MVP VUL 10 & MVP VUL 10 LTP eLearning Narrative

Version: 6.0

Course Format (For Information Only Not Part of Course).................................................................................................. 2 Characters ........................................................................................................................................................................... 2 Voiceover Talent ................................................................................................................................................................. 2 State Variations ........................................................................................................................ Error! Bookmark not defined. Course Disclosures ................................................................................................................... Error! Bookmark not defined. Rider Disclosures ...................................................................................................................... Error! 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Special Instructions ................................................................................................................................................................. 3 Introduction ............................................................................................................................................................................ 3 Part 1: Product Positioning ..................................................................................................................................................... 3 Target Market ..................................................................................................................................................................... 3 Sales Concepts .................................................................................................................................................................... 4 Outro ................................................................................................................................................................................... 4 Part 2: Product Underwriting & Availability ........................................................................................................................... 5 Intro ..................................................................................................................................................................................... 5 Issue Age / Risk Class........................................................................................................................................................... 5 Substandard Ratings ........................................................................................................................................................... 6 Outro ................................................................................................................................................................................... 7 Part 3: Death Benefit............................................................................................................................................................... 7 Intro ..................................................................................................................................................................................... 7 Face Amount Limits............................................................................................................................................................. 7 Face Amount Changes .................................................................................................................................................... 9 Unscheduled Face Amount Increases ....................................................................................................................... 10 Scheduled Face Amount Increases ........................................................................................................................... 10 Face Amount Decreases ............................................................................................................................................ 11 Death Benefit Options....................................................................................................................................................... 12 Death Benefit Option Changes ..................................................................................................................................... 13 Outro ................................................................................................................................................................................. 14 Part 4: Premium Mechanics ..................................................................................................... Error! Bookmark not defined. Intro ...................................................................................................................................... Error! Bookmark not defined. General Overview................................................................................................................. Error! Bookmark not defined. Premium Allocations ............................................................................................................ Error! Bookmark not defined. Fixed Options ................................................................................................................... Error! Bookmark not defined. Indexed Fixed Account Option (Indexed Account) .......................................................... Error! Bookmark not defined. Variable Investment Options ........................................................................................... Error! Bookmark not defined. Transfers............................................................................................................................... Error! Bookmark not defined. General Guidelines........................................................................................................... Error! Bookmark not defined. Requested Transfers ........................................................................................................ Error! Bookmark not defined. Automatic Transfers......................................................................................................... Error! Bookmark not defined. Dollar Cost Averaging ................................................................................................... Error! Bookmark not defined. Portfolio Rebalancing ................................................................................................... Error! Bookmark not defined. First Year Transfer Program ......................................................................................... Error! Bookmark not defined. Fixed Option Interest Sweep ........................................................................................ Error! Bookmark not defined. Recurring Indexed Transfers (RIT)................................................................................ Error! Bookmark not defined. Outro .................................................................................................................................... Error! Bookmark not defined.
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Course Format (For Information Only Not Part of Course)

This course will be setup as a news show with a host, reporter, and 4 experts. It will be structured into 7 parts with Pacific Life TV commercials serving as commercial breaks between each part. The host will facilitate the discussion by asking questions to each of the experts. At the end of the news show, the learner will be taken to a game that reinforces the key concepts discussed. The remainder of this narrative will reference the following 6 characters: Characters

Voiceover Talent Introduction ......................................................... Kelly Duran Announcer............................................................ Dustin Beutin Stanley Parker (Host) ........................................... Warwick Hackney Kristy Coffman (Reporter) .................................... Carrie DelaMontanya Selma Fuentes (Marketing) .................................. Erin Boczek Aleck Montano (Underwriting) ............................ David Spencer Nathan Lawson (Product Design)......................... John Church Ashley Pearce (Operations).................................. Leslie Shooter

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Special Instructions
Sit back, grab some coffee, and let the PLIC News Hour bring you breaking coverage of the new MVP VUL 10 and MVP VUL 10 LTP Variable Universal Life insurance products (referred to as the new M products during the show). There will be 7 parts to the program covering various policy features and benefits. Now, on with the show!

