Provider Overview: Pacific Life Annuities

Pacific Life has been providing insurance to customers since 1868. The company's first president, Leland Stanford, was issued the company's first ever life insurance policy. Leland Stanford also founded Stanford University, and his wife used the payment from his life insurance policy to ease financial constraints at the school. It is also interesting to note that the company was one of the first in America to computerize its data-entry operations, in the 1950s.

Today, Pacific Life is a leading financial and insurance institution in the United States. The company has over $96 billion in assets and over $5 billion in policyholder equity. In addition to its annuity products, the company also offers its clients life insurance products, mutual funds, and other investment options.

Pacific Life prides itself on offering a variety of innovative, consumer-focused products that it can quickly adapt depending on the changing market demands. They also offer award-winning customer service. In keeping with their market leading technology moves in the 1950s, Pacific life allows clients to access their accounts through a number of technological means.

For the past twelve years, Pacific Life has been using the humpback whale in its advertising. They have chosen the animal because it represents qualities such as strength, performance, and protection. The company also contributes to the conservation of marine mammals and whale preservation in particular.

In terms of annuity products, Pacific Life offers fixed and variable annuities through Pacific Life Insurance Co., Pacific Life & Annuity Co., and Pacific Select Distributors, Inc. The company offers two deferred fixed annuities and seven variable annuities. The variable annuities are each individually tailored to different stages in the retirement-planning process. For example, one of the variable annuities helps the investor to catch up to and meet their retirement goals.

The individual annuity products are listed below:

Deferred Fixed:
• Pacific Frontiers (single premium)
• Pacific Explorer

Variable:
• Pacific Innovations Select
• Pacific Value
• Pacific Voyages
• Pacific Value Edge
• Pacific One Select
• Pacific Journey
• Pacific Odyssey

Pacific Life's annuity products can also have options for spouse and heir benefits if this is required by the purchaser.

Pacific Life's fees and charges vary for each of the annuity products. Charges may include an administration and maintenance fee, a contingent deferred sales charge, a mortality and expense risk charge, a premium tax, a short-term trading fees, and an underlying mutual fund expenses charge. It is best to understand the entire fee and charge information before an annuity is purchased.

If an investor is considering purchasing a Pacific Life annuity, it is also important to understand the financial strength of the company. The top rating agencies have given Pacific Life ratings toward the higher end of the scales. For example, Standard & Poors has rated the company AA-. This is the 4th highest category of 21. A.M. Best has rated ING as A+ which is the 2nd highest category of 15. Finally, Fitch has rated the company as AA- which is the 4th highest rating of 19.