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Sep 12, 2019 by |

San Francisco and California Life Insurance and Annuities Attorney: Pacific Life: Indexed Universal Life Insurance Policies


Universal Life Insurance

Pacific Life Policies

Insurance agents and financial advisors often suggest California consumers purchase universal life insurance as a savings vehicle for the future, especially indexed universal life insurance (IULs). Our lawyers recommend against these costly, complicated policies, and advise you to be prepared when an agent recommends one. Pacific Life (sometimes called “PacLife”) is a leading seller of indexed universal life insurance in California. PacLife issues policies to California consumers through its subsidiaries Pacific Life & Annuity Company and Pacific Life Insurance Company.  Trade names for these products include Pacific Indexed Accumulator 5, Pacific Discovery Xelerator IUL, or Pacific Discovery Protector IUL.  Pacific Life offers riders to these IULs such as its No-Lapse Guarantee Rider for additional premiums.  All of these IUL products are complex and involve complicated structures of returns on your money, fees, and charge and penalties you may incur if you surrender your policy or allow it to lapse.

The California insurance and financial elder abuse attorneys at Evans Law Firm, Inc. represent consumers, especially seniors, who suffer losses on indexed universal life insurance policies including Pacific Indexed Accumulator 5, Pacific Discovery Xelerator IUL, or Pacific Discovery Protector IUL issued by Pacific Life through its subsidiaries Pacific Life & Annuity Company and Pacific Life Insurance Company.  If you or a loved one is a California resident over age 60 and has purchased an indexed universal life insurance policy from Pacific Life, call us today at (415)441-8669 and we can review your policy and any riders attached to it for free.  A list of major life insurance carriers and distributors in California, in addition to Pacific Life, appears below.

Consumers, especially seniors, do not always understand how IULs work, and agents may not fully explain important details either. Actual returns may be less than those advertised. IULs generally require additional premium payments after the initial premium, and if the policyholder does not keep up with premium payments, coverage will lapse. Carriers like Pacific Life reserve the right to change fees, increase premiums, and modify any non‐guaranteed elements like fee waivers. Senior consumers need to understand the risks involved with IULs. Don’t count on an agent or advisor to fully explain those risks as universal life insurance, like all life insurance and annuities, is a common-producing product.  And don’t buy into the idea that universal life is a good way to save; there are plenty of less costly tax-deferred ways to save for retirement.  In any event, always consult a professional with nothing to gain from your purchase of any life insurance or annuity and also consult your tax advisor as withdrawals, replacements, and surrenders can have adverse tax consequences for you.

Annuities and life insurance produce large sales commissions for brokers but are often inappropriate products for consumers, especially seniors. Leading providers and distributors of life insurance and fixed, variable and fixed indexed deferred annuities in California, including Pacific Life, are listed below.  We are not in any way suggesting that any of these carriers or distributors has done anything wrong.  Rather, the list is provided solely as a reference for our readers.

AIG/American General Life Insurance Company

Allianz Life Insurance Company of North America

American Equity Investment Life Insurance Company

American General Life Insurance Company/AIG

American International Group, Inc. (AIG)

American National Life Insurance Company

Ameriprise Financial/RiverSource Life Insurance Company

Ameriprise Financial/Securities America, Inc.

Athene Annuity & Life Assurance Company

Athene Annuity and Life Company

Athene USA

Aviva Life Insurance Company

AXA Equitable Financial Services, LLC

AXA Equitable Life Insurance Company/AXA US

AXA Advisors, LLC

Bankers Life Insurance and Casualty Company

Berkshire Hathaway Group

Berkshire Hathaway Life Insurance Company of Nebraska

Brighthouse Financial, Inc./MetLife

Citigroup Global Markets, Inc.

Crump Life Insurance Services, Inc.

CUNA Mutual Group/CMFG Life Insurance Company

Delaware Life Insurance Company

EquiTrust Life Insurance Company

Fidelity & Guaranty Life Insurance Company

Forethought Life Insurance Company/Global Atlantic Financial Group

Genworth Financial, Inc.

Genworth Life and Annuity Insurance Company

Genworth Life Insurance Company

Global Atlantic Financial Group/Forethought Life Insurance Company

Guardian Life Insurance Company

Guggenheim Partners/Security Benefit Life Insurance Company

ING USA Annuity and Life Insurance Company

Jackson National Life Insurance Company

John Hancock Life Insurance Company

Lincoln Benefit Life Company

Lincoln Financial Group

Massachusetts Mutual Life Insurance Company

Merrill Lynch Life Agency Inc.

Metlife/Metropolitan Life Insurance Company/Brighthouse Financial, Inc.

Minnesota Life Insurance Company

National Life Group

National Life Insurance Company/Equity Services, Inc.

National Western Life Insurance Company

Nationwide Life Insurance Company

New York Life Insurance Company

North American Company for Life and Health Insurance

Northwestern Mutual Investment Services, LLC

Northwestern Mutual Life Insurance Company

Northwestern Mutual Wealth Management Company

Oxford Life Insurance Company

Pacific Life

Pacific Life & Annuity Company

Pacific Life Insurance Company

Principal Financial Group

Prudential Life Insurance Company

Raymond James Insurance Group

Reliance Standard Life Insurance Company/Tokio Marine Group

Reliastar Life Insurance Company/Voya Financial

RiverSource Life Insurance Company/Ameriprise Financial

Securities America, Inc./Ameriprise Financial

Security Benefit Group, Inc.

Security Benefit Life Insurance Company/Guggenheim Partners

Security Investors, LLC

Security of Denver Life Insurance Company

The Standard Life Insurance Company

Symetra Financial Corporation

Symetra Life Insurance Company

Transamerica Life Insurance Company

The United States Life Insurance Company in the City of New York

Unum Life Insurance Company of America

USAA Life Insurance Company

The Variable Annuity Life Insurance Company

Voya Annuity and Life Insurance Company

Voya Insurance and Annuity Company

Voya/Reliastar Life Insurance Company

Wells Fargo Advisors

Western & Southern Financial Group

The Western & Southern Life Insurance Company

World Financial Group Insurance Agency, Inc.

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