Understanding Indexed Universal Life Insurance Policies (IULs)
IULs Issued By Pacific Life Insurance Company IULs
Many insurance agents sell Indexed Universal Life Insurance as retirement savings vehicles for the future in addition to coverage at death. IULs, like deferred annuities, can be costly and complicated. A number of life insurance carriers offer IULs. Pacific Life Insurance Company (usually referred to as “Pacific Life”) is one issuer of indexed universal life insurance in Los Angeles and Orange County, California and throughout the United States. Pacific Life issues policies through its subsidiaries Pacific Life & Annuity Company and Pacific Life Insurance Company. Trade names include Pacific Life PDX, Pacific Indexed Accumulator, Pacific Discovery Xelerator IUL, Pacific Indexed Estate Preserver, or Pacific Discovery Protector IUL. Pacific Life offers riders to these IULs for additional premiums.
Types of Pacific Life IULs
Pacific Life’s IULs are complex and have detailed provisions related to returns on your money, fees, and charges and penalties you may incur if you surrender your policy or allow it to lapse. Marketing materials and sales illustrations can be sometimes also be confusing or misleading. Performance levels may not be what was represented in those illustrations and materials. The Orange County attorneys at Evans Law Firm, Inc. represent consumers who have suffered losses on indexed universal life insurance policies, including policies issued by Pacific Life. If you or a loved one is a United States resident (including here in Los Angeles or Orange County) and has purchased a Pacific Discovery Xelerator IUL call us today toll free at 888-50EVANS (888-503-8267) and we can review your sales materials, illustrations, policy and any riders for free.
Built-In Disadvantages in Pacific Life IULs
Consumers do not always understand how IULs work, and agents may not fully explain important details. Actual returns may be less than those advertised. In many instances, IULs like the Pacific Discovery Xelerator IUL require additional premium payments after the initial premium, and if the policyholder does not keep up with premium payments, coverage may lapse. In addition, carriers reserve the right to change fees, increase premiums, and modify any non‐guaranteed elements like fee waivers. If you would like us to review your Pacific Discovery Xelerator IUL policy and illustrations call us toll free at 888-50EVANS (888-503-8267).