Introduction
<Announcer> <Stanley> This is the PLIC News Hour. Heres your host, Stanley Parker. About an hour ago, PLIC News Hour received a tip on a breaking story out of Newport Beach, California. Lets go to PLIC News Hours very own, Kristy Coffman, who is standing by with more information. Thanks Stanley! I am standing just a few feet outside of Pacific Life Insurance Companys Home Office here in Newport Beach, California. Just a little over an hour ago, company executives announced two new variable universal life insurance products that are sure to make a big splash. These new M products will be available for sale, in approved states, beginning on [February 25, 2013]. Now back to you Stanley. Thanks Kristy. Luckily for our viewers, Pacific Life Insurance Company has granted us exclusive access to company representatives and spokespeople working on these two new M products. Joining us live from the Pacific Life Insurance Company Home Office are: Selma Fuentes Assistant Director of Marketing Services Aleck Montano Senior Underwriting Officer Nathan Lawson Product Design Specialist Ashley Pearce Senior Operations Support Consultant Thanks for taking time out of your busy schedules to join us today. <Nathan> Of course happy to be here.

<Kristy>

<Stanley>

Part 1: Product Positioning

Target Market <Stanley> Lets start the hour off with our first expert, Selma Fuentes. With your marketing background, Im sure you have some great insight on the new MVP VUL 10 and MVP VUL10 LTP products and how they are being positioned. Thanks for joining us Selma. <Selma> <Stanley> Of course, Happy to be here, Stanley. Im sure all of our viewers are interested in why Pacific Life Insurance Company created these two new variable universal life insurance products. Selma, can you talk a little about why these products were created?
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<Selma>

Certainly. Pacific Life has teamed with M Financial to develop a new product offering that would provide attractive levels of supplemental income options, as well as competitive death benefit solutions. This drove us to develop two separate products: MVP VUL 10 and MVP VUL 10 LTP. The new MVP VUL 10 provides the ability to offer higher cash values in the early years through the elimination of the surrender charge, while MVP VUL 10 LTP offers attractive levels of supplemental income in return for surrender charges. How would you summarize the difference between the two products? The main difference is the high early cash value on the MVP VUL 10 product through the elimination of the surrender charge compared to the attractive, longer-term performance possibilities of the MVP VUL 10 LTP product. Previously, Pacific Life offered a similar product called MVP IX. Can you tell us about how MVP VUL 10 and MVP VUL 10 LTP are different from the out-going MVP IX product? The new MVP VUL products offer several big-picture improvements over MVP IX. Notably, these include improved death benefit premium solves, improved supplemental income streams, the introduction of dynamic banding, elimination of the asset charge, an increased persistency credit and the addition of a Downside Protection Rider. Wow. Thats a lot of new features. Tell me, who are the target markets for these new products? The new MVP VUL products primarily target individuals below the age of 60. Within that sub-section, MVP VUL 10 and MVP VUL 10 LTP aim to meet the needs of three specific groups: individuals who are looking to diversify their retirement income with the tax benefits of a VUL product; individuals who have maxed-out their 401k contributions and need another avenue towards accumulation for retirement income and businesses that require an option for deferred income and/or executive benefits.

<Stanley> <Selma>

<Stanley>

<Selma>

<Stanley> <Selma>

Sales Concepts <Stanley> In order to focus on these target markets, what are the ideal sales concepts that should be used for MVP VUL 10 and MVP VUL 10 LTP? Good question. Our marketing strategy is focusing on three key sales concepts for the new MVP VUL products. First is how these products can add the tax benefits of a Life Insurance product to a Retirement Planning portfolio. Second, is how the new MVP products provide a potential solution for Executive Bonus & Deferred Compensation packages, allowing those businesses that require this type of tool the ability to provide some guarantee on cash values. Third, we want to highlight the superior benefits of the new MVP VUL products as a place to put a large 1035 and the advantages a Variable product has over Universal or Indexed Universal products.

<Selma>

Outro
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<Stanley> <Selma> <Stanley>

Thank you, Selma. Thank you for having me, pleasure to be here. Well be right back with more information on MVP VUL 10 and MVP VUL 10 LTP after this short break.

