Pacific Life Adds Annuities to Individual(k) Program

Pacific Life Insurance Company has added a suite of variable annuities as a funding option for its Pacific Life Individual(k) Program.

Both annuities and mutual funds can be used to pursue investment goals in the program, the company said in a press release. The program will continue to offer Portfolio Optimization Funds, which are five asset allocation “fund of funds” to help investors diversify among management companies, as well as asset classes.

The variable annuities are issued by Pacific Life Insurance Company and Pacific Life & Annuity Company.

The Individual(k) program is a 401(k) designed for self-employed business owners and their spouses.

“Our mutual funds have been well-received, and now, we’ve included our variable annuities as an investment choice due to the tremendous demand for asset protection, which is available through an annuity’s guaranteed benefits,’ said Kathleen McWard, vice president of marketing, Annuities & Mutual Funds Division, in the announcement. “This addition of variable annuities as a funding option opens up the opportunity for self-employed business owners to diversify their investments for retirement within one Individual(k) program.’

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