On March 29, 2021, Pacific Life Insurance Company is adjusting rates for PL Promise Term,1 a product specifically designed to serve the death benefit protection needs of the broad market consumer (household incomes of $50K to $250K).
Rates have been refreshed to increase consistency for solid competitiveness across all combinations of terms, rate classes, male/female, and issue ages. A 60-day transition period is provided. Our commitment to providing affordable life insurance coverage for everyday consumers remains strong.
Targeted “Sweet Spots”
- Majority of monthly mode cells in top 3 for ages 45+ preferred classes2
- Majority of annual mode cells in top 4 for ages 45+ preferred classes2
- Competitive for term duration 25 years–male/female, all ages, preferred rate classes
- PL Smooth Sailing fluidless underwriting program for ages 50-69 (page 2 for details)
Competitive Strengths
- Substandard pricing (+20% per table versus the traditional +25%)
- Monthly Premium mode (monthly premiums)
- eCapabilities and digital solutions resulting in shorter cycle times and higher placement rates
Transition Period
The new PL Promise Term rates go into effect beginning March 29, 2021, for all states except NY. Cases that are issued (for delivery) through May 28, 2021, 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 this date receive the new PL Promise Term rates.
Quotes
PL Promise Term can be quoted on Winflex Web, IXN, VitalTerm, iPipeline, and Compulife. PL Smooth Sailing Underwriting3 —a predictable alternative to today’s unpredictable fluidless offerings!
Applicants ages 50-69 can get up to $1 million in life insurance coverage using a paperless process without in-person exams or lab work.
1 PL Promise Term is level premium term life insurance. Policy Form #P16LYT or ICC16 P16LYT and S16LYT10, S16LYT15, S16LYT20, S16LYT25, or S16LYT30, based on level premium period chosen and state of policy issue.
2 Competitive Positioning of non-affiliated companies as of 3/15/2021 LifeTrends: American General Life Insurance Company (AIG) Select-aTerm (16901), American National Insurance Company (ANICO) Signature Term (ART12), Banner Life Insurance Company OPTerm (ICC18- OPTC), Brighthouse Guaranteed Level Term (5E-23-12), Equitable Term (156-LT), Fidelity RAPIDecision Life Term (F4200), John Hancock Insurance Company Protection Term (TL22 0417), Lincoln LifeElements Term (TRM5065) and TermAccel (TRM60699), MassMutual Haven Life (15DTC), Nationwide Guaranteed Level Term (NWLA-490), North American Company for Life and Health Insurance (NACOLAH) ADDvantage Term (LS174) and Classic Term (LS188), Principal National Life Insurance Company Term (SN 104), Protective Life Insurance Company Classic Choice Term (TL-21), Pruco Life Insurance Company (Prudential) Term Essential (PLTIC-2016), The Savings Bank Mutual Life Insurance Company of Massachusetts (SBLI) Term (B-56)]. Pacific Life PL Promise Term (ICC16 P16LYT) rates are effective 3/29/2021.
3 PL Smooth Sailing is available with PL Promise Term Level Premium Term Life Insurance, and PL Promise GUL No-Lapse Guarantee Universal Life Insurance (Policy Form #P18PRUL and S18PRUL or ICC18 P18PRUL and ICC18 S18PRUL, based on state of policy issue). Qualification Requirements: For clients ages 50-69. Medical records to include a comprehensive physical and blood work within the last 18 months. The total amount of life insurance coverage applied for and inforce with Pacific Life may not exceed $1 million.