Pacific Life and InsurTech startup firm Blueprint Income announced a collaboration on April 9 that the companies say is intended to “modernize the purchase of annuities.”
The first product available via the collaboration, Next Deferred Income Annuity, provides a predetermined amount of monthly income starting at a predetermined retirement date in the future and is available on Blueprint Income’s platform, an online marketplace for fixed and income annuities.
“We’ve heard a clear desire—especially among Generation X—to have the security of a pension that their parents relied on to achieve financial peace of mind,” said Blueprint Income co-founder and CEO Matt Carey. “Through our collaboration with Pacific Life, we are opening up this modern approach to a new group of digitally minded consumers.”
Pacific Life created Next by Pacific Life to support the purchase of insurance products through digital platforms like Blueprint Income.
“Rapid changes in technology are impacting retirement planning and how products are designed, distributed, and serviced,” said Pacific Life Executive Vice President and Chief Operating Officer Adrian Griggs. “Next by Pacific Life creates an opportunity for us to connect with the next generation of consumers who haven’t yet taken that first step toward guaranteed retirement income, in a fast, simplified manner.”
With a low minimum of $100 to get started, the companies say it takes just minutes to get set up, and in most cases applications are approved instantly, with no paper applications and no phone calls.
Customers can set their contribution amount and have their checking account automatically debited every month. Contributions can be adjusted or paused anytime as financial pictures change. Contributions are stopped 13 months before the elected start date. Once that day arrives, pay begin every month for the rest of the client’s life.
Next Deferred Income Annuity is available now in Alabama, Arizona, Colorado, Connecticut, Washington D.C., Delaware, Georgia, Indiana, Kansas, Kentucky, Louisiana, Maine, Michigan, Mississippi, Nebraska, Nevada, Ohio, South Dakota, Utah, West Virginia, and Wisconsin. Additional states will be added over the coming months.
About Pacific Life: For more than 150 years, Newport Beach, Calif.-based Pacific Life has helped millions of individuals and families with their financial needs through a wide range of life insurance products, annuities, and mutual funds, and offers a variety of investment products and services to individuals, businesses, and pension plans. For more information visit www.PacificLife.com.
About Blueprint Income: Since launching in March 2018, New York-based Blueprint Income has been transforming the annuity market through its “simple annuities only” philosophy and its customer-centric user experience. The Company offers the Personal Pension (a subscription-based deferred income annuity), income annuities, and fixed annuities, all of which provide a guaranteed return or guaranteed lifetime income. Over 1.5 million users in 2018 trusted Blueprint Income with leading education content, quote information, and purchase fulfillment. The Company has been featured in Bloomberg, Forbes, and CNN Money and quoted in Morningstar and the New York Times.