11 Ways the PREMIER LIVING BENEFITS RIDER Enhances Life Insurance Sales Applications

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1 11 Ways the PREMIER LIVING BENEFITS RIDER Enhances Life Insurance Sales Applications PRIMED FOR CHANGING CONDITIONS Pacific Life Insurance Company 2/13 MKT12 124

2 About the Premier Living Benefits Rider Known in the contract as Accelerated Death Benefit Rider for Chronic Illness (Form #R12CII, ICC12 R12CII, R12CIV, or ICC12 R12CIV, R12CIU, or ICC12 R12CIU form number based on product and state in which policy is issued). Benefits paid by accelerating the policy s death benefit may or may not qualify for favorable tax treatment under Section 101(g) of the Internal Revenue Code of Tax treatment of an accelerated death benefit may depend on factors such as life expectancy at the time benefits are accelerated, the amount of benefits, the amount of qualified expenses incurred or if similar benefits are being received under other contracts. Tax laws relating to accelerated death benefits are complex. Receipt of accelerated death benefits may affect eligibility for public assistance programs such as Medicaid. Clients are advised to consult with their legal and tax advisors for more information. Riders will likely incur additional charges and are subject to availability, restrictions and limitations. Clients should be shown policy illustrations with and without riders to help show the rider s impact on the policy s values. To accelerate death benefit payments, the primary insured must be certified with a chronic illness (permanently unable to meet 2of the 6 Activities of Daily Living (ADLs) or requiring substantial supervision due to permanent Severe Cognitive Impairment). Available on Pacific Life Insurance Company s: Pacific Indexed Accumulator 4, Policy form #P11PI4 or ICC11 P11PI4 form # based on state in which policy is issued. Pacific Indexed Accumulator 4 is referred to as flexible premium, indexed adjustable life insurance in the contract. This policy does not directly participate in any stock or equities markets. Pacific Indexed Performer LT, Policy form #P11PIP or ICC11 P11PIP form # based on state in which policy is issued. Pacific Indexed Performer LT is referred to as flexible premium, indexed adjustable life insurance in the contract. This policy does not directly participate in any stock or equities markets. Pacific Prime VUL, Policy Form #P11P1V or ICC11 P11P1V is a variable universal life insurance product. Form number is based on state in which policy is issued. Pacific Select VUL (Policy Form #P12VUL or ICC12 P12VUL Form # based on state t in which h policy is issued) is flexible premium variable universal life insurance. Versa Flex NLG, Policy Form #P08VN1 is a universal life insurance product. Versa Flex PRO II, Policy Form #P10VP2 is a universal life insurance product. Pacific Prime UL NLG, Policy Form #P10P1N is a universal life insurance product. Pacific Prime UL, Policy Form #P10P1U is a universal life insurance product. Pacific Prime IUL, Policy Form #P11P1I or ICC11 P11P1I Form number based on state in which policy is issued. Pacific Prime IUL is referred to as flexible premium, indexed adjustable life insurance in the contract. This policy does not directly participate in any stock or equities markets. 2of 20

3 Premier Living Benefits Rider Accelerated Death Benefit Rider for Chronic Illness Accelerates Death Benefit if insured has a permanent chronic illness* Choice of annual or monthly payments No up front cost No elimination period No receipts required *Benefits paid by accelerating the policy s death benefit may or may not qualify for favorable tax treatment under Section 101(g) of the Internal Revenue Code of Tax treatment of an accelerated death benefit may depend on factors such as life expectancy at the time benefits are accelerated, the amount of benefits, the amount of qualified expenses incurred or if similar benefits are being received under other contracts. Tax laws relating to accelerated death benefits are complex. Receipt of accelerated death benefits may affect eligibility for public assistance programs such as Medicaid. Clients are advised to consult with their legal and tax advisors for more information. In Florida, annual and monthly payments are not available. Instead, the Premier Living Benefits Rider offers a one time benefit payment in an amount up to 125% of the IRS per diem limit. There is no up front cost or monthly rider charge. The cost of exercising the rider is that the death benefit is reduced by an amount greater than the rider benefit payment itself to reflect the early payment of the death benefit. Rider benefit payments will reduce the death benefit, cash surrender value, and any policy debt. Additionally, rider benefit payments may adversely affect the benefits under other riders. 3of 20