Part 2: Product Underwriting & Availability

Intro <Stanley> Welcome back to the PLIC News Hour. So far weve been talking with Selma about how the new M products from Pacific Life Insurance Company are being positioned, and I must say that theyre bound to create a big wave of excitement. Lets build upon that by bringing in our next expert, Aleck Montano. Thanks for joining us Aleck. My pleasure. As Selma mentioned, the new M products are positioned well for almost any life insurance sale in which the policyowner is looking for death benefit protection and upside growth potential offered through the various premium allocation options. Does that mean anyone is eligible for these new products?

<Aleck> <Stanley>

Issue Age / Risk Class <Aleck> Im glad you asked that question as there are some stipulations regarding product availability. First and foremost, the product must be approved in the state where the policy will be issued. In addition to that, certain underwriting guidelines must be met, such as minimum and maximum issue ages, risk classes, and so forth. Would you like to discuss each product separately or would it be easier to discuss them together and just call out differences between the two as we go? I think it would be easier to discuss them together and then I can point out differences between the new M products as we go. Ok. That works for me. Can you provide our viewers with a little more information on what the minimum and maximum issue ages are for these two new products? Of course. The minimum and maximum issue ages vary based on the risk class of the insured. For those of you not in the know, a risk class is a group of individuals that represent a similar level of risk to an insurance company. With that said, Ill dim the lights for the next section. For the new M products, the risk classes and corresponding issue ages are shown here. These risk classes are similar to what Pacific Life Insurance Company has offered on previous life insurance products. The change comes in the issue ages associated with the regular issue risk classes, particularly the Juvenile Risk Class.
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<Stanley>

<Aleck>

<Stanley>

<Aleck>

Issue Ages Underwriting Type Risk Class Super Preferred Nonsmoker Preferred Plus Nonsmoker Preferred Nonsmoker Regular Issue Standard Nonsmoker Preferred Smoker Standard Smoker Juvenile Guaranteed Issue Exec Guaranteed Issue Non-Exec Simplified Issue <Stanley> <Aleck> Nonsmoker or Smoker Nonsmoker or Smoker Nonsmoker or Smoker MVP VUL 10 18-75 18-75 18-85 18-90 18-75 18-90 0-17 20-66 20-66 20-70 MVP VUL 10 LTP 18-75 18-75 18-79 18-79 18-75 18-79 0-17 20-66 20-66 20-70

What exactly is different about the Juvenile Risk Class? For the new M products, a Juvenile is considered anyone ages 0 to 17. On some older life insurance products, a Juvenile was anyone ages 0 to 19. As a result of the change in the Juvenile Risk Class issue ages, all other regular issue risk classes show a lower minimum issue age (18 instead of 20). Thanks for pointing that out Aleck. I also notice that a few of the Regular Issue age ranges for MVP VUL 10 LTP are different than those for MVP VUL 10. Good observation. The maximum issue age available for MVP VUL 10 LTP is age 79. This is due to the way the MVP VUL 10 LTP product is priced.

<Stanley>

<Aleck>

Substandard Ratings <Stanley> Ok. Ive also heard the terms substandard rating and table-rated before. Do those apply to the new M products as well? Yes. Before I get into that, I just want to clarify that a substandard rating can be either in the form of a table rating or a flat extra. Table ratings can only be added to certain risk classes as indicated here, whereas a flat extra can be assigned on any risk class. One other thing to mention is that there is a change in the formula for calculating the Substandard Cost of Insurance rates for the new M products.
Issue Ages Underwriting Type Regular Issue Risk Class Super Preferred Nonsmoker Preferred Plus Nonsmoker MVP VUL 10 18-75 18-75 MVP VUL 10 LTP 18-75 18-75 Substandard Ratings Table Ratings Not Allowed Not Allowed Flat Extras Non-medical Non-medical
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<Aleck>

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Preferred Nonsmoker Standard Nonsmoker Preferred Smoker Standard Smoker Juvenile Guaranteed Issue Exec Guaranteed Issue Non-Exec Simplified Issue Nonsmoker or Smoker Nonsmoker or Smoker Nonsmoker or Smoker

18-85 18-90 18-75 18-90 0-17 20-66 20-66 20-70

18-79 18-79 18-75 18-79 0-17 20-66 20-66 20-70

Not Allowed A-P Not Allowed A-P A-P A-P A-P A-J

Non-medical Any Non-medical Any Any Any Any Any

<Stanley> <Aleck>

Would you mind elaborating on what that change is? I wouldnt mind, but Im pretty sure your viewers might fall asleep by the time I get through the formula so perhaps another time. Fair enough. Ill let you off the hook for now.

