Pacific Life will cease new sales of Pacific PremierCare Choice and Pacific PremierCare Advantage life insurance products

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NEWPORT BEACH, Calif.–(BUSINESS WIRE)–Effective May 2, 2022, Pacific Life’s PremierCare suite of products will no longer be available for new sales. This includes Pacific PremierCare® Choice of 1-year, 5-year, 10-year and lifetime premium whole life insurance products with long-term care (LTC) benefits1 and Pacific PremierCare Advantage Universal Life Insurance with long term care benefits2 in California.

“Pacific Life remains committed to the long-term care market as we continue to recognize the significant and unmet needs of U.S. consumers in this area,” said Greg Reber, Pacific Life senior vice president and chief distribution officer, business. life insurance. “We have conducted an in-depth strategic review of the long term care market and see great potential in the market for chronic disease (CHR) and long term care endorsements on cash value life insurance policies.

Pacific Life has seen sales of hybrid LTC products decline as the current environment has made it difficult to be both competitive and profitable. By focusing only on riders for our cash value products to meet LTC needs, the business can prioritize and use resources more efficiently.

Pacific Life will continue to service all in-force Pacific PremierCare policies. For current policyholders, there will be no change and they will continue to receive the exceptional service they have come to expect from Pacific Life.

About Pacific Life

For more than 150 years, Pacific Life has helped millions of individuals and families meet their financial needs through a wide range of life insurance products, annuitiesand mutual fund, and offers a variety of investment products and services to individuals, businesses and pension plans. Whether your goal is to protect your loved ones or grow your assets for retirement, Pacific Life offers innovative products and services that deliver value and financial security to current and future generations. Pacific Life counts more than half of America’s 100 largest companies among its customers and was named one of the World’s Most Ethical Companies in 2022® by the Ethisphere Institute. For more information about the company, including current financial strength ratings, visit PacificLife.com.

Pacific Life means Pacific Life Insurance Company and its affiliates, including Pacific Life & Annuity Company. Client counts as of June 2021 are compiled by Pacific Life using the 2021 FORTUNE 500® listing.

  1. Policy form P17PCH and S17PCHMAXM or ICC17 P17PCH and ICC17 S17PCHMAXM; P17PCH and S17PCH100S or ICC17 P17PCH and ICC17 S17PCH100S; P17PCH and S17PCHMAXS or ICC17 P17PCH and ICC17 S17PCHMAXS; depending on the product and the state of the political issue.

  2. Pacific Life Insurance Company’s Pacific PremierCare benefit (Policy Form No. P12PPC-CA) is an adjustable flexible premium life insurance policy with long term care insurance payable by reimbursement.

These products are subject to underwriting and application approval and may include obtaining records from a physician. No medical exam is required, but a Medical Information Bureau (MIB) and prescription report will be ordered and a personal history interview and cognitive assessment will be conducted over the phone as part of the underwriting process. These products are intended to provide federally qualified long term care insurance as defined in IRC Section 7702B(b). The tax treatment of long-term care benefits may depend on factors such as the amount of the benefit relative to certain IRS limitations (called “per diem” limitations), the amount of eligible expenses incurred, or whether similar benefits are received under other contracts. When benefits are received from multiple policies providing long term care to a given insured, including policies with different owners, these benefits must be aggregated to determine their taxation. Pacific Life cannot determine if benefits are taxable. Clients are advised to consult qualified and independent legal and tax advisers for further information.

Pacific Life is a product provider. It is not a fiduciary and therefore does not give advice or recommendations regarding insurance or investment products.

(800) 800-7681 • PacificLife.com

Pacific Life Insurance Company is licensed to issue insurance products in all states except New York. Product/material availability and specifications may vary by state.

Insurance products and their guarantees, including optional benefits and all deposit rates, are backed by the financial strength and claims-paying ability of the issuing insurance company.

The main objective of life insurance is to protect the death benefit against the premature death of the insured.

Pacific Life Insurance Company is headquartered in Newport Beach, California.

Investment and insurance products: not a deposit

Not insured by a federal government agency

Not FDIC insured

No bank guarantee

May lose value

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