So, if you didn’t want to try to shoot the moon with any of Pacific Life’s domestic or international indexed strategies in some years, you could park all or part of your cash value into their fixed-interest account. Why when the market only goes up?”. In this schematic above we are assuming that the policyowner would take a more diversified approach to blending different indexed crediting strategies (including the fixed-interest crediting strategy), which is why it sits below VUL on the return axis. No one knows exactly how or when, but I think we can all agree that will markets go up and go down…sometimes violently. Pacific Life offers something called an Overloan Protection RIder. Indexed life sales for the second quarter were $494.9 million , down 6.0% when compared with the previous quarter, and down 14.3% as compared to the same period last year. Keep in mind that with the Pacific Discovery Xelerator you can mix and match any combination of these strategies together. I highly recommend that anyone who buys the PDX add Pacific Life’s very low cost “No-Lapse Guarantee” rider to the policy. (Note: this spread between the crediting and loan rate is guaranteed to be never more than 0.25%). As you saw in the formula above, policy charges are the numerator of the formula which means that higher charges increase the Performance Factor. The combination of a market crash resulting in increased policy charges will further erode your cash value, which can lead to a vicious downward spiral inside a VUL product. Choose from the Pacific Discovery Xelerator IUL 2, Pacific Indexed Accumulator 6 (PIA 6), or Pacific Discover Protector IUL. So, they lowered their caps identically on all their IUL policies including the new offerings. It offers death benefits and accrues cash value on a tax-deferred basis. This is a free provision that is automatically installed on every PDX policy. That means they will charge you 2.25% to borrow against your cash value, and simultaneously credit your cash value with…you guessed it – 2.25%. Today, Pacific Life Insurance Company (Pacific Life) announced two new indexed universal life insurance (IUL) products: Pacific Discovery Xelerator IUL 2 (PDX IUL 2) and Pacific Indexed Accumulator 6 (PIA 6). Once the Tech-Bubble started popping in 2000 followed by the terrorist attacks on September 11, 2001, we saw every major market index lose somewhere around half of its value or more. I sure liked the sound of the sizzle, but I needed to know more about the steak. Indexed UL Sales – its PDX is the #1 Selling IUL plan. That is how Pacific Life earns their keep. 1 Pacific Life Insurance Company’s Pacific Discovery Xelerator IUL 2 (Policy Form #P15IUL and S18PDX2 or ICC15 P15IUL and ICC18 S18PDX2, based on state of policy issue). For some though, the Pacific Discovery Xelerator’s unique structure offering the possibility for outsized indexed crediting and retirement income may be worth the additional costs. Flexible, long-term life insurance providing death benefit protection and competitive cash value growth potential, which … Indexed Universal Life Insurance does not directly participate in any stock or equity investments. Once you have withdrawn your basis, policy loans again should be used if you want your retirement distribution to be tax-exempt. The pure uncapped participation offered by VUL offered seemed to be a much more attractive insurance choice than IUL. With other IUL products, especially those with high caps and low participating loan rates locked in the 5%-6% range, it may be a worth attempting to achieve long-term positive arbitrage using participating loans for retirement income. Pacific Discovery Xelerator IUL (PDX IUL) Pacific Discovery XeleratorIUL 2 (PDX2 IUL) Pacific Indexed Accumulator III (PIA3) Pacific Indexed Accumulator IV (PIA4) Pacific Indexed Accumulator 5 (PIA 5) Pacific Indexed Accumulator 6 (PIA 6) Pacific Indexed Performer LT (PIP LT) However, with the added variable of PDX’s Performance Factor, it appears that withdrawals may juice-up the Performance Factor more than the illustrated long-term positive arbitrage from the participating loan. That means, whatever growth the S&P 500 index gets over the course of 5 years will be multiplied by 1.1 and applied to your cash value allocated to this strategy. This put egg on the face of the entire life insurance industry. That way, your cash value can cover the ongoing cost of insurance lasting a lifetime. Accumulator 5; PDX (Pacific Discovery Xelerator) Protector; Performer LT 2; PDX2 IUL. 5. I’m not sure why that was deemed bad for consumers, but we can no longer do that. Other insurance companies would likely step in to absorb a company contemplating this kind of radical move, as has been done in the past. This multiplier effect, however, comes with substantial additional charges that exceed those of every other IUL on the market. Throughout the mid-2000s IUL sales started steadily increasing. review of pacific life’s pdx-iul – the pacific discovery xelerator unbundled famous entrepreneurs who used whole life insurance as their own bank. Rao Garuda, one of my friends and colleagues in the business has a saying that I love: “It’s not too good to be true, but it’s too good to be FREE.”