On September 9, 2019, Pacific Life lowered rates for PL Promise Term, a product specifically designed to serve the death benefit protection needs of the broad market consumer (household incomes of $SOK to $200K).

Our commitment to providing affordable life insurance coverage for everyday consumers remains strong. To help reflect that commitment, you will find even further rate decreases in approximately 50% of pricing cells beyond our recent rate reductions and more!

Targeted “Sweet Spots”

  • Top 3 pricing for Preferred Best No Nicotine Use (PBNN), Preferred No Nicotine Use (PNN), and Select No Nicotine Use (SLNN) risk classes- all term durations, male/female, all ages
  • Strong competitive positioning for term durations 20, 25, and 30
  • PL Smooth Sailing fluid less 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

Ongoing Adjustments

  • Less competitive positioning at ages 45 and under for Term 10-year and Term 15-year durations

Transition Period
The new PL Promise Term rates go into effect beginning September 9, 2019, for all states except NY. A 60-day transition period from September 9, 2019, through November 7, 2019, is provided. (See chart below.)

During the transition period, a request to use the lower rates is not required. The difference between any premiums received that are higher than the lowest premium available will be automatically adjusted for the
client during this window.

Transition Rules (All states except NY)

Dates Details
September 9, 2019, through November 7, 2019 From September 9, 2019, through November 7, 2019, the lower of the prior and new PL Promise Term rates will be issued for:

  • Applications received on or after September 9, 2019.
  • Pending policies due to be issued on or after September 9, 2019
  • The difference between premiums received that are higher than the lowest premium available will be adjusted for the client during this window.
November 8, 2019
  • Starting November 8, 2019, all new and pending applications will receive the new PL Promise Term rates.
  • No exception requests will be granted on or after November 8, 2019.
lnforce Business
  • For inforce business, reissues will not be made.

 

Corporate Headquarters:
604 Harper Avenue, Jenkintown, PA 19046 | P: 800.543.5555 / 215.517.4080 | F: 800.343.0804 / 215.517.4087

Miami Office:
3470 NW 82nd Avenue, Suite #670, Doral, FL 33122 | P: 800.683.3077 / 305.908.6700 | F: 800.482.1400

Securities offered through The Leaders Group, Inc. Member FINRA/SIPC 26 W. Dry Creek Circle, Suite 800, Littleton, CO 80120, 303-797-9080.

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Premier Brokerage Services is not affiliated with The Leaders Group, Inc.

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