<Stanley> Outro <Stanley>

With that folks, were going to take a short break. Well continue our conversation with Aleck in a moment. Hurry back.

Part 3: Death Benefit

Intro <Stanley> <Aleck> <Stanley> I let you off the hook before the break Aleck, but its time to put you back in the hot seat. I dont mind. Im used to it. Im sure you are. Lets continue our conversation by switching gears slightly. Can you share with our viewers how the Face Amount of the new M products work?

Face Amount Limits <Aleck> Of course. However, before I get into the specifics, I want to make sure everyone understands the difference between Face Amount and Death Benefit. The Face Amount is the sum of all Death Benefit coverages on the primary insured. For MVP VUL 10, this would include Basic, Term, and SVER Coverages. For MVP VUL 10 LTP, this would include Basic and Term Coverages only since SVER Coverage is not available. Please keep in mind that the actual Death Benefit amount will be adjusted for any outstanding policy loans, withdrawals, and policy changes, and may differ from the Face Amount. Thats a great explanation Aleck. With that said, can you explain the mechanics of the Face Amount in greater length?
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<Stanley>

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<Aleck>

Yes. You beat me to it. Give me just a second while I turn on the projector. The Face Amount must always include at least $10,000 of Basic Coverage. The rest of the Face Amount may be comprised of Term and SVER Coverages, depending on availability and the design of the policy. The sum of all Coverages must be at least $50,000 at issue. While the minimum Basic Coverage amount is $10,000, there are no minimums for the other Coverages. Minimum for MVP VUL 10 $10,000 None
(not available with SVER-2)

Coverage Type Basic (at issue) SVER-C SVER-2 Term (at issue)

Minimum for MVP VUL 10 LTP $10,000 Not Available Not Available

None
(not available with SVER-C)

None

None

Total (at issue)

Single Life $50,000 Multilife $50,000 (per life)

Single Life $50,000 Multilife $50,000 (per life)

<Stanley> <Aleck>

Are there any maximum limits? Yes, there are. For MVP VUL 10, if SVER-C Coverage is used, the Basic Coverage amount may not exceed 50% of the total Face Amount. For example, if an MVP VUL 10 policy with SVER-C Coverage has a Total Face Amount at issue of $500,000, then the Basic Coverage amount at issue must be $250,000 or less. Without SVER-C Coverage, the Maximum Basic Coverage amount at Issue is limited only by reinsurance availability. There are no maximum coverage limits for SVER-C or SVER-2 Coverage. However, there is a Maximum Term Coverage amount at issue. For MVP VUL 10 policies with SVER-C coverage, the Maximum Term Coverage amount at issue is 2 times the sum of Basic plus SVER-C Coverages. For all other MVP VUL 10 policies, the Maximum Term Coverage amount at issue is 5 times the sum of Basic plus SVER Coverages. For Multilife cases with 25 or more lives or single life policies that are deemed a replacement (excluding those with SVER-C coverage), the Maximum Term Coverage amount at issue is 9 times the sum of Basic plus SVER Coverages.

