On December 10, 2018, PL Promise GUL, no-lapse guarantee universal life insurance is available for issue. The launch of PL Promise GUL reinforces Pacific Life’s commitment to the Brokerage channel and meeting the specific needs of the broad market consumer—affordable death benefit protection solutions. These solutions include an expanded offering of simple protection-based products with lower minimum coverage amounts, competitive pricing, and underlying guarantees to ensure predictability of premiums. In addition, our consistent, predictable underwriting means no surprises, even with fluidless underwriting that offers clear qualification criteria and no surprise knock outs.
The product is designed for newly underwritten sales and is available in all states except CA (coming soon) and NY. It is available on WinFlex and the following aggregator quoting sites: CompuLife, Vital UL, and iPipeline.
Product and Pricing Sweet Spots:
- Level pay and single pay scenarios
- Shorter guarantee periods: Age 90 – Age 100
- Face amounts $250K+
- PL Smooth Sailing Underwriting: predictable fluidless underwriting up to and including $1 million in coverage if the following criteria are met:
- Ages 50-69
- Pending and inforce coverage with Pacific Life less than or equal to $1 million
- Comprehensive lab work and exam available from primary physician in last 18 months; up to two years of history may be requested
Product Features:
- No-Lapse Guarantee Universal Life (GUL) design
- Enhanced Surrender Value Rider at no cost
- Minimum face amount $25K
- Added consumer guarantee protection
- Coming Soon! Chronic Illness Rider