Michael L. Tipsord Chairman, President and Chief Executive Officer | Official website
State Farm has announced a new collaboration with Pacific Life to offer a variable universal life (VUL) insurance product, known as the Pacific Protector Plus VUL. This product is aimed at customers aged 30-55 who are comfortable with market-based risk and interested in pursuing cash value over the long term.
The Pacific Protector Plus VUL features competitive performance for death benefit-focused designs and offers opportunities for cash value growth through a simplified set of mutual-fund style variable investment options. These options aim to reduce complexities while providing a mix of choices to address various goals and risk tolerances. The product also includes indexed and fixed options to help hedge against market volatility, as well as two optional living benefit riders for chronic or terminal illness cases.
Sarah Mineau, Senior Vice President of Financial Services at State Farm, commented on the partnership: “Pairing two companies that collectively share 260 years of experience caring for customers is a winning combination. Together, we have a unique opportunity to impact more people, offering them the protection they need, and empowering them to invest in their financial well-being.”
Dawn Behnke, Executive Vice President of Consumer Markets at Pacific Life, expressed pride in the collaboration: “We’re so proud that Pacific Protector Plus VUL was chosen to be a part of the State Farm portfolio. This collaboration is a great fit for both of our companies because our values and customer focus are so closely aligned.”
The product offers tax-free death benefit protection and cash value accumulation potential through diverse investment options and interest crediting strategies. It aims to meet customer needs for legacy planning, income protection, and business planning within one product. It may also appeal to those who have maxed out contribution limits or are no longer eligible for other financial vehicles like 401(k)s or Roth IRAs.
State Farm emphasizes its commitment to meeting customer needs with products that help manage everyday risks while realizing personal dreams. The company operates with over 19,400 agents serving more than 91 million policies across various insurance sectors.
Pacific Life provides products designed for financial security in retail, institutional, workforce benefits, and reinsurance markets. Headquartered in Newport Beach, California, it supports policyholders with innovative life insurance solutions.
Both companies highlight their shared focus on customer care as central to this strategic alliance.