives of the underlying investment options. This and other information about Pacific Life Insurance Company insurance products are provided in the applicable product and underlying fund prospectuses. These prospectuses are available from your life insurance producer or at Read them carefully before investing or sending money. Insurance products and their guarantees, including optional benefits and any crediting rates, are backed by the financial strength and claims-paying ability of the issuing insurance company, but they do not protect the value of the variable investment options. Look to the strength of the life insurance company with regard to such guarantees as these guarantees are not backed by the broker/dealer, insurance agency, or their affiliates from which products are purchased. Neither these entities nor their representatives make any representation or assurance regarding the claims-paying ability of the life insurance company. This material reflects the Pacific Life Insurance Company policy features and benefits. All policy features and benefits may not be available through some Broker/Dealers. The State Farm sales practice philosophy is about placing customer needs first, operating fairly and doing the right thing. State Farm strives to encourage customer conversations, customer service, and meeting customer needs in our related promotions, rewards, and incentives. Life insurance is subject to underwriting and approval of the application and will incur monthly policy charges. The home office for Pacific Life Insurance Company is located in Omaha, Nebraska. State Farm is not an affiliated company of Pacific Life Insurance Company and Pacific Select Distributors, LLC. Securities available through State Farm VP Management Corp. State Farm VP Management Corp. is a separate entity from those affiliated and/or unaffiliated entities which provide advisory services, banking, and insurance products. AP2025/04/0577 Securities, insurance and annuity products are not FDIC insured, are not bank guaranteed and are subject to investment risk, including possible loss of principal. Neither State Farm nor its agents provide tax or legal advice. 25-253 [VUC3494-0625 6/25 E628]
Yahoo
20-04-2025
- Business
- Yahoo
Ask an Advisor: Is Universal Variable Life a Smart Move With $310k Income and $550k in My 401(k)?
SmartAsset and Yahoo Finance LLC may earn commission or revenue through links in the content below. Is contributing to a variable universal life insurance policy a good idea? I'm 39 with a $310,000 annual income. I have $550,000 in a 401(k), $13,000 in an HSA, $25,000 in cash savings and a $42,000 investment account balance. I don't have any student loans or credit card debt I maxed out my annual 401(k) contributions last year at $66,000 and I will do the same this year at $69,000. I also a back door Roth that I contributed $6,500 to last year. – James At a high level it doesn't appear to me that you have much of a need for a variable universal life policy, but there could still be reasons you may be considering one depending on what your goals. Let's review what a variable universal life policy is and what it provides. (And if you want to have a more in-depth conversation about your potential insurance needs, connect with a financial advisor.) Variable universal life insurance policies are a type of whole life policy that provide a death benefit and build cash value. VUL combines features of both variable life and universal life insurance. The main things that set it apart from other types of insurance are: Flexible premiums: Like with universal life policies, you can adjust your monthly premium which provides additional flexibility if you need it. Investing the cash value: Unlike universal life, VUL allows you to invest your cash balance in stock and bond subaccounts. This exposes you to additional risk, but means that your balance may grow more quickly. Variable life insurance allows this as well. So, VUL policies provide premium flexibility and the potential for additional tax-deferred investment growth. When evaluating whether a VUL is right for you, you'll want to ask yourself if you need need both of these features. (And if you need additional help evaluating your financial needs, consider working with a financial advisor.) I don't have a full picture of your finances, but you seem to have your budget in order. You're saving a very healthy amount – at least 24% of your income. If you're doing that consistently then you must be financially stable and have the necessary discipline. As a result, premium flexibility may not be a big deal to you. It also sounds like you don't carry any significant debt. This suggests that you not only live within your means (not accumulating debt), but also that you have fewer things pulling at your cash flow (debt payments). Then, you also have cash savings and an investment account you could rely on if you needed it. Unless there are details of your situation that I'm not seeing, the ability to adjust your life insurance premiums may not be much of a priority for you. (But if you need a more detailed and thorough examination of your finances and long-term trajectory, speak with a financial advisor.) As I've already mentioned, you're saving a healthy amount. If we assume even a somewhat aggressive retirement age of 60, that gives you another 21 years of saving. If you continue to contribute up to the total 401(k) contribution limit of 69,000 per year (including employer matches), and max out your backdoor Roth at $6,500 per year, you'd have about $6.8 million by the time you're 60, assuming an 8% average return. For simplicity's sake, this projection ignores any annual earnings or contribution increases, as well as any catch-up contributions you may make when you reach age 50. As a rough ballpark estimate, I'd say you're well on your way to retirement readiness and more tax-deferred savings might not be something you need. But, if you'd like to save more, a VUL policy certainly provides that option. (And you want an expert's take on your plan for retirement or need help preparing for retirement, talk to a financial advisor.) Of course, we can't forget the principal reason to purchase any life insurance product: the death benefit. You may very well want or need a life insurance policy to protect family or other beneficiaries. However, if that's your primary need then you could purchase the appropriate amount in a term policy, which is a much more cost-effective and straightforward way of obtaining life insurance coverage. One benefit a VUL or other type of permanent insurance is that you can maintain the policy for life. This may or may not be important to you. If it is, I'd suggest comparing a VUL with other whole life options, as well. They will often be simpler and have lower premiums. (But if you need help determining how VUL or other types of life insurance polices may fit within your financial plan, talk it over with a financial advisor.) VUL policies are complex and relatively expensive compared to other options. I recommend assessing exactly what it is you want and need, and then evaluate whether a VUL is the best way to get it based on the discussion above. If you don't need or want all the benefits a VUL provides, it may make more sense to invest your money elsewhere or buy a different type of life insurance policy. SmartAsset has a variety of tools to help you determine how much coverage to potentially purchase and the types of policies that are out there. This calculator can help you estimate how much life insurance you may want to buy, while our rate quote tool can help you comparison shop for a rate that potentially meets your budget. Assessing your needs for life insurance and surveying the market of options can be complicated and overwhelming. That's where having an expert in your corner, like a financial advisor, can help. Finding a financial advisor doesn't have to be hard. SmartAsset's free tool matches you with up to three vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you're ready to find an advisor who can help you achieve your financial goals, get started now. Photo credit: © Safari, © The post I Make $310k and Have $550k in My 401(k). Should I Get Variable Universal Life Insurance? appeared first on SmartReads by SmartAsset. Sign in to access your portfolio
