Effective 05/02/2022, Pacific Life Insurance Company’s Pacific PremierCare suite of products will no longer be available for new sales. This includes Pacific PremierCare® Choice one-year, five-year, 10-year, and lifetime premium whole life insurance products with long-term care (LTC) benefits1 and Pacific PremierCare Advantage Universal Life Insurance with Long-Term Care Benefits2 in California.
We remain committed to the long-term care (LTC) market as we continue to recognize U.S. consumers’ large, unmet need for long-term care. After a strategic review of the LTC marketplace, we see greater potential in the market for chronic health (CHR) and long-term care (LTC) riders on cash value life insurance policies.
Pacific Life has seen sales of hybrid LTC products decline as the current environment has made it difficult to be both competitive and profitable. By focusing solely on riders for our cash value products to meet the LTC need, we can prioritize and utilize resources more effectively.
lnforce Policies
We will continue to service our in-force Pacific PremierCare policies. For existing policyowners, there will be no change and they will continue to receive the exceptional service they’ve come to expect from Pacific Life.
Transition Guidelines
05/02/2022
Submission Requirements
To apply for Pacific PremierCare products, the ticket and all associated new business submission paperwork must be signed, dated, and received in the Life Insurance Division .QY 05/02/2022. Submissions received after this date will not be processed and the case will be closed. Reminder, backdating is not available for this product.
Credentialing Requirements
Life insurance producers must be properly credentialed by 05/02/2022 to submit a ticket for the Pacific PremierCare products. If a life insurance producer is not properly credentialed by 05/02/2022, the ticket will not be processed, and the case will be closed. Requirements:
- Appointment with Pacific Life,
- Life insurance license,
- Health insurance license, and
- Completion of any state-required long-term care education.
Client Interview and Policy Placement Requirements
Once a ticket is successfully submitted, the Personal History Interview must be completed within 45 days of submission. After the policy is issued, you will have up to 30 days to pay the case. If these conditions are not met, the case will be closed.