. 2. Crediting Methods. Click here to learn the mechanics behind how IUL carriers offer this unique growth strategy. However, it is worth mentioning that Pacific Life at least has a guaranteed 7.5% cap on their participating loan. Otherwise, we could show you how the PDX can really benefit from market volatility. Regardless of the actual charges you’ve paid in your policy or how much crediting you’ve actually received, Pacific Life is always simultaneously running a hypothetical scenario right alongside your policy called the “Alternate Accumulated Value.”. Obviously having only a guaranteed death benefit with no cash value is far from ideal. That said, I find that once clients understand how costs and risk can be quantified and managed, they are much more comfortable moving forward with a particular strategy. However, safeguards are good, especially when they’re contractual. Variable life is a kind of permanent life insurance. Click here to read how bad things would likely be in the world for your policy to simultaneously earn 0% and have the company raise the charges to level illustrated in the guaranteed column. That is why we placed the PDX to the right of IUL but left of VUL on the “risk axis” below. 2. Are you too busy to go through the hassle of testing for life insurance? Remember, any one of Pacific Life’s indexed crediting strategies can be multiplied to return well beyond their stated caps by the Performance Factor. Also, Pacific Life’s fixed-interest loan is the lowest in the industry locked at 2.25% for the life of the policy. The insurance carrier also locks down a minimal amount of death benefit for your heirs to preserve the tax sanctuary of your lifetime distributions from the policy. Independent Agent- Pacific Life Companies Independent Broker Dealer- Protective Life Companies National Broker Dealer- Nationwide RIA- N/A. They knew that the other IUL carriers offering significantly higher caps were defying the math. At any point during your policy’s lifespan, your cash surrender value will always be the greater of your policy’s “actual cash value” or this “alternate accumulated value.” When calculating the Alternate Accumulated Value, NONE of the additional Performance Factor charges are ever assessed and Pacific Life hypothetically credits your cash value with steady 2% interest every year in this reduced-fee scenario. Even the top IUL carriers were forced to keep scaling back their fixed-crediting rates as well as the caps on their different indexed crediting strategies. Get excited: as of February 27th, 2017, the Pacific Discover Xelerator IUL is available! You can actually click any of the bullets below to skip right down to that part of this article. Unfortunately, as agents we can’t even illustrate the true power of this performance factor due to the constraints of Actuarial Guideline XLIX (aka AG-49). Indexed Universal Life was born, but was hardly a big seller yet. We’re relegated to showing you a linear 6.21 or worse on their illustration software. 1 Pacific Life Insurance Company’s Pacific Discovery Xelerator IUL 2 (Policy Form #P15IUL and S18PDX2 or ICC15 P15IUL and ICC18 S18PDX2, based on state of policy issue). They also have a one of a kind 5-Year uncapped strategy that tracks the S&P 500 with a 110% participation rate. Indexed Universal Life suddenly looked a lot more appealing once the risk of major market losses came front and center again. Indexed Universal Life insurance can be one of the best things you ever own! Even if a guaranteed death benefit is not the reason you’re getting the policy, you will see that it’s a very small price to pay for an additional contractual safeguard.Below, is the same illustration side by side with and without the No-Lapse Guarantee Rider (NLG): Notice how little the difference is in cash value and income between the exact same policy on a male age 48 with a standard rating when adding the Pacific Discovery Xelerator’s No-Lapse Guarantee rider. So if you choose the 2-year S&P 500 indexed crediting strategy capped at 30%, you have the opportunity to earn multiple silos of crediting up to 30% over the 2-years. Pacific Life Pacific Discovery Xelerator IUL 2 was the #1 selling product for non-variable universal life sales, for all channels combined, for the 3 rd consecutive quarter. 