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For MVP VUL 10 LTP, the Maximum Term Coverage amount at issue is 5 times the Basic Coverage. However, for Multilife cases with 25 or more lives or single life policies that are deemed a replacement, the Maximum Term Coverage amount at issue is 9 times the Basic Coverage. Finally, the Total Face Amount at issue for both products is limited only by reinsurance availability. MVP VUL 10 Coverage Type Minimum Maximum With SVER-C 50% of Total Face Amount at Issue Without SVER-C Limited only by reinsurance availability None None Single Life with SVER-C (Non-Replacement) 2 x (Basic + SVER-C) Single Life without SVER-C (Non-Replacement) 5 x (Basic + SVER-2) Single Life without SVER-C (Replacement) or Multilife 9 x (Basic + SVER-2) Minimum MVP VUL 10 LTP Maximum

Basic (at issue)

$10,000

$10,000

Limited only by reinsurance availability

SVER-C SVER-2

None
(not available with SVER-2)

Not Available Not Available

Not Available Not Available

None
(not available with SVER-C)

Term (at issue)

Single Life (Non-Replacement) 5 x Basic None Single Life (Replacement) or Multilife 9 x Basic Single Life $50,000 Multilife $50,000 (per life)

None

Total (at issue)

Single Life $50,000 Multilife $50,000 (per life)

Limited only by reinsurance availability

Limited only by reinsurance availability

<Stanley> <Aleck>

Thats a lot of information to take in, but you walking us through it was quite valuable. No problem.

Face Amount Changes <Stanley> Once the Face Amount is set at issue, does the policyowner have any options to change that amount later?
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<Aleck>

Yes. The policyowner has a few options to adjust the Face Amount after issue. They can increase the Face Amount through either unscheduled or scheduled increases or they can request a Face Amount decrease.

Unscheduled Face Amount Increases <Stanley> Great. For the sake of clarity, lets discuss them one at a time, starting with unscheduled Face Amount increases. Certainly. An unscheduled Face Amount increase must be requested in writing and is subject to new evidence of insurability and underwriting approval. Basic Coverage may be increased; however, Term and SVER Coverage may only be increased if the coverage was issued originally with the policy. In other words, if the Term and SVER Coverage were not issued with the policy, the increase may only be done via Basic Coverage. Keep in mind that SVER Coverage is only available on MVP VUL 10. So an unscheduled increase will be underwritten using the same issue age and risk class used at policy issue? No. This is one of the main differences between a scheduled and unscheduled increase. An unscheduled increase requires new evidence of insurability at the time of each request. The risk class for each increase may be different from the risk class of the original coverage. Also, additional policy charges apply for each increase based on attained age, Face Amount, and risk class approved by Underwriting.

<Aleck>

<Stanley>

<Aleck>

Scheduled Face Amount Increases <Stanley> Ok. That makes sense. Now that we know how an unscheduled increase works, how is a scheduled increase different?

<Aleck>

Unlike unscheduled increases, scheduled increases through the Varying Increase Rider (VIR) are underwritten at policy issue and are not subject to underwriting at the time of the actual increase. The VIR will allow scheduled increases of the Term Coverage, and will be scheduled using a Varying Annual Renewable Term (VART) or Group Term Carve-Out (GTCO) method. For MVP VUL 10, scheduled increases are also available through the Scheduled Increase Rider (SIR), assuming the policy meets the eligibility requirements for SIR. Unlike scheduled increases through the VIR, scheduled increases through the SIR may be subject to financial underwriting at the time of the increase. Please note that scheduled increases may be done using VIR or SIR, but not both.

<Stanley> <Aleck>

What factors determine the appropriate rider to select? Good question. Typically speaking, there are three instances where scheduled increases must be through the SIR, which include: Requesting scheduled increases to the Basic Coverage layer;
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Scheduled increases greater than 20% of the initial Face Amount; and Scheduled increases that require financial underwriting at the time of the increase.

All other scheduled increases are through the VIR. <Stanley> <Aleck> <Stanley> Thank you for clarifying. That definitely helps. No problem. Now, why exactly would someone want to add a schedule of Face Amount increases to a policy? Why not just wait until you want additional coverage and request an unscheduled increase at that time? Thats a very good question and Im sure some of the viewers might be wondering the same thing. Scheduled increases, either through VIR or SIR, allow an increase to the policys Face Amount on a periodic basis without having to go through medical underwriting. However, as mentioned a moment ago, scheduled increases through SIR may be subject to financial underwriting at the time of the increase. Scheduled increases are commonly used in split dollar cases and with Group Term Carve-Out. In addition, scheduled increases enable a policyowner to make future increases to their Term Coverage regardless of the Insureds current health. <Stanley> <Aleck> <Stanley> Thats probably the best explanation Ive heard regarding scheduled and unscheduled increases. Thanks. Who knew life insurance could be so simple. Who knew indeed.

