Effective May 16, 2022, Pacific Life Insurance Company is adjusting rates again 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 $50K to $250K).

Rates have been updated to be more competitive for all ages 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 (Preferred Best, Preferred, Select) across all terms, face amounts, ages, and genders
  • Top 3 for 97% of preferred no-nicotine risk class combinations for 25- and 30-year term durations
  • 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.

  • Accelerated and fluidness underwriting programs offering up to $2M in coverage Substandard risk class pricing (+20% per table vs. the traditional +25%)
  • Monthly Premium mode (monthly premiums)
  • Digital solutions resulting in shorter cycle times and higher placement rates
  • Online health history tool provides another option for gathering client health history
  • Attractive conversion option

Transition Period
The new PL Promise Term rates go into effect beginning May 16, 2022 for all states except NY. Please note that the transition period for the April 18, 2022 PL Promise Term Reprice will end with the new May 16, 2022 effective date. Cases that are issued (for delivery) through July 14, 2022 automatically receive the better of the old and new PL Promise Term rates from both the April 18 and May 16 rate reprices. No request is necessary. This date provides a 60-day transition from our new rate launch date. Cases that are issued after July 14, 2022 receive the new PL Promise Term rates.

PL Promise Term can be quoted on Winflex Web, IXN, VitalTerm, iPipeline, and Compulife.

The Carrier You Choose Matters
At Pacific Life, putting customers first has allowed us to serve families and businesses successfully for over 150 years. As part of a mutual holding company structure, we have no publicly-traded stock, so we can focus on long-term strategies, financial strength, and the best interest of our policyowners. You and your clients, our policyowners, are at the heart of the business decisions we make.


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