Pacific Life: New Rates for PL Promise Term Life Insurance


On March 29, 2021, Pacific Life Insurance Company adjusted rates for PL Promise Term, 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 refreshed to increase consistency for solid competitiveness across all combinations of terms, rate classes, male/female, and issue ages. A 60-day transition period is provided.

Targeted “Sweet Spots”

  • Majority of monthly mode cells in top 3 for ages 45+ preferred classes
    • Majority of annual mode cells in top 4 for ages 45+ preferred classes1
  • Competitive for term duration 25 years–male/female, all ages, preferred rate classes
  • PL Smooth Sailing fluidless underwriting program for ages 50-69, up to $1 million coverage

Competitive Strengths

  • Substandard pricing (+20% per table versus the traditional +25%)
  • Monthly Premium mode (monthly premiums)
  • eCapabilities and digital solutions resulting in shorter cycle times and higher placement rates

Transition Period

The new PL Promise Term rates go into effect beginning March 29, 2021 for all states except NY. Cases that are issued (for delivery) through May 28, 2021 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 this date receive the new PL Promise Term rates.

Please give us a call at 1.800.792.6795 if you have any questions.

1Competitive Positioning of non-affiliated companies as of 3/15/2021 LifeTrends: American General Life Insurance Company (AIG) Select-aTerm (16901), American National Insurance Company (ANICO) Signature Term (ART12), Banner Life Insurance Company OPTerm (ICC18- OPTC), Brighthouse Guaranteed Level Term (5E-23-12), Equitable Term (156-LT), Fidelity RAPIDecision Life Term (F4200), John Hancock Insurance Company Protection Term (TL22 0417), Lincoln LifeElements Term (TRM5065) and TermAccel (TRM60699), MassMutual Haven Life (15DTC), Nationwide Guaranteed Level Term (NWLA-490), North American Company for Life and Health Insurance (NACOLAH) ADDvantage Term (LS174) and Classic Term (LS188), Principal National Life Insurance Company Term (SN 104), Protective Life Insurance Company Classic Choice Term (TL-21), Pruco Life Insurance Company (Prudential) Term Essential (PLTIC-2016), The Savings Bank Mutual Life Insurance Company of Massachusetts (SBLI) Term (B-56)]. Pacific Life PL Promise Term (ICC16 P16LYT) rates are effective 3/29/2021.