Pacific Life and InsurTech firm Blueprint Income, today announced a collaboration to modernize the purchase of annuities.
Image: Pacific Life partners with Blueprint Income. Photo: Courtesy of Garik Barseghyan/Pixabay.
The first product, 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 only a minimum of $100 to get started, it takes minutes to get set up, and in most cases applications are approved instantly, with no paper applications and no phone calls.
Next Deferred Income Annuity is available now in Alabama, Arizona, Colorado, Connecticut, DC, 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.
Source: Company Press Release