09-01-2023
Effective September 5, 2023, Pacific Life Insurance Company is rolling out new pricing for PL Promise Term1 level premium life insurance—a product designed to offer affordable death benefit protection to consumers with household incomes of $50,000-$250,000 and business owners needing short-term flexible coverage.
Rates have been updated to increase competitiveness across all combinations of terms, risk classes, gender, and issue ages with a focus on lower premiums at $3 million of coverage and above.
Targeted “Sweet Spots”2
- Top 3 in 99% of non-nicotine risk class combinations across all ages and face amounts on annual mode
- Top 4 for 99% of non-nicotine risk class combinations across all ages and face amounts on monthly mode
Transition Period
The new PL Promise Term rates go into effect beginning September 5, 2023 for all states except NY. Cases that are issued (for delivery) through November 3, 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 November 3, 2023, receive the new PL Promise Term rates.
Competitive Strengths
With often just pennies or dollars difference between top carriers, it’s important to consider the reasons beyond price for your carrier of choice. With PL Promise Term, you can offer your term clients competitive pricing with value-added features that also help you build a sustainable business.
- Streamlined underwriting pathways offering up to $3M coverage with no medical exams*
- PL Promise Term is available on Vive! You can quote and submit your next case in just a few minutes.
- Substandard risk class pricing (+20% per table vs. the traditional +25%)
- Digital solutions resulting in shorter cycle times and higher placement rates
- Online health history tool provides another option for gathering client data
- Attractive conversion option with PL Promise Conversion UL3
- Strength and stability of Pacific Life for more than 150 years
Please give our sales team a call at 800.792.6795 if you have any questions.
1 PL Promise Term Level Premium Term Life Insurance. Policy Form #P16LYT or ICC16 P16LYT and S16LYT10, S16LYT15, S16LYT20, S16LYT25, or S16LYT30, based on level premium period chosen and state of policy issue.
2 As applicable, comparisons based on quinquennial ages from 20 through 80 for term periods 10, 15, 20, 25, 30; all 5 face bands from $50K+; all 6 risk classes (Preferred Best No Nicotine, Preferred No Nicotine, Select No Nicotine, Standard No Nicotine, Preferred Nicotine Use and Standard Nicotine Use); and both annual and monthly payment modes. Competitive Positioning of non-affiliated companies as of 7/13/2023 CompuLife: AIG Select-a-Term (ICC21-19311), American National Insurance Company (ANICO) Signature Term (ART18), Banner Life Insurance Company OPTerm (ICC18-OPTC), Equitable Brightlife Term (ICC14-156-LT), Fidelity Rapid Decision Life Term (F4200), John Hancock Protection Term (19TERM), Lincoln LifeElements Level Term (TRM 6063), Lincoln TermAccel Level Term (TRM 6069), MassMutual Haven Term (ICC21 HAVEN TERM), MassMutual Haven Simple (ICC20 HAVEN SIMPLE), Nationwide Guaranteed Level Term (ICC13-NWLA-490), North American ADDvantage Term (LS174), Principal Term 20 (ICC17 SN 104), Protective Classic Choice Term (TL-21), Prudential Term Essential (ICC19 PLTIC-2019), SBLI Term Life Insurance (B-56), Symetra SwiftTerm (ICC20_LC1), Symetra Term 4.0 (ICC16_LC1), Transamerica Trendsetter Super (TL22 0417), United of Omaha Term Life Answers (ICC16L145P). Pacific Life PL Promise Term (ICC16 P16LYT) rates are effective 9/5/2023.
3 PL Promise Conversion UL Universal Life Insurance with No-Lapse Guarantee available upon conversion from PL Promise Term Life Insurance. Policy Form #P17LYCUL, varies based on state of policy issue. There are circumstances in which converting the client’s existing life insurance or annuity can benefit the client. As a life insurance producer it is your responsibility to provide your client with detailed information as to how a conversion may affect the client’s plan of insurance. Clients should be advised to make a careful comparison of the costs and benefits of the existing policy and the proposed policy to determine whether conversion is the right decision for the client.