1 year: regular and high Cap, high participation or no cap; 2 year: higher cap (to allow for longer term) 5 year: high participation rate Pro-Tip: Pacific Life’s software cannot illustrate monthly income withdrawals from their IUL policies until the 15 policy year. So when cash value goes down, then a smaller number on the bottom of that formula should produce a greater multiplier effect that year. 1. Finally, for a balanced approach we offer the disadvantages of IUL insurance as well. Prior to AG-49, an agent could illustrate actual S&P 500 return sequences through Pacific Life’s illustration software. new iul case study. (Note: This hypothetical 20-year backtest below represents the different crediting percentages that would have been applied given Pacific Life’s current 1-year caps, floors, and participation rates with no Performance Factor applied.). This was the $64,000 question for me. At one extreme we have Whole Life with all of its rock-solid guarantees. Pacific Life’s PDX product may not be for ideal for every consumer. Click here to read more details from Pacific Life about these 125 different pricing improvements and the savings they passed on to consumers. We consider it our mission to balance the sea of opinions out there with indisputable facts coupled with critical thinking. Thankfully, we’re still allowed to think critically, and so are you. how life insurance policy loans differ from traditional debt. Notice what often happens after bad spells in the S&P 500 index. ��G3�빉�ĵ��f����'HM �1��;D��>S����,��sI�?�m�#�d,Ze�׀���F�}�5��>�P�����*Y�$�ڡ����J��Dô��E^Ј&^s.m5� �X9����=k4��Ǖ�O#�5�� j�M�ܠ���7Y[Fwy_9�Q��W�t���n?Us7`Z�w��^Xw"�;؅5���o���T�*,_9�qF��?B&#F���:{��� ���$«,L�غפ���OXDN�>Lnp�^��b�PךeJ��%'86c� �:�����[k�g 4�Y�t�/�N�`�qui��ٹ��S��(�|�6�����k�{�}Ed�6h���Yʨ��]�\i��9*b\�. However, one of my unique gifts that God has given me is to make complex concepts simple to understand. Keep in mind that the only non-guaranteed element in this illustration is the charges. Anything over 5% growth in the S&P 500 index gets credited to your cash value at the end of the year. Every single one of these 5 indexed crediting strategies described below have the traditional guaranteed 0% floor like most indexed universal life policies on the market today. Pacific Life also has a number of different 1-year S&P 500 strategies with varying caps and participation rates. Thankfully, Pacific Life is one of the top IUL carriers that allows you to essentially refinance your policy loan between the fixed and participating loans each year on the loan anniversary. 3118 0 obj <>stream Pacific Life Pacific Discovery Xelerator IUL 2 was the #1 selling product for non-variable universal life sales, for all channels combined, for the 4 th consecutive quarter. Most of the top IUL carriers today have installed this type of feature inside their Indexed Universal Life products. Rather than offer one singular silo of indexed crediting, Pacific Life decided to multiply the number of silos that a client could earn indexed crediting with. You won’t get any more income, and you can’t touch the cash, but your heirs will still get a nominal death benefit that ensures no tax bill for the income you took over your basis in the policy. Although the Overloan Protection Rider may protect your policy from lapsing, a bad sequence of returns in retirement could reduce the amount of total income generated by the Pacific Discovery Xelerator. BUT...It needs to be structured properly with a reputable company. Every Pacific Life’s policy has an 8th-year exchange provision. 1 selling product for non-variable universal life sales, for all channels combined, for the fourth consecutive quarter. Pacific Life did not want to go down that road at the expense of compromising their long-term commitment to equal treatment to their entire block of business. Pacific Life Pacific Discovery Xelerator IUL 2 $24,160 17% $200,967 $412,392 John Hancock Accumulation IUL 19 $21,787 5% $199,135 $422,199 American General QoL Max Accumulator+ IUL w/MLSB and SIR $21,714 5% $199,911 $433,494 American General QoL Max Accumulator+ IUL w/MLSB $20,707 0% $199,911 $429,248 Global Atlantic Global Accumulator IUL One could even argue that the Pacific Discovery Xelerator may outperform VUL in good years if the Performance Factor kicked in while choosing either of PDX’s uncapped indexed strategies. 3. currency Mad Pepper was tossed around as a company name idea for Wink. pages 3–4 for transition guidelines): • PDX IUL 2 will replace PDX IUL3 • PIA 6 will replace PIA 54 Therefore, you will find a direct relationship between prevailing bond yields and IUL caps. If, however, for some crazy reason all you had was that guarantee, you could at least spend other retirement assets more aggressively while you’re alive knowing that the contractual death benefit would fill up the bucket for your surviving spouse. This option is only available in year 8, but I am not aware of any other company that has a provision like this. The current (and relatively young) management regime has adamantly expressed their continued commitment to policyholders and mutuality. “Pacific Discovery Xelerator [Indexed Universal Life] provides life insurance protection with the ability to accumulate cash value at index-based interest crediting rates,” PacLife states. Indexed Universal Life Insurance does not directly participate in any stock or equity investments. This certainly makes it easier to trust them over some of the other companies offering indexed universal life. In 2008-2009 the Great Recession delivered a second knock-out blow to