Pacific Life Insurance Company has announced a new term life insurance product that will provide a guaranteed monthly payment in the event the policy owner dies. The product is called Pacific Income Term and it is designed to replace the policy’s owner wages, had the insured live up to 65.
The product will provide stable, monthly income, to the beneficiary, so that loved ones can continue to make car or mortgage payments, meet debt requirements, or fulfill education goals.
According to Pacific Life Insurance, the payments will be paid up to age of 65 (of the policy owner), 10 years from policy issue, or 60 months, whichever is longer.
Because the beneficiaries will receive, a guaranteed and predetermined amount on a monthly basis, instead of a lump sum, the policy’s premiums can be lower than traditional term insurance products.
Upon the death of the insured, Pacific Income Term provides:
• Replacement of all or part of a primary income earner’s wages had he or she lived up to age 65 2
• Guaranteed income up to $50,000 per month
“We’re excited to offer value-conscious clients an alternative way to replace crucial family income,” says Alyce Peterson, vice president of marketing services for the Life Insurance Division of Pacific Life. “Pacific Income Term can provide peace of mind for less than traditional term life insurance, because beneficiaries receive a guaranteed, predetermined amount month after month instead of a lump sum. This type of cost-effective life insurance product can be especially attractive in the current economic environment.”
More information can be found at Pacific Life Insurance
