Effective September 5, 2023, Pacific Life Insurance Company is rolling out new pricing for PL Promise Term level premium life insurance—a product designed to offer affordable death benefit protection to consumers with household incomes of $50,000-$250,000 and business owners needing short-term flexible coverage.

Rates have been updated to increase competitiveness across all combinations of terms, risk classes, gender, and issue ages with a focus on lower premiums at $3 million of coverage and above.
Targeted “Sweet Spots”

  • Top 3 in 99% of non-nicotine risk class combinations across all ages and face amounts on annual mode
  • Top 4 for 99% of non-nicotine risk class combinations across all ages and face amounts on monthly mode

Competitive Strengths
With often just pennies or dollars difference between top carriers, it’s important to consider the reasons beyond price for your carrier of choice. With PL Promise Term, you can offer your term clients competitive pricing with value-added features that also help you build a sustainable business.

  • Streamlined underwriting pathways offering up to $3M coverage with no medical exams
  • Substandard risk class pricing (+20% per table vs. the traditional +25%)
  •  Monthly premium mode (monthly premiums)
  • Digital solutions resulting in shorter cycle times and higher placement rates
  •  Online health history tool provides another option for gathering client data
  •  Attractive conversion option with PL Promise Conversion UL
  • Strength and stability of Pacific Life for more than 150 years

Transition Period

The new PL Promise Term rates go into effect beginning September 5, 2023 for all states except NY. Cases that are issued (for delivery) through November 3, 2023 automatically receive the better of the old and new PL Promise Term rates. No request is necessary. This date provides a 60-day transition from our new rate launch date. Cases that are issued after November 3, 2023, receive the new PL Promise Term rates.

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