<Aleck>

Face Amount Decreases <Stanley> With that said, lets go ahead and wrap up our Face Amount discussion with our final topic, Face Amount decreases. Can you talk a little about how decreases work? Sure. A Face Amount decrease is considered either unscheduled or automatic. An unscheduled Face Amount decrease must be requested in writing and is only available on or after the policys first anniversary date; whereas, an automatic Face Amount decrease is triggered by a policy transaction such as a withdrawal or Death Benefit Option change. On a policy with multiple coverage layers, how do you determine which coverage layer to decrease?

<Aleck>

<Stanley>

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<Aleck>

Great question. To help answer that question, well look at a sample policy. Lets assume an MVP VUL 10 policy has Basic, SVER, and Term Coverage layers that were all issued at the same time. If a Face Amount decrease is requested: First, the Term Coverage layer is reduced until it is gone; Then the SVER Coverage layer is reduced until it is fully depleted; and Finally, the Basic Coverage layer is reduced.

For an MVP VUL 10 LTP policy, the Term Coverage layer would be reduced until it was gone and then the Basic Coverage layer would be reduced. Remember, MVP VUL 10 LTP does not allow SVER Coverage. Face Amount decreases for the new M products are applied using the Last In-First Out (LIFO) order. Any Face Amount increases after policy issue are removed first, then the original Face Amount is reduced, and following the coverage order reduction mentioned a moment ago. One thing to note is that after any decrease, at least one layer of Basic Coverage must remain, equaling $10,000. A decrease would not be allowed if the remaining Basic Coverage layer was less than $10,000. <Stanley> Thanks for the clarification. Do these stipulations apply to both unscheduled and automatic Face Amount decreases? The order of processing is the same for both unscheduled and automatic Face Amount decreases. However, there is an exception to the $10,000 minimum remaining Basic Coverage requirement with regard to automatic decreases as a result of any Death Benefit acceleration, such as exercising the Premier Living Benefits Rider or Terminal Illness Rider. Good to know. Are there any other key points youd like to mention regarding the Face Amount? No. I think that covers all the main points. Ok. Great.

<Aleck>

<Stanley> <Aleck> <Stanley>

Death Benefit Options <Stanley> Now that we have a basic understanding of the Face Amount, we can shift over to our final topic for this part, Death Benefit Options. Aleck, can you tell our viewers what Death Benefit Options are available on the new M products? These products offer 3 Death Benefit Options: A, B, and C.

<Aleck>

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Option A

Option B

Option C

<Stanley>

For our viewers that might not know what these 3 options are, can you provide a brief description about each? Certainly. Option A provides a level Death Benefit equal to the Face Amount set at issue. This Death Benefit option would potentially have the lowest Cost of Insurance over time. The policys Cost of Insurance is calculated using the Net Amount at Risk. As the policys Cash Value increases, the Net Amount at Risk decreases, thus reducing the Cost of Insurance. However, Options B and C offer a Death Benefit that can grow over time, to help with estate planning and other sales concepts. Option B provides a Death Benefit that is equal to the Face Amount plus Accumulated Value, so it has the potential to grow based on the Accumulated Values growth. Option C provides a Death Benefit that is equal to the Face Amount plus premium payments received, minus any withdrawals. Premium payments less withdrawals may be referred to as the return of premium benefit.

<Aleck>

Death Benefit Option Changes <Stanley> Is the policyowner locked into the Death Benefit Option selected at policy issue or can it be changed later? The policyowner may change the Death Benefit Option selected at policy issue; however, there are a few guidelines that must be followed. First, the Death Benefit Option cannot be changed from A or B to C. All other option changes are allowed once a year without evidence of insurability. This means that the change is not subject to additional underwriting. Finally, changing the Death Benefit Option will have an impact on the Face Amount of the policy, depending on the option chosen.

<Aleck>

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Outro <Stanley> Thanks Aleck for such a lively discussion. Were going to take a break now but well be back shortly with Nathan Lawson. Stay tuned!

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