In response to decreasing market interest rates as well as rapidly changing market conditions related to the national emergence of the COVID-19 (Coronavirus), Pacific Life will limit new PL Promise GUL business to face amounts of $2.5 million or less effective Wednesday, April 1, 2020. PL Promise GUL is a universal life insurance product with no-lapse guarantees.
Winflex Web quote systems will be updated with new face amount limit on April 1, 2020. Any ticket or application submitted on or after the effective date (April 1, 2020) with a face amount greater than $2.5 million will not be considered. PL Promise GUL cases submitted prior to April 1, 2020, must be processed by Friday, May 15, 2020, to be eligible for a face amount over $2.5 million. We will communicate updates as economic conditions change.
Life insurance remains an important product for consumers to purchase and own. It is our job to make sure you are capable of providing customers the long-lasting life insurance protection they need.
PL Promise GUL remains an affordable option that offers:
- Face amounts between $25k – $2.5 million, as of April 1, 2020
- Affordable alternative to whole life
- Enhanced Surrender Value Rider at no cost
- Added consumer protection with a no-lapse guarantee, that can be tailored to the client’s desired no-lapse
- Optional PL Promise Chronic Illness Rider at policy issue for a monthly rider charge
- Optional Waiver of Monthly Deduction Rider at policy issue for a monthly rider charge should the client