Pacific Life’s new 5-year VA/GMAB rider sets -10% floor

September 18, 2019 by Editorial Staff

Pacific Life Insurance Company has introduced a new optional guaranteed minimum accumulation benefit (GMAB) on certain of its variable annuities that “can provide guaranteed lifetime income and unlimited growth potential,” the company said in a release.

The rider is called Protected Investment Benefit, and costs 0.85% per year (to a maximum of 2.50%) over a five-year term or 10-year term in addition to the variable annuity contract’s mortality and expense risk charges (0.95% to 1.35%, depending on share class), investment fees (0.28% and up), administrative fees (0.25%), and death benefit fees (0.25% extra for enhanced benefit).

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Originally Posted at Retirement Income Journal on September 12, 2019 by Editorial Staff.