Effective April 18, 2022, Pacific Life Insurance Company is adjusting rates for PL Promise Term1 level premium term life insurance-a product specifically designed to serve the death benefit protection needs of the broad market consumer (household incomes of $SOK to $2S0K).
Rates have been updated to be more competitive with a focus on ages 50 and under and preferred no-nicotine risk classes (Preferred Best, Preferred, Select). A 60-day transition period is provided.
Targeted “Sweet Spots”
- Top 5 for 100% of preferred no-nicotine risk class combinations across all terms for face amounts less than $SOOK and ages 50 and younger
- Top 5 for 99% of preferred no-nicotine risk class combinations across all terms for face amounts less than $SOOK for all ages
- Top 5 for 94% of preferred no-nicotine risk class combinations (Preferred Best, Preferred, Select) across all terms, face amounts, ages, and genders
- Top 2 for 100% of preferred no-nicotine risk class combinations for face amounts less than $100K
Competitive Strengths
When choosing a term life insurance for your clients, consider that pricing is just part of what matters most. The price difference between the top carriers may be only a few pennies or dollars apart.
PL Promise Term provides death benefit protection with the value, convenience and strength you can rely on from Pacific Life.
- PL Swift Sailing accelerated and PL Smooth Sailing fluidless underwriting programs offering up to$2M in coverage with no medical exams
- Substandard risk class pricing (+20% per table vs. the traditional +25%)
- Monthly Premium mode (monthly premiums)
- eCapabilities and digital solutions resulting in shorter cycle times and higher placement rates
- Online health history tool provides another option for gathering health history information
- Attractive conversion option
Transition Period
The new PL Promise Term rates go into effect beginning April 18, 2022 for all states except NY. Cases that are issued (for delivery) through June 16, 2022 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.