4 Who May Benefit from Premier Living Benefits Rider? Hypothetical Example RIGHT NOW FUTURE Needs cash value Somewhat life insurance concerned about for family potential for protection and chronic illness in retirement income the future Patrick, Age 50 4of 20

5 What Premier Living Benefits Rider Amounts Are Paid to Patrick? (Hypothetical Example) (100% of IRS per diem) $113,150/year 150/ Over 7+ years At age 80, Patrick suffers a chronic illness Accelerate Death Benefit for Chronic Illness Male, Age 50, $1 Million Face Amount, PIA 4* Total Premier Living Benefits Rider benefits paid: $802,000 Cash value at age 80: $485,000 *Pacific Life Insurance Company s Pacific Indexed Accumulator 4 (PIA 4), Policy form #P11PI4 or ICC11 P11PI4 form # based on state in which policy is issued. Pacific Indexed Accumulator 4 is referred to as flexible premium, indexed adjustable life insurance in the contract. This policy does not directly participate in any stock or equities investments. Assumptions: Pacific Indexed Accumulator 4 (PIA 4) with the Premier Living Benefits Rider. Male, age 50, Super Preferred NonSmoker, Face amount is $1,000,000 (50% base, 50% term), premium of $22,000 per year for 10 years, 6% index crediting rate, begin taking $113,150 per year via Premier Living Benefits Rider in year 30. 5of 20

6 Numbers Tell the Story (Hypothetical Example) $1,200,000 $1,000,000 $800,000 Death benefit and cash value are reduced after rider benefits are paid Death Benefit $600,000 Cash Value $400,000 Premier Living Benefits Rider Payment $200,000 $ AGE *Pacific Life Insurance Company s Pacific Indexed Accumulator 4 (PIA 4), Policy form #P11PI4 or ICC11 P11PI4 form # based on state in which policy is issued. Pacific Indexed Accumulator 4 is referred to as flexible premium, indexed adjustable life insurance in the contract. This policy does not directly participate in any stock or equities investments. Assumptions: Pacific Indexed Accumulator 4 (PIA 4) with the Premier Living Benefits Rider. Male, age 50, Super Preferred NonSmoker, Face amount is $1,000,000 (50% base, 50% term), premium of $22,000 per year for 10 years, 6% index crediting rate, begin taking $113,150 per year via Premier Living Benefits Rider in year 30. 6of 20

7 Benefiting Case Designs Personal planning Estate planning Business planning 7of 20

8 Do you need to protect your client t s financial i future? Financial i Protection Outlive Assets Chronic Illness Death Benefit* Life Insurance Retirement Plan (LIRP) Supplemental Retirement Income Chronic Illness Benefits from Premier Living Benefits Rider *For federal income tax purposes, life insurance death benefits generally pay income tax free to beneficiaries pursuant to IRC Sec. 101(a)(1). In certain situations, however, life insurance death benefits may be partially or wholly taxable. Situations include, but are not limited to: the transfer of a life insurance policy for valuable consideration unless the transfer qualifies for an exception under IRC Sec. 101(a)(2)(i.e. the transfer for value for rule); arrangements that lack an insurable interest based on state law; and an employer owned owned policy unless the policy qualifies for an exception under IRC Sec. 101(j). Tax free income assumes, among other things: (1) withdrawals do not exceed tax basis (generally, premiums paid less prior withdrawals); (2) policy remains in force until death; (3) withdrawals taken during the first 15 policy years do not occur at the time of, or during the two years prior to, any reduction in benefits; and (4) the policy does not become a modified endowment contract. See IRC 7702(f)(7)(B), 7702A. Any policy withdrawals, loans and loan interest will reduce policy values and may reduce benefits. 8of 20