markets (as well as investor complacency). With many of the top IUL carriers, their policies illustrate better when all retirement distributions are illustrated as policy loans rather than withdrawals. Keep in mind that just because we used the simple 1-year S&P 500 cap as an example, the Performance Factor can multiply whichever of Pacific Life’s indexed crediting options you choose in your PDX policy. Pacific Life Pacific Discovery Xelerator IUL 2 was the No. Even if you level out the death benefit as quickly as year 2, the higher schedule of charges remains in place. Join a Free PacLife & Minnesota Life Lawsuit Investigation. Let’s see if my “chicken-scratch” can help your comprehension. Regardless, this contractual “back-stop” that removes the PDX’s controversial extra charges and promises at least some sort of modest crediting made me feel a lot more comfortable about the Pacific Discovery Xelerator. A few carriers have even decided to cover the shortfall by raising their internal costs of insurance (even though people are living longer due to advances in modern medicine). 3. Pacific Life has a patent pending on their Performance Factor (P.F. Do you think you can qualify for a Standard or Preferred rating if you did formally underwrite. Review those sequence of returns above and think about how those uncapped indexed returns could get multiplied by the Performance Factor and translate to spurts of robust growth inside your cash value account. “Why cap your upside in the teens when markets increase by 20%-30% every year?”, “Who needs a 0% floor? So even though withdrawals are available sooner, you must illustrate policy loans until year 15. Rather than get caught up in opinions and rhetoric, this review of the new Pac Life’s new Indexed Universal Life product will explore the facts. Source: Securian Financial Competitive Research June 2019 Securian Financial – Orion IUL – Index Option L; John Hancock - Accumulation IUL 18; Pacific Life - Pacific Discovery Xelerator IUL 2; Lincoln - WealthAccumulate IUL This comparison does not take all material factors into account and must not be used with the public. Designing their PDX Performance Factor in this way gives your policy cash value the opportunity to overcome (and then some) the additional Performance Factor charges experienced in down years. Take a look at the most volatile periods we can find in that 81-year period tracking the S&P 500 in the column titled “Annual Return %.”. We spent a lot of this article discussing what happens if things go WRONG with the PDX. Pacific Discovery Xelerator IUL – designed for protection and supplemental income; Pacific Discovery Protector IUL – great solution for insurance protection and wealth transfer. However, Pacific Life has never raised their charges above what was illustrated, nor have any of the top IUL carriers which are mainly mutual companies. Thankfully, Pacific Life Regional Vice President Evan Ohs and Field Representative Elijah Robles gracefully took the flack as 12 elite agents from my study group skeptically lobbed a barrage of loaded questions at them. All kidding aside, with a 9th grade education we can see the two most meaningful factors that kick-start the multiplier effect of the Performance Factor are: Apparently, Pacific Life purposely designed the Performance Factor to really kick in after down-market years because they don’t want your insurance policy to implode. Obviously, when multiple down-market years occur in a row, these extra charges can erode your cash value more so than other Indexed Universal Life products. Conversely, when you take any kind of policy loan, no cash value actually leaves your policy even though you got a cash distribution from the insurance company. Some are at 11%, 12%, 13%, even 14% (as of March 2018). Take a gander at these actual raw indexed returns that can no longer be run through Pacific Life’s illustration software. %PDF-1.6 %���� Below, is the same illustration side by side with and without the No-Lapse Guarantee Rider (NLG): The evolution of indexed Universal Life leading to up PDX, The whole “Trust me” factor with Pacific Life or any IUL carrier for that matter, Examining Pacific Life’s new cost/benefit paradigm within their PDX product, Pacific Life’s different growth opportunities within their various indexed crediting strategies, The inner-workings of the Pacific Discovery Xelerator’s “Performance Factor” (the alleged black-box behind the extra crediting), 5 viable exit strategies to Pacific Life’s PDX product if the product doesn’t perform as hoped, Clarifying Pacific Life’s 2 distinct loan options, 3 potential ways to maximize the Performance Factor inside the new Pacific Discovery Xelerator product, PDX will often be the best performing IUL when illustrating retirement income, PDX’s provides a viable opportunity to earn substantial excess crediting over their traditional IUL cap, PDX is one of the few performance-based IUL products with an affordable no-lapse guarantee rider. 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