Pacific Life

4.10%
3 Year Term
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company Information

Company Name

Pacific Life

product Name
Pacific Expedition II 3
Description
Pacific Life Insurance Company was founded in 1868. Their headquarters is in Newport Beach, CA. In 1997 the company adopted the humpback whale as it's symbol. They chose the whale because of it's persistence, performance, and strength. For more than 150 years, generations of families and businesses have harnessed the strength of Pacific Life. In Feb 2020 they were named one of the world's most ethical companies by Ethisphere Institute. Their mission is to provide financial security through products and services that stand the test of time.
am best rating
A+ Superior (2nd of 13 ratings)
Product Type
MYGA
Product description

Fixed annuities are for conservative investors who want safety, security, and guarantees.

You will preserve your principal and earn a fixed rate of return.

You might hear fixed annuities also called CD-like annuities or multiple-year guarantee annuities (MYGA's).

If you are sensitive to loss and don't want to lose a penny, a fixed annuity might be a good fit for some of your savings.

Read our educational articles on fixed annuities to learn more.

Rate Lock Period:

This is the number of days you have to get the funds to the insurance company after the application has been signed and submitted.

Qualified Retirement account: 60 Days
Non-Qualified/after-tax annuity: N/A
1035 Annuity Exchange: 60 Days

Riders & Features Available:
The following riders and features are available for this product.

N/A

term
3 yrs
minimum investment
$ 25,000
maximum investment
$ 1,000,000
maximum age
85
withdrawal allowance
You can withdraw up to 10% of the accumulated value each year of the contract penalty-free.

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*Please provide an investment amount before applying.

Guaranteed Returns

Disclaimer: Some companies have rate banding and pay different rates based on your investment amount.

Please enter an accurate investment amount.

$
Should be at least $25,000
The maximum investment is $1,000,000
The field is required.
YEARRATEEARNINGSCUMULATIVE EARNINGSBALANCE
13.60%$ ?$ ?$ ?
23.60%$ ?$ ?$ ?
33.60%$ ?$ ?$ ?
Total$ ?$ ?$ ?

Enter an investment amount to calculate your earnings and account balance over the life of the contract.

Surrender Charge Schedule

Surrender charges are a penalty charged to early withdrawals of annuity contract. They are a percentage of the withdrawal amount, decrease over time, and go to zero when the term ends.

percentage charged to withdrawal

Year
Percentage
1
8%
2
8%
3
7%
market-value adjustment (MVA)

A market value adjustment is basically an additional charge or credit for taking money out early from an annuity.

They allow companies to pay a higher rate and make longer-term investments.

MVAs only affect you if you withdraw funds early. If you own the contract to maturity, they do not apply.

other Information

moody’s ratingA1 Good (5th of 21 ratings)
fitch ratingA+ Strong (5th of 21 ratings)
S&P ratingAA- Very Strong (4th of 21 ratings)
phone number(800) 800-7646
Product brochure
agent
commission
We are paid from the insurance company general fund. It is not deducted from your account value. 100% of your money is working for you from day one. We could earn a higher commission based on sales volume and taking a more active role in the application process.
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Rate Effective DateSeptember 16th 2024
premium TypeSingle Premium Annuity
account TypePersonal, Traditional IRA, Roth IRA, SEP-IRA, SIMPLE-IRA, 403(b).
Not available inNY, PR, VI
options at
maturity

At the end of the contract term, you’ll have a 30-day window during which you can withdraw 100% of the account balance. The insurance company will usually mail you a letter and offer a new rate to entice you to keep the funds with them. You can accept their offer and keep the funds with them. If you don’t like their rate, you can withdraw 100% of the funds, transfer the balance to another annuity/provider, or annuitize it and turn it into a guaranteed income stream. An IRA annuity can be transferred to any IRA custodian (bank, brokerage, annuity).

Warning: If you do nothing, your annuity will auto-renew for the same term with the rate effective at that time.

death benefit provisionIf you pass away before the end of your annuity contract, your beneficiaries will receive the accumulated policy value. This value will include all interest you have earned and be passed without any charges or fees.
taxesUnlike bank CDs, the interest you earn in an annuity grows tax-deferred. The taxation will vary depending on the type of account you own. Non-qualified annuities are funded with after-tax money from checking, savings, taxable brokerage accounts, etc.. Only the interest earned will be taxable at ordinary income when withdrawn from the annuity. Annuities funded by a Traditional or “pre-tax” IRA will be 100% taxable distributions. Both the principal and interest will be taxed as ordinary income. IRAs are already tax-deferred, so the annuity does not add an extra tax benefit. Annuities funded by a Roth IRA will not be taxed at withdrawal.
surrender schedule
8%, 8%, 7%
free-look period20 Days - This is the number of days you have after your policy has been delivered to change your mind and get a refund.
RMDYes
market value adjustmentNo
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