9 Will clients retirement savings weather a chronic illness need? Asset Preservation Assisted Living Facility (1 Bedroom/Single Occupancy) Highest Annualized Cost $60,660* 5 year Annual Growth 5.7% Median Length of Stay 21 Months* * 2011 Sourcebook for Long Term Care Insurance, American Association for Long Term Care Insurance. Source: Genworth Cost of Care Survey, June of 20

10 Would clients like to be more altruistic? ti Own Chronic Illness Benefits $2M Charitable Giving Life Insurance Policy with Premier Living Benefits Rider on donor Donor Insured Death Benefit Proceeds Charity 10 of of 20 14

11 What if clients need the money? Irrevocable Life Insurance Trust (ILIT) Life Insurance Policy with Premier Living Benefits Rider Premiums paid by ILIT 1 Chronic Illness Benefits paid to the ILIT Irrevocable Life Insurance Trust 2A or 2B Grantor/Insured Option 1: ILIT makes arms length loans to the grantor or purchases assets from the grantor Trust Beneficiaries Option 2: ILIT makes distributions to trust beneficiaries who then may pay the grantor s chronic illness expenses* *The beneficiaries should not be obligated to pay the insured s expenses. IRC section 2503(e)(2)(B) provides that payments of health care expenses are not treated as federal taxable gifts to the extent they are made directly to the health care provider. 11 of 20

12 How can clients maximize trust-owned t assets? Life Insurance with Premier Living Benefits Rider on surviving spouse* 1. Sourceofof liquidity funds for estate taxes and/or equalize inheritance Life Insurance in a B-Trust 2. Chronic illness benefits may be paid to the B Trust 3. Distributions from the B Trust to the spousal beneficiary to cover chronic illness expenses *In order to avoid estate inclusion, insureds/surviving spouse should not possess any incidents of ownership in the life insurance policy. 12 of 20

13 How can clients help prevent asset liquidation? Adult Child Owns Life Insurance on Parent 30% percent of U.S. adult children contribute financially to their parents care Child Owns: Life Insurance with Premier Living Benefit Rider Rider benefits help child pay* Parent Has: Chronic Illness Care Expenses Parent may retain assets intended for child/heir, rather than liquidate to pay for care. *IRC section 2503(e)(2)(B) provides that payments of health care expenses are not treated as federal taxable gifts to the extent they are made directly to the health care provider. Source: 2011 Sourcebook for Long Term Care Insurance, American Association for Long Term Care Insurance. 13 of 20

14 How can clients achieve wealth transfer planning while hl adding flexibility? bl Surplus Assets Asset Repositioning Own Owner/Insured Life Insurance with Premier / Living ii Benefits Rider Spouse/Beneficiary Chronic Illness Benefits 14 of 20

15 Will business-owner clients be able to complete lt the buyout? Life Insurance with Premier Living Benefits Rider Buy-Sell Funding Continue making installment Payments Chronicillness illness during working years: triggers disability buyout Chronic illness when selling owner is already receiving installment payments 15 of 20

16 1. Potential tax free death benefit 2. Tax deferred growth of cash value 3. Potential tax free retirement income* 4. Potential ti tax free chronic illness benefits Premier Living Benefits Rider How can clients add a 4th dimension? i Section 79 Plans *Tax free income assumes, among other things: (1) withdrawals do not exceed tax basis (generally, premiums paid less prior withdrawals); (2) policy remains in force until death; (3) withdrawals taken during the first 15 policy years do not occur at the time of, or during the two years prior to, any reduction in benefits; and (4) the policy does not become a modified endowment contract. See IRC 7702(f)(7)(B), 7702A. Any policy withdrawals, loans and loan interest will reduce policy values and may reduce benefits. For federal income tax purposes, life insurance death benefits generally pay income tax free to beneficiaries pursuant to IRC Sec. 101(a)(1). In certain situations, however, life insurance death benefits may be partially or wholly taxable. Situations include, but are not limited to: the transfer of a life insurance policy for valuable consideration unless the transfer qualifies for an exception under IRC Sec. 101(a)(2)(i.e. the transfer for value rule); arrangements that lack an insurable interest based on state law; and an employer owned policy unless the policy qualifies for an exception under IRC Sec. 101(j). Benefits paid by accelerating the policy s death benefit may or may not qualify for favorable tax treatment under Section 101(g) of the Internal Revenue Code of Tax treatment of an accelerated death benefit may depend on factors such as life expectancy at the time benefits are accelerated, the amount of benefits, the amount of qualified expenses incurred or if similar benefits are being received under other contracts. Tax laws relating to accelerated death benefits are complex. Receipt of accelerated death benefits may affect eligibility for public assistance programs such as Medicaid. Clients are advised to consult with their legal and tax advisors for more information. The Premier Living Benefit Rider is not available on policies subject to non medical underwriting, simplified underwriting or guaranteed underwriting. If the Section 79 Plan is to cover fewer than 10 employees, Pacific Life typically performs non medical underwriting, so Premier Living Benefits Rider would not be available for such plans. Issuance of the policy may depend upon answers to the health questions contained in the application. 16 of 20

17 How can key employees receive additional benefits? How concerned are Boomers about outliving retirement funds? Younger Boomers Older Boomers 72% * 68% * Executive Bonus Arrangement *9 th Annual study of Employee benefit trends, Metlife, These statistics are published on page 4 of the 2011 Sourcebook for Long Term Care Insurance, American Association for Long Term Care Insurance. 17 of 20

18 How can business owners provide post-retirement ti t benefits to key employees? Executive Benefit 1 f2 out of Death Benefit Only / Boomers state that the benefits offered were an important reason they came to work for the company.* 6 10 out of Boomers state that the benefits offered are an important reason why they remain at their company.* Chronic Illness Plan *9 th Annual study of Employee benefit trends, Metlife, These statistics are published on page 4 of the 2011 Sourcebook for Long Term Care Insurance, American Association for Long Term Care Insurance. 18 of 20

19 Where Do I Start? PRIMED FOR CHANGING CONDITIONS Request the Primed for Changing Conditions Kit How the Rider works Case studies on how to use it Client friendly fi materials il to use in your presentations 19 of 20

20 This material is not intended to be used, nor can it be used by any taxpayer, for the purpose of avoiding U.S. federal, state or local tax penalties. This material is written to support the promotion or marketing of the transaction(s) or matter(s) addressed by this material. Pacific Life Insurance Company, its distributors and their respective representatives do not provide tax, accounting or legal advice. Any taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor. Pacific Life Insurance Company is licensed to issue insurance products in all states except New York. Product availability and features may vary by state. Insurance products and their guarantees, including optional benefits and any fixed subaccount crediting rates, are backed by the financial strength and claims paying ability of the issuing insurance company. Look to the strength of the life insurance company with regard to such guarantees as these guarantees are not backed by the broker dealer, insurance agency or their affiliates from which this product is purchased. Neither these entities nor their representatives make any representation or assurance regarding the claims paying ability of the life insurance company. Pacific Life Insurance Company s individual life insurance products are marketed exclusively through independent third party life insurance producers, which may include bank affiliated entities. Non guaranteed elements are not guaranteed by definition. As such, Pacific Life Insurance Company reserves the right to change or modify any non guaranteed element. This right to change non guaranteed elements is not limited to a specific time or reason. Some independent third party life insurance producers, which may include bank affiliated entities, may limit availability of some optional riders based on their client s age and other factors. Investment and Insurance Products: Not a Deposit Not FDIC Insured Not Insured by any Federal Government Agency No Bank Guarantee May Lose Value Pacific Life Insurance Company Newport Beach, CA (800) * MKT of 20

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