Effective May 4, 2020, Pacific Life is introducing premium increases for PL Promise GUL, a universal life insurance product with no-lapse guarantees designed to provide affordable death benefit protection. Premium increases reflect the continued low interest rate environment. Despite these changes, PL Promise GUL remains competitive for a wide variety of consumer combinations and still includes top rankings, especially for low face amounts in all combinations and age 90 guarantees. Our commitment to providing the broad market consumer affordable coverage with consistent and predictable product features is as strong as ever.
Targeted Pricing Sweet Spots
- Premium rankings still in top 50% of competitor offerings in a wide variety of combinations
- Top 3 pricing for lower face amounts ($25,000 to less than $100,000)
- Top 1 or 2 pricing for all-pay age 90 guarantees for all combinations of sex, face, and risk class
And remember, PL Promise GUL also offers:
- Minimum face amount $25k
- 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 guarantee duration
- Optional PL Promise Chronic Illness Care 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 become disabled
The new PL Promise GUL premiums go into effect beginning May 4, 2020, for all states except NY. A 45-day transition period from May 4, 2020, through June 18, 2020, is provided as described in the chart below.
All states except NY
May 4, 2020, through June 18, 2020
Policies issued from May 4, 2020, through June 18, 2020, receive the lower PL Promise GUL premiums and applies to:
- Applications received on or after May 4, 2020.
- Pending policies due to be issued on or after May 4, 2020.
- The difference between premiums received that are higher than the lower premium issued will be adjusted for the client during this window.
June 19, 2020
- Starting June 19, 2020, all new and pending applications receive the PL Promise GUL premium updates.
- No exception requests will be granted on or after June 19, 2020.
- For inforce business, reissues will not be made.