Historically, Pacific Life has been a leader in the affluent markets, however distribution has been limited. In the fourth quarter of 2017, Pac Life made the decision to diversify their business by creating a new platform specifically for the brokerage sector, referred to as Pac Life Broad Market. In order to maintain their reputation of quality and strength, Pac Life will be offering this platform only through a select group of BGA partners, the largest being BRAMCO Financial Resources.
Pac Life’s primary focus will be highly competitive term insurance (PL Promise Term Life) that offers guarantees of 10, 15, 20, 25 and 30 years as well as a consumer friendly conversion product. They also plan on introducing additional permanent products during the first half of 2018.
Pac Life will service this new platform through the 2016 acquisition of Genworth Life’s Lynchburg Operation Center, which is known for its product innovation, service capabilities and distributor relationships.
This new distribution channel is a separate and distinct business unit from the existing Pac Life Affluent Market channel. It is important to keep in mind that advisors within the two Pac Life distribution systems will not have access to each other’s products nor can a product written by one channel be converted to a product offered by the other channel.
Premier is excited for the opportunity to add this new highly rated carrier to our portfolio.