Effective November 7, 2022, Pacific Life Insurance Company is adjusting rates to be more competitive for PL Promise Term 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).

This reprice places PL Promise Term in the Top 3 for 92% of cells across all terms, ages, no-nicotine rate classes, and face amounts.  A 60-day transition period is provided.

Competitive Strengths

When choosing a term life insurance policy for your clients, consider that pricing is just part of what matters. 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 underwriting process offering up to $3 million in coverage with PAL+
  • 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

Pacific Accelerated Life+ (PAL+)
Now, when applying for new PL Promise Term life insurance policies, you and your clients can enjoy the convenience and clarity of one seamless underwriting process with higher face amounts, broader age requirements and fewer restrictions. PAL+ combines the former PL Swift and PL Smooth Sailing underwriting programs into one cohesive, all-digital life insurance experience.

Transition Period
The new PL Promise Term rates go into effect beginning November 7, 2022. Cases that are issued (for delivery) through January 5, 2023 automatically receive the better of the old and new PL Promise Term rates. No request is necessary. This date provides a 60-day transition from our new rate launch date. Cases that are issued after January 5, 2023 receive the new PL Promise Term